Dublin, June 21, 2023 (GLOBE NEWSWIRE) -- The "Agriculture Equipment Market by Type, Mode of Operation, Power Source, Application - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Tthe agriculture equipment market is projected to reach $199.7 billion by 2030, at a CAGR of 5.2% from 2023 to 2030
The report provides an in-depth analysis of the agriculture equipment market across five major geographies, current market trends, size, and recent developments, and the forecast till 2030.
The growth of this market is driven by the shortage of agricultural laborers, the increasing need for mechanization of agricultural operations, the increasing government initiatives aimed at supporting farmers, and improved credit availability for agriculture equipment manufacturers. However, the high costs of advanced agriculture equipment and the rising fragmentation of land hinder the growth of this market.
The technological advancements and the increasing adoption of precision farming techniques are expected to create market growth opportunities. However, low awareness of advanced agriculture technologies is a major challenge for the players in this market. Additionally, digitalization in agriculture is a prominent trend in the global agriculture equipment market.
In 2023, the tractors segment is expected to account for the largest share of the global agriculture equipment market.
The large market share of this segment is mainly attributed to factors such as the rising mechanization and adoption of precision farming, rising labor shortage, rising income of farmers, supportive government initiatives aimed at improving the agricultural sector, and technological advancement in tractors.
The automatic segment is projected to register the highest CAGR during the forecast period of 2023-2030, owing to technological advancements in agricultural equipment, growing adoption of precision agriculture, and acute shortages of skilled laborers/workers in the agriculture sector worldwide.
In addition, the ongoing trend of vertical agriculture and the rising use of artificial intelligence and robotics technologies in the agriculture sectors are further expected to provide opportunities for the stakeholders operating in this market.
The electric-powered agriculture equipment segment is projected to register the highest CAGR during the forecast period of 2023-2030.
The growth of this segment is driven by the rising demand for renewable energy sources, the increasing need for electricity in developed and developing countries, and the growing adoption of automation and robotics in the agriculture industry.
In 2023, the land development & seed bed preparation segment is expected to account for the larger share of the global agriculture equipment market.
The large market share of this segment is mainly attributed to factors such as the increasing adoption of advanced cultivation techniques to reduce labor costs, the availability of technologically advanced equipment, and the benefits offered by advanced agricultural equipment during land development and seedbed preparation, such as high productivity and efficiency.
North America is expected to witness significant growth during the forecast period of 2023-2030 due to the increasing labor costs, rising technological advancement and incorporation of robotic and global positioning systems (GPS) in agriculture equipment such as tractors and harvesters, and increased demand for high-capacity machinery due to large-size farms.
Key Questions Answered in the Report
- What is the value of revenue generated by the sale of agricultural equipment?
- At what rate is the global demand for agriculture equipment projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the agriculture equipment market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which type, mode of operation, power source, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the agriculture equipment market?
- Who are the major players in the agriculture equipment market? What are their specific product offerings in this market?
- What recent developments have taken place in the agriculture equipment market? What impact have these strategic developments created on the market?
Market Insights
Drivers
- Shortage of Agricultural Laborers
- Increasing Need for Mechanization of Agricultural Operations
- Increasing Government Initiatives Aimed at Supporting Farmers
- Improved Credit Availability for Agriculture Equipment Manufacturers
Restraints
- High Costs of Advanced Agriculture Equipment
- Rising Fragmentation of Land
Opportunities
- Technological Advancements
- Increasing Adoption of Precision Farming Techniques
Challenges
- Low Awareness of Advanced Agriculture Technologies
Trend
- Digitalization in Agriculture
Porter's Five Forces Analysis
Value Chain Analysis
- Raw Material Suppliers
- Component Manufacturers
- Equipment Manufacturers
- Logistics
- Distribution Channels
- Consumers
- Service and Support
Company Profiles
- AGCO Corporation (U.S.)
- Agromaster (Turkey)
- AMAZONEN-WERKE H. DREYER SE & Co. KG (Germany)
- APV - Technische Produkte GmbH (Austria)
- CLAAS KGaA mbH (Germany)
- CNH Industrial N.V. (U.K.)
- Deere & Company (U.S.)
- HORSCH Maschinen GmbH (Germany)
- ISEKI & CO. Ltd. (Japan)
- KUBOTA Corporation (Japan)
- KUHN SAS (France)
- Mahindra & Mahindra Ltd. (India)
- Mascar SpA (Italy)
- Morris Equipment Ltd (Canada)
- SDF S.p.A. (Italy)
- Vaderstad AB (Sweden)
- Valmont Industries Inc. (U.S.).
Scope of the Report:
Global Agriculture Equipment Market Assessment by Type
Tractors
- 30-50 HP
- Less than 30 HP
- 51-100 HP
- More than 100 HP
Harvesting Equipment
- Combine Harvesters
- Forage Harvesters
- Other Harvesters
- Soil Preparation & Cultivation Equipment
- Irrigation Equipment
Irrigation Equipment Market, by Type
- Drip Irrigation
- Sprinkler Irrigation
- Other Irrigation Equipment
Irrigation Equipment Market, by Component
- Tubing
- Sprinklers
- Emitter/Drippers
- Irrigation Valves
- Filters
- Irrigation Controllers
Other Components
- Spraying Equipment
- Other Agriculture Equipment
Global Agriculture Equipment Market Assessment by Mode of Operation
- Semi-automatic
- Manual
- Automatic
Global Agriculture Equipment Market Assessment by Power Source
- Non-electric powered Agriculture Equipment
- Electric-powered Agriculture Equipment
Global Agriculture Equipment Market Assessment by Application
- Land Development & Seedbed Preparation
- Harvesting & Threshing
- Irrigation
- Crop Protection
- Sowing & Planting
- Other Applications
Global Agriculture Equipment Market Assessment by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- U.K.
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/y1ifpw
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