New York, US, July 01, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Agriculture Equipment Industry Analysis by Product Type, Function (Harvesting, Planting & Fertilizing, Haying, Plowing & Cultivation and others), Sales Channel (OEM and Aftermarket) and Region - Forecast till 2030” valuation is poised to reach USD 189.42 Billion by 2030, registering an 8.53% CAGR throughout the forecast period (2022–2030).
Agriculture Equipment Market Overview
Usually, agriculture requires several kinds of equipment like land leveler, cutters & shredders, tractors, hay & forage, seeding, and harvester. Various agricultural tasks such as spraying the pesticide harrowing, planting, plowing, disking, tilling, and application are performed using these types of equipment. These equipment profits are gaining a high crop yield in less time with minimum effort. The global market for agricultural equipment has recorded massive growth in the last few years.
Agriculture Equipment Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 189.42 Billion |
| CAGR | 8.53% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Sales Channel and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Escorts Limited (India), AGCO Corp. (US), Mahindra & Mahindra Limited (India), JC Bamford Excavators Limited (UK), CLAAS KGaA mbH (Germany), Deere & Company (US), Daedong Industrial Co., Ltd (US), CNH Industrial NV (UK), Iseki & Co., Ltd (Japan) and Kubota Corporation (Japan) |
| Key Market Opportunities | Government support is also needed for the growth of the agriculture equipment market in a way of subsidies for acquiring fertilizers, seeds, and other agriculture equipment |
| Key Market Drivers | Increasing the demand for tractors designed with cutting edge technology |
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Agriculture Equipment Market Drivers
The global market for agricultural equipment has witnessed enormous increase in the recent years. The market's growth is primarily attributed to the innovative technologies in the agriculture production system. Furthermore, the deployment of mechanical power is another crucial parameter supporting the market's growth. Moreover, the factors such as increasing the demand for tractors designed with cutting-edge technology, an increase in the online and offline food services centers, and precision farming implementation are also anticipated to boost the market's growth over the coming years. In addition, the growing number of supportive government measures is likely to offer lucrative opportunities to the players across the global market.
Agriculture Equipment Industry Restraints
On the other hand, the lack of awareness regarding the benefits of agricultural equipment is anticipated to impede the market's growth.
Agriculture Equipment Industry Segments
Among all the product types, the tractors segment is anticipated to dominate the global market for agricultural equipment over the assessment timeframe. The significant aspect causing an upsurge in the segments' growth is the labor shortage across several regions worldwide. Furthermore, the growing population to fulfill the global food requirements has also made tractors a necessity for boosting productivity in the agriculture industry. Moreover, the factors such as the emergence of electric tractors, the increasing adoption of precision farming, and the promotion of farm mechanization in regions such as Asia-Pacific and Latin America are also projected to boost the segment's growth over the assessment timeframe. In addition, cost-effectiveness coupled with electric tractors' high-efficiency and eco-friendly characteristics may offer lucrative opportunities to the players over the coming years.
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Among all the application areas, the land development and seedbed preparation segment are anticipated to lead the global market for agricultural equipment over the assessment timeframe. The segment includes agriculture implements, levelers, and tractors. The tractors' demand is boosted given the various factors such as the increased urbanization causing a shortage in labor, availability of technologically advanced tractors, and increasing need for food propelling the need to mechanize farm work, pushing farmers to implement machinery. All of these aspects are causing an upsurge in the segment's growth. Furthermore, the growing adoption of tech-driven agriculture will likely boost the segment's growth over the coming years.
Among all the sales channels, the aftermarket segment is anticipated to rule the global market for agricultural equipment over the assessment timeframe. The segment's growth is attributed mainly to the increasing number of agriculture equipment aftermarket centers in developing countries such as Brazil, China, India, and Argentina. Furthermore, the growing number of large agricultural bases across emerging countries will also likely catalyze the segment's growth.
Agriculture Equipment Market Regional Analysis
The global Agriculture Equipment Market is studied across five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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According to research reports by MRFR, the Asia- Pacific region is anticipated to secure the top position across the global market for agricultural equipment over the assessment timeframe. The region is known to have high population countries like China and India, which needs high production of food and cereals, which in turn is causing an upsurge in the growth of the regional market. Furthermore, factors such as the contract farming in India, lack of labor, growing sales of tractors, incentives for agriculture equipment, and a rise in government support are also likely to catalyze the regional market’s growth over the assessment timeframe.
The agricultural equipment market for the North American region is anticipated to record a substantial growth over the assessment timeframe. The growing number of wineries and demand for tractors from Canada and the US are the primary aspects causing an upsurge in the regional market's growth.
COVID-19 Impact
The global COVID-19 pandemic has affected the majority of the market sectors severely across the globe. The global market for agricultural equipment is no different than others. In the pre-pandemic stage, the global market for agricultural equipment was increasing globally. But after the COVID-19 pandemic, the agricultural equipment market faced several problems because of the disturbing global supply chains. For the government rules, the fabricated industries are shut down to stop the spread of the disease; thus, the agriculture machinery market has slowed down.
The global has impacted agriculture and several business sectors such as construction, healthcare, automobiles, semiconductor & electronics, and many more. The tractors segment, in 2020, accounted for approximately 50% of the market share across the global market. Gradually, the pandemic situation changes, and the businesses are revived. The rising population requires additional food production and agricultural equipment, which boosts the demand for the market.
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Agriculture Equipment Market Competitive Analysis
Dominant Key Players on Agriculture Equipment Market Covered are:
- Escorts Limited (India)
- AGCO Corp. (US)
- Mahindra & Mahindra Limited (India)
- JC Bamford Excavators Limited (UK)
- CLAAS KGaA mbH (Germany)
- Deere & Company (US)
- Daedong Industrial Co. Ltd (US)
- CNH Industrial NV (UK)
- Iseki & Co. Ltd (Japan)
- Kubota Corporation (Japan)
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