Pune, India, May 15, 2023 (GLOBE NEWSWIRE) -- The global agriculture equipment market size was valued at USD 157.89 billion in 2021. The market is projected to grow from USD 168.30 billion in 2022 to USD 272.36 billion by 2029, exhibiting a CAGR of 7.1% during the forecast period.
This information is stated by Fortune Business Insights, in its report, titled, “Agriculture Equipment Market, 2022-2029.”
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Key Takeaway:
- 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
- On the basis of Application, the market is divided into land development, threshing and harvesting, plant protection, and after-agro-processing.
- The Asia Pacific market was valued at USD 59.23 billion in 2021 and is projected to witness an impressive CAGR of 8.3% over the forecast period.
- The market of Asia Pacific is projected to reach USD 111.87 billion by 2029
Factors Affecting the Stakeholders of the Agriculture Equipment Market (2029):
- Manufacturers of agriculture equipment: These are companies that design, develop, and produce various types of agriculture equipment such as tractors, combine harvesters, planters, and sprayers.
- End-users: These are the farmers who purchase and use agriculture equipment to carry out farming operations such as plowing, seeding, harvesting, and spraying.
- Distributors and dealers: These are companies that distribute and sell agriculture equipment to end-users. They may also provide after-sales services such as maintenance and repairs.
- Suppliers of components and accessories: These companies provide components and accessories such as engines, tires, and attachments used in agriculture equipment.
- Agricultural cooperatives: These are organizations that provide support to farmers by offering services such as marketing, finance, and procurement. They may also purchase agriculture equipment in bulk and lease or rent them to individual farmers.
- Government agencies: These are agencies that provide subsidies, loans, and other forms of financial assistance to farmers to promote the adoption of modern agriculture equipment.
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
Report Coverage:
The report highlights leading regions across the world to offer a better understanding of the user. Furthermore, it provides insights into the latest industry trends and analyzes technologies deployed rapidly at the global level. The report examines various paradigm shifts associated with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market for agriculture equipment.
Agriculture Equipment Market Segments:
Development of Novel Products and Surging Product Diversity is Strengthening the 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.
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.
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Scope of the Report:
| Report Attribute | Details |
| Market Value (2021) | USD 157.89 billion |
| Market Size (2029) | USD 272.36 billion |
| CAGR (from 2022 to 2029) | 7.1% |
| Asia Pacific Projected Reach (2029) | USD 111.87 billion |
| Historic Period | 2018-2020 |
| Base Year | 2021 |
| Forecast Year | 2022-2029 |
Drivers & 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.
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 (Nagoya, Japan)
- Deere & Company (U.S.)
- Kubota Corporation (Japan)
- Mahindra & Mahindra (India)
- SDF S.p.A. (Italy)
- Valmont Industries Inc. (U.S.)
Recent Development of the Agriculture Equipment Market:
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.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTEL Analysis
- Porter’s Five Forces Analysis
- Supply Chain Analysis
- Global Agriculture Equipment Key Players Market Share Insights and Analysis, 2021
- Global Agriculture Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Equipment Type (USD)
- Agriculture Tractors
- Harvesting Equipment
- Irrigation & Crop Processing Equipment
- Agriculture Spraying & Handling Equipment
- Soil Preparation & Cultivation Equipment
- Others (Hay & Forage Equipment, trailers, etc.)
- By Application (USD)
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Agriculture Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Equipment Type (USD)
- Agriculture Tractors
- Harvesting Equipment
- Irrigation & Crop Processing Equipment
- Agriculture Spraying & Handling Equipment
- Soil Preparation & Cultivation Equipment
- Others (Hay & Forage Equipment, trailers, etc.)
- By Application (USD)
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- By Country (USD)
- United States
- By Application (USD)
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- By Application (USD)
- Canada
- By Application (USD)
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- By Application (USD)
- United States
TOC Continued…!
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