Pune, India, Jan. 07, 2022 (GLOBE NEWSWIRE) -- The global Agriculture Equipment Market size is anticipated to reach USD 253.28 billion by 2028 and exhibit a CAGR of 7.0% during the forecast period. The increasing favorable government initiatives, reduced import duties and interest rates, and the ease of financing are some of the factors expected to bolster the market’s growth in the forthcoming years. Fortune Business InsightsTM has published this information in its report titled “Agriculture Equipment Market, 2021-2028”. The global market size stood at USD 148.41 billion in 2020 and is estimated to reach USD 157.89 billion in 2021.
The rising adoption of advanced technologies such as the internet of things (IoT), artificial intelligence (AI), flying drones, and others are likely to complement the market’s growth in the upcoming years.
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COVID-19 Impact-
The rapid spread of the coronavirus pandemic has affected several markets. This market has experienced a limited negative impact of the pandemic and remains moderately affected. Factors such as, favorable weather conditions, increased government investments in the agricultural industry, and strong crop production have aided the market’s growth. The market is likely to demonstrate strong growth during the forecast period.
List of Key Players in Global Market:
- Deere & Company (Illinois, U.S.)
- AGCO Corporation (Georgia, U.S.)
- Alamo Group Inc. (Texas, U.S.)
- Kubota Corporation (Osaka, Japan)
- Mahindra & Mahindra Ltd. (Maharashtra, India)
- CNH Industrial N.V. (Amsterdam, Netherlands)
- Iseki & Co., Ltd. (Ehime-ken, Japan)
- Claas KGaA mbH (Westphalia, Germany)
- China National Machinery Industry Corporation (Beijing, P.R. China)
- Valmont Industries, Inc. (Nebraska, U.S.)
- Sonalika Group - Sonalika International Tractor (Punjab, India)
- SDF S.p.A. (Treviglio, Italy)
- Escort Limited (Haryana, India)
- Agrostroj Pelhrimov A.s. (Czechia)
- Weifang Euroking Machinery (Shandong Province, China)
- Concern Tractor Plants (Cheboksary, Russia)
- Agromaster (Konya, Turkey)
Segmentation-
On the basis of equipment type, the market is categorized into soil preparation & cultivation equipment, agriculture spraying & handling equipment, irrigation & crop processing equipment, harvesting equipment, agriculture tractors, and others. On the basis of application, the market is segmented into after agro-processing, plant protection, threshing and harvesting, land development, and others. Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
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Report Coverage-
- It offers valuable insights into the market’s regulatory scenarios.
- It assimilates information on the latest market trends and industry developments.
- It incorporates SWOT Analysis for precise prediction.
- It sheds light on the COVID-19 pandemic’s effect on the market.
- It highlights strategies adopted by key players to acquire growth.
Drivers & Restraints-
Favourable Government Initiatives to Amplify Market Growth
The growing adoption of advanced technologies such as IoT, AI, flying drones, and others is anticipated to significantly magnify the global market. Advanced agriculture equipment enables manufacturers to develop products capable of meeting consumer demand, thereby aiding the market growth. Furthermore, the rising adoption of AI-integrated robotics in the agricultural type of equipment is complementing the market growth.
The reduced import duties and interest rates, favorable government initiatives, and the ease of financing are some of the factors expected to bolster the market’s growth in the forthcoming years.
However, the swift urbanization and high migration of people from rural to urban areas are expected to restrain the agriculture equipment market growth.
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Regional Insights-
Growing Contract Farming Acceptance to Boost Growth in Asia Pacific
Asia Pacific is anticipated to attain the largest global agriculture equipment market share in the coming years. India is considered a huge market for agriculture tractors globally. The rising contract farming acceptance and farm equipment renting services are expected to offer lucrative growth for the market.
North America is predicted to experience robust growth due to the increasing mechanization of farming equipment and rising adoption of robotic systems.
Europe is likely to witness steady growth due to increased product output by supply chain process optimization. Increasing agriculture equipment utilization and labor shortages are expected to complement market growth.
Competitive Landscape-
Key Players Launch New Products to Acquire Growth
The key players emphasize technological advancements and equipment-manufacturing standards to improve market positions globally. They adopt ingenious growth strategies, including acquisitions, mergers, new product launches, and others to bolster their revenues and consumer bases. For instance, in March 2021, Deere & Company launched the new Self-Propelled Sprayers product range for 2022. HagieTM, the new Self-Propelled Sprayers, includes product lines STS20, STS16, and STS12. The new launch is aimed to help farmers manage and control unavoidable field conditions at several crop stages.
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