Newark, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 163.4 billion in 2023 global agriculture equipment market will reach USD 281.77 billion in 2033. Agricultural equipment refers to tools used by farmers to perform various agricultural tasks, enhancing efficiency and reducing the need for manual labour. As urbanization increases, leading to a shortage of labour, the demand for agricultural equipment is rising. These tools enable farmers to achieve higher crop yields in less time and reduce labour costs with the help of automatic and semi-automatic machinery. The Covid-19 pandemic further highlighted the importance of these tools, as social distancing measures and labour shortages emphasized the need for mechanization in farming activities such as ploughing, harrowing, planting, harvesting, and tilling. Additionally, the growing global population increases the demand for more efficient food production, which mechanized tools can help meet.
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Scope of Global Agriculture Equipment Market
| Report Coverage | Details |
| CAGR | 5.6% from 2024 to 2033 |
| Market Size in 2023 | USD 163.4 Billion |
| Market Size by 2033 | USD 281.77 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Product Type, Application, Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Insight of the Global Agriculture equipment Market
North America will dominate the market during the forecast period.
Currently leads the agricultural equipment market due to its extensive farmlands, high demand for farm mechanization, and the adoption of advanced technologies like intelligent combine harvesters equipped with monitoring tools. The region's high labour costs further drive the need for efficient machinery.
In 2023, the farm tractor segment dominated the market with the largest market share of 23% and revenue of 37.58 billion.
The product type segment is divided into farm tractors, harvesting machinery, plowing & cultivation machinery, planting & fertilizing machinery, haying machinery, and others. In 2023, the farm tractor segment dominated the market with the largest market share of 23% and revenue of 37.58 billion.
In 2023, the land development segment dominated the market with the largest market share of 33% and revenue of 53.92 billion.
The application segment is divided into land development, threshing & harvesting, sowing & planting, plant protection, and other applications. In 2023, the land development segment dominated the market with the largest market share of 33% and revenue of 53.92 billion.
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Advancement in market
In the area of agricultural machinery, Mahindra & Mahindra Ltd. and Mitsubishi Heavy Industries, the latter with its headquarters in Tokyo, formed a strategic alliance. A definitive agreement has been struck by Mahindra & Mahindra to purchase 33% of the shares of Mitsubishi Agricultural Machinery (MAM), a subsidiary of MHI. This share will cost $25 million for the Indian corporation to purchase. Tractors, rice transplanters, combine harvesters, and other agricultural machinery are all produced and sold by Mitsubishi Agricultural Machinery.
Market Dynamics
Driver: Growing Demand for Advanced Machinery.
There is a rising need for technologically advanced agricultural machinery to boost efficiency and productivity. Innovations such as IoT-based equipment, AI-powered tools, GPS integration, and drones are driving market growth. These technologies enable manufacturers to develop equipment that caters to the needs of modern farmers, promoting digitalization in agriculture and enhancing market expansion.
Restraints: Impact of Covid-19.
The Covid-19 pandemic negatively affected the agricultural equipment market, causing production delays and raw material shortages due to halted manufacturing units. Lockdowns and restrictions also impacted the financial performance of market participants, hindering growth.
Opportunities: Increased Government Initiatives.
Governments are offering various incentives, such as low-interest rates, reduced import duties, and support for soil preparation and cultivation efficiency. These initiatives, along with schemes from private companies, microfinance institutions, and banks providing credit for purchasing agricultural equipment, present significant growth opportunities for the market.
Challenges: Rapid Urbanization.
Urbanization in both developing and developed countries is a challenge for the market, as it leads to the loss of arable land available for crop cultivation. This reduction in available farmland slows market growth during the forecast period.
Some of the major players operating in the global agriculture equipment market are:
• AGCO Corporation
• FlieglAgro-Center GmbH
• Agromaster
• Amazone Inc.
• APV GmbH
• Quivogne CEE GmbH (Kiwon RUS LLC)
• Rostselmash
• LEMKEN GmbH & Co. KG
• Mahindra & Mahindra Ltd.
• MaterMacc S.p.A
• Morris Equipment Ltd
• SDF S.p.A.
• Tractors and Farm Equipment Limited (TAFE)
• Valmont Industries, Inc
Key Segments covered in the market:
By Product Type
● Farm Tractors
● Harvesting Machinery
● Plowing & Cultivation machinery
● Planting & Fertilizing machinery
● Haying machinery
● Others
By Application
● Land Development
● Threshing & Harvesting
● Sowing & Planting
● Plant protection
● Other Applications
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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