Pune, India, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The global Agriculture Equipment Market was USD 157.89 billion in 2021. The global market size is expected to be USD 168.30 billion in 2022 and is projected to reach USD 272.36 billion by 2029, exhibiting a CAGR of 7.1% during the forecast period from 2022-2029. This information is provided by Fortune Business Insights, in its report, titled, “Agriculture Equipment Market, 2022-2029.”
According to our analysts, extensive pressure to enhance the productivity of agricultural land is expected to foster over the forecast period, which will directly promote the proclivity of farmers or land operators toward the integration of automation technologies in this equipment.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 7.1% |
| 2029 Value Projection | USD 272.36 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 157.89 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 120 |
| Segments covered | By Equipment Type, By Application and By Region |
| Growth Drivers | Smart Farming and Agriculture Industry 4.0 to Create Lucrative Business Prospect |
| Increasing Awareness Regarding Equipment Benefits and Favorable Government Policies Collectively Strengthening Market |
COVID-19 Impacts:
Supply Demand Disparity Impelled Pricing Volatility and Short Term Interruption in Market
The disorderly influence of the COVID-19 pandemic on the global agricultural sector has been extensive and flexible. Moreover, due to considerable loss of life and lack of indispensable goods during the national shutdown, the global economy has gone through adverse poverty. This has additionally encouraged a new sort of emergency in the agricultural sector, thus swaying not only the agricultural sector but also multiple other sectors throughout the globe. Various producers, amid this trend, have shifted their emphasis toward contributing more to frontline healthcare employees.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/agriculture-equipment-market-102665
Drivers and Restraints:
Growing Consciousness Concerning Equipment Advantages and Suitable Government Policies is Jointly Reinforcing Market
Globally, the market is displaying considerable traction owing to the rising population and constant requirement for enhanced efficiency to satisfy the food demand. Additionally, the rising purchasing power of people, quick pace of industrialization, and the demand for great quality packaged foods are bolstering the market outlook in the coming years. The increasing demand for agricultural products primarily navigates the demand for planting and fertilizing equipment in place of manual planting and fertilizing methods.
Industry Developments:
May 2022: AGCO Corporation, a pioneering supplier and producer of agricultural equipment, machinery, and precision agriculture technology, purchased JCA Industries, Inc., which is a dominating player of autonomous software for agricultural equipment and electronic system This procurement will permit AGCO Corporation to use JCA technologies precision agriculture software in its agriculture machinery that will refine experience of customers of AGCO Corporation.
List of Key Players Mentioned in the Report:
- AGCO Corporation (U.S.)
- Alamo Group Inc. (U.S.)
- China National Machinery Industry Corporation (China)
- CNH Industrial N.V. (U.K.)
- CLAAS KGaA GmbH (Japan)
- Deere & Company (U.S.)
- Kubota Corporation (Japan)
- Mahindra & Mahindra (India)
- SDF S.p.A. (Italy)
- Valmont Industries Inc. (U.S.)
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Segments:
Development of Novel Products and Surging Product Diversity is Strengthening Market Dynamic
Based on equipment type, the market is classified into agriculture tractors, harvesting equipment, irrigation & crop processing equipment, agriculture spraying & handling equipment, soil preparation & cultivation equipment, and others (hay & forage equipment, trailers). The agriculture tractors segment is anticipated to contribute toward a prime share of the global market.
Land Development Segment to Witness Bolstered Growth Owing to its Demand Across Industrial Sector
On the basis of application, the market is divided into land development, threshing and harvesting, plant protection, and after agro processing. The relentless augmentation in the necessities of farmlands across multiple region is a pivotal factor behind the amplification of the land development segment on the global landscape.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Benefits for Agriculture Equipment Market:
- The Agriculture Equipment market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Agriculture Equipment market during the forecast period (2022–2029).
- The report outlines the current market trends and future scenario of the global Agriculture Equipment market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
Asia Pacific to Lead Stoked by Economic Development in Key Countries
Asia Pacific held the largest agriculture equipment market share and stood at USD 59.23 billion in 2021. It is projected to observe a stunning CAGR of 8.3% for the forecast period. Expansion in the market is owed to the rapid and updated economic expansion of nations such as China, India, and many economies within the geographical region of ASEAN, offering collective progress of Asia Pacific.
The sturdy existence of the indispensable companies Alamo Group Inc., AGCO Corporation, Deere & Company, and Valmont Industries across the U.S. is assisting the growth of the market in North America.
The GCC is responsible for a prime share in the market for agriculture equipment of the Middle East & Africa region due to the backing by government organizations to uplift farming processes and integrate modern farming methods.
Competitive Landscape:
Acquisitions Initiated by Key Companies to Promote Market Growth
The leading players in the market constantly opt for efficient strategies to bolster their brand value as well as promote the global agriculture equipment market growth. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
Global Agriculture Equipment Market Size Segmentation:
By Equipment Type
- Agriculture Tractors
- Harvesting Equipment
- Irrigation & Crop Processing Equipment
- Agriculture Spraying & Handling Equipment
- Soil Preparation & Cultivation Equipment
- Others (Hay & Forage Equipment, Trailers
By Application
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on Agriculture Equipment Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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