Rockville, MD, Sept. 04, 2024 (GLOBE NEWSWIRE) -- According to the latest research report released by Fact.MR, the Global Agricultural Equipment Market is projected to reach a size of US$ 127.6 billion in 2024 and advance thereafter at a CAGR of 4.3% from 2024 to 2034.
Demand for agricultural machinery and methods supporting sustainability is increasing due to rising concerns about environmental sustainability, soil health, and water scarcity. Technologies such as conservation tillage equipment, no-till planters, cover crop seeders, and precision irrigation systems assist farmers in conserving resources, reducing greenhouse gas emissions, and safeguarding soil and water quality.
Governments, consumers, and stakeholders are pushing for more sustainable farming practices, which is expanding the market for environmentally friendly agricultural equipment. Another significant factor propelling the growth of the agricultural equipment market is the necessity to reduce the financial strain on farmers. Farm equipment such as forage harvesters, mower conditioners, and tillage equipment are costly to buy and take a long time to make the farming business profitable.
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Key Takeaways from Market Study:
- The global agricultural equipment market is analyzed to reach US$ 194.4 billion by 2034.
- Global sales of agricultural equipment are projected to rise at 4.3% CAGR from 2024 to 2034.
- The tractor pulled / attachment segment is forecasted to reach a market value of US$ 109.3 billion by 2034.
- The market in the United States is estimated at US$ 22.2 million in 2024.
- Sales of agricultural equipment in South Korea are projected to rise at 4.6% CAGR from 2024 to 2034.
- East Asia is estimated to capture a global market share of 25.6% in 2024.
- Revenue from the individual ownership segment is projected to reach US$ 136.9 billion by 2034.
“Governments, consumers, and stakeholders are advocating for more sustainable farming practices, expanding the market for environment-friendly agricultural equipment,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Agricultural Equipment Market:
Bucher Industries AG; Deere & Company; Tractor and Farm Equipment Limited (TAFE); LEMKEN GmbH & Co. KG; ISEKI & CO. LTD.; Deutz-Fahr; SDF S.p.A.; Krone UK Group; Mahindra & Mahindra Ltd.; CNH Industrial N.V.; Mitsubishi Mahindra Agricultural Machinery Co. Ltd; Deere & Company; CLAAS KGaA mbH; EXEL Industries; Kubota Corporation
Rental Farming Key to Growth of Agricultural Equipment Market:
Renting farm equipment is a significant factor that enables farmers to harvest their crops on time by avoiding substantial upfront costs for equipment purchases. It also provides them with a convenient way to enhance their operations.
Agricultural lands are frequently located far from major cities or urban centers, creating logistical challenges in obtaining equipment rental services and transporting rented machinery to remote areas. There is a limited transportation infrastructure, including roads and connectivity, which results in higher costs and delays in delivering and retrieving rented equipment, discouraging some farmers from using rental services.
Agricultural Equipment Industry News:
- The newest model in the See & Spray line, the See & Spray premium performance upgrade kit, was unveiled by John Deere in July 2023 for their self-propelled sprayers. With the use of an AI-powered vision system, this kit helps farmers overcome herbicide resistance and increase yield by precisely applying a spray that targets weeds exclusively, leaving the rest of the field untreated. For clear field photos, this technology stabilizes the spray arm when mounted cameras are needed. A machine learning program that analyzes numerous camera photos at once can tell weeds from plants in milliseconds.
- John Deere unveiled their fully automated 8R tractor in January 2022. The new tractor boasts cutting-edge features like a deep neural network that can identify every pixel in an image in less than 100 milliseconds, six pairs of stereo cameras for 360-degree obstacle detection and distance calculation, and a GPS guidance system with TruSet support for the chisel plow.
- A Straddle Tractor designed for the tiny vineyards of premium wine-growing regions such as Champagne, Médoc, and Burgundy was created by New Holland Agriculture in December 2021.
- John Deere debuted new mechanical grapples and material gathering systems for compact utility tractors in November 2021. With a lift capacity of 1,200 pounds (544 kg), the New Frontier MG20F Mechanical Grapple provides a quick-attach solution for speedy installation.
- The new flagship TORION 1913 and TORION 2014 models from CLAAS were unveiled in November 2021. They have a larger lift capacity, more engine power, and even more loading height.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the agricultural equipment market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges details on the agricultural equipment market based on category (tractor-pulled/ attachment, self-propelled), application (harvesting & threshing, weed cultivation, plant protection, post-harvest & agro-processing, land development & seedbed preparation), and ownership (individual, rental), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Segmentation of Agricultural Equipment Market Research:
By Category:
- Tractor-Pulled/ Attachment
- Self-Propelled
By Application:
- Harvesting & Threshing
- Weed Cultivation
- Plant Protection
- Post-harvest & Agro-processing
- Land Development & Seed Bed Preparation
By Ownership:
- Individual
- Rental
Check out More Related Studies Published by Fact.MR Research:
Farm Equipment Rental Market: are likely to create an absolute $ opportunity of US$ 51.4 billion during the forecast period growing at a CAGR of 6.2% and set to reach a valuation of US$ 106.2 billion by the end of 2033.
Farm Tractor Market: is calculated at a size of US$ 78.46 billion in 2024. As per this latest research by Fact.MR, worldwide sales of agricultural tractors are projected to increase at a CAGR of 5.3% to top US$ 131.5 billion by the end of 2034.
Precision Farming Market: size is approximated at US$ 8.3 billion in 2024 and is foreseen to increase at a CAGR of 10.4% and reach a value of US$ 22.3 billion by the end of 2034.
Agriculture Robot Market: is projected to expand at 18% CAGR during the next ten years (2023 to 2033), thereby increasing from US$ 7.08 billion in 2023 to US$ 37.05 billion by the end of 2033.
Autonomous Farm Equipment Market: is anticipated to increase from a value of US$ 1.1 billion in 2024 to US$ 4.59 billion by 2034
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