Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global agriculture equipment market size reached a valuation of USD 169.18 billion in 2022 and is projected to experience significant growth, expanding from USD 180.81 billion in 2023 to USD 296.61 billion by 2030, with a compound annual growth rate (CAGR) of 7.3% during the forecast period. This growth is primarily driven by the increasing shortage of human labor for cattle maintenance in various countries, which has led to a growing demand for advanced, modernized equipment. This information is published in the research report titled "Agriculture Equipment Market, 2023-2030," published by Fortune Business Insights™.
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The report offers a comprehensive analysis of the major factors propelling the global business scenario throughout the estimated period. It further gives an insight into the key trends driving industry expansion over the forthcoming years. Other aspects comprise the significant steps undertaken by leading companies for establishing a strong position in the market.
Key Industry Development:
April 2023 – Mahindra Tractors launched a new range of Ojas tractors constituting four sub tractors platform. Via this launch, the company intended to target the Indian as well as the global market for increasing its sales volume.
Discover the Leading Players Featured in the Report:
Companies leading the Agriculture Equipment Market are AGCO Corporation, Alamo Group Inc., China National Machinery Industry Corporation, CNH Industrial N.V., CLAAS KGaA GmbH, Deere & Company, Kubota Corporation, Mahindra & Mahindra, SDF S.p.A., Valmont Industries Inc.
Key Takeaways:
- The Asia Pacific market was valued at USD 64.72 billion in 2022 and is projected to witness an impressive CAGR of 8.7% over the forecast period.
- Development of Novel Products and Increasing Product Diversity to Propel the Demand for Agriculture Tractors
- Increasing Equipment Technology Awareness and Favorable Government Policies to Propel the Market Growth
- Smart Farming Equipment and Industry 4.0 Integration to Create Lucrative Business Prospects
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.3% |
| 2030 Value Projection | USD 296.61 billion |
| Base Year | 2022 |
| Agriculture Equipment Market Size in 2022 | USD 169.18 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments Covered | By Equipment Type, Application, and Region |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/agriculture-equipment-market-102665
Market Drivers and Restraints:
Favorable Government Policies and Rising Awareness Associated with Equipment Technology to Drive Industry Growth
One of the key factors propelling the agriculture equipment market growth is the soaring adoption of automatic and semi-automatic machines across various regions. The industry growth is further driven by the increasing demand for equipment such as combine harvesters and tractors.
However, the industry expansion could be affected by high costs associated with the initial procurement and maintenance of the product.
Segmentation:
By Equipment Type
- Agriculture Tractors
- Harvesting Equipment
- Irrigation & Crop Processing Equipment
- Agriculture Spraying & Handling Equipment
- Soil Preparation & Cultivation Equipment
- Others (Hay & Forage Equipment, Trailers)
By Application
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Regional Insights:
Asia Pacific to Emerge as Prominent Region Impelled by Increasing Digitalization
The Asia Pacific agriculture equipment market share is expected to register considerable growth over the projected period. The rise is on account of the economic stability offered by various agro-based countries such as India, China, and others.
The North America market is anticipated to depict an appreciable surge over the study period. The rise is due to the presence of major companies such as Alamo Group, Inc., AGCO Corporation, Valmont Industries, Deere & Company, and others.
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Competitive Landscape:
Key Players Ink Strategic Deals to Strengthen Industry Footing
Major industry participants are centered on adopting an array of initiatives for consolidation of their market positions. These include merger agreements, partnerships, and the launch of new solutions. Additional factors favoring market expansion comprise an escalation in R&D activities.
FAQ’s
How big is the Agriculture Equipment Market?
Agriculture Equipment Market size was USD 169.18 billion in 2022.
How fast is the Agriculture Equipment Market growing?
The Agriculture Equipment Market will exhibit a CAGR of 7.3% during the forecast period, 2023-2030
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