New York, US, June 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Agriculture Equipment Market Research Report Information by Function, Region, and Product Type - Forecast Till 2032”, the global agriculture equipment market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 5.55%. The reports even share predictions regarding the market's growing revenue share, which will likely reach a market of USD 326.66 billion by the end of 2032. As per the study documents, the market was worth around USD 200.9 billion in 2022.
Agriculture Equipment Market Overview:
The global Agriculture Equipment industry has advanced enormously. The primary aspect causing a surge in the performance of the market is the growing awareness regarding equipment. Furthermore, the world's growing population is also considered to be one of the crucial parameters enhancing market performance.
Competitive Analysis
The catalog of the top leaders across the global Market for Agriculture Equipment includes players such as:
- AGCO Corp.
- seki & Co., Ltd
- JC Bamford Excavators Limited
- Daedong Industrial Co., Ltd
- Deere & Company
- Kubota Corporation
- CNH Industrial NV
- Escorts Limited
- Mahindra & Mahindra Limited
- CLAAS KGaA mbH
- Among others.
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Agriculture Equipment Market USP Covered
Market Drivers
The global Agriculture Equipment industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the growing awareness regarding equipment. Furthermore, the world's growing population is also considered to be one of the crucial parameters enhancing market performance. Moreover, the factors such as an increase in demand for food products, the launch of advanced technology & equipment, increasing purchasing power of people, and the rapid pace of industrialization are also projected to impact the market performance over the coming years positively.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 326.66 billion |
| CAGR during 2023-2032 | 5.55% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Function, and Region |
| Key Market Opportunities | Government support towards farm mechanization and subsidies |
| Key Market Dynamics | Increasing production and sales of farm equipment |
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COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Agriculture Equipment industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Agriculture Equipment Market Segment Analysis
Among all the product types, the tractor segment held the leading position across the global market for agricultural equipment, with the largest contribution of nearly 30%. The labor shortage is the main parameter supporting the expansion of the market segment. Furthermore, the rising population to fulfill the global food requirements is also considered to be one of the crucial parameters enhancing the performance of the market segment.
Among all the functions, the Harvesting segment held the leading position across the global market for agricultural equipment with the largest contribution of nearly 28.29%. As it is the most vital activity in agriculture as it decides the yield and quality of crops & farmers invest heavily in harvesting equipment to ensure that their crops are harvested efficiently and effectively.
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Agriculture Equipment Market Regional Analysis
The Global Market for Agriculture Equipment is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the Asia-pacific Region carried the top position across the global Agriculture Equipment industry in 2021. India, China, and Indonesia are the leading development contributors in the region. Further, the China Agriculture Equipment Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the rapid and efficient economic development of India, China, and several other countries in the ASEAN region.
The European Region is anticipated to secure the second position across the global Agriculture Equipment industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Agriculture Equipment Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The long-term sustainability of agriculture is believed to be the main aspect supporting the development of the regional market. Furthermore, the ability of agroecosystems to offer services beyond food production is also likely to enhance the performance of the regional market.
The North American is anticipated to hold the third position across the global Agriculture Equipment industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Agriculture Equipment Market held the largest market share, and Canada was the fastest-growing North American Region.
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The main aspect supporting regional market expansion is that it offers better fuel efficiency than the equipment launched in other parts of the world. For example, In the U.S., agriculture equipment market sales have been escalating steadily over the years. Moreover, as per the AEM (Association of Equipment Manufacturers), the sales of tractors in the U.S. enhanced by 17.3% in 2020, demonstrating a substantial increase in the use of this equipment.
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