The global agriculture equipment market size is expected to grow from USD 109.12 billion in 2020 and reach USD 166.4 billion in 2027, at a CAGR of 6.2% from 2021 to 2027. Agricultural practices include breeding and land cultivation of plants and animals to provide fiber, food, and medicine and supply other items necessary for life enhancement and survival. Agricultural equipment makes this work easier and less expensive for farmers. Nowadays, farmers utilizing modern, creative, and state-of-the-art farming machines and attachments for efficient farming. To achieve improved efficiency and better performance, farmers or end user using efficient, flexible, and versatile farming machinery, equipment, and accessories such as tractors attachments, ploughs, seeders, and combines.
Agricultural Equipment Market Dynamics:
Government subsidies and low-interest rates offered to farmers on the procurement of agricultural equipment are key factors for the growth of the global market. Increasing demand for standalone agriculture equipment such as tractors and machinery is expected to gain traction globally.
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The rising adoption of modern technologies and equipment by farmers to enhance farm yield and meet the rising demand for food is expected to drive the market’s growth. Traditional farming methods such as tillage, plows, and seeders are expected to replace various advanced modern agricultural equipment. Advanced farming machinery such as hay and forage equipment, spraying equipment, irrigation crop processing equipment, and harvesters are used in various processes to enhance overall crop output and quality.
Growing demand for organic farming and organic farm products is estimated to create lots of opportunities in the global agricultural equipment market. However, the shortage of labor in the developed countries and the large area of agricultural land are expected to fuel the demand for automatic agricultural equipment over the forecast period.
Impact of COVID-19 on Agricultural Equipment Market:
The Covid-19 pandemic has disrupted the manufacturing houses' market to work under the safety guidelines, which makes production slow most of the manufacturing houses as been temporarily shut down. The global supply chain during the pandemic is disturbed, which gives opportunities to the local players. The developing countries have also seen a dip in agriculture equipment sales due to this pandemic.
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Scope of the Report
The report outlines the study of the agricultural equipment market based on equipment type, application.
Based on the equipment type, the agricultural equipment market is segmented into –
- Trailers and Trucks
- Tillage Equipment
- Seeding and Planting Equipment
- Plant Protection Equipment
- Irrigation Equipment
- Harvesting Equipment
- Hay And Forage Equipment
- Crop Processing Equipment
- Grain Handling Equipment
- Cutters, Shredders, Threshers, Sprayers
Based on the application, the agricultural equipment market is segmented into-
- Land Development
Agricultural Equipment Market: Regional Outlook
The global agriculture equipment market has been segmented into five geographical regions, namely, North America, Asia Pacific, South America, Europe, and the Middle East, and Africa. In 2020, Asia Pacific held the largest share in the global agriculture equipment market, followed by North America and Europe. Europe market is the fastest-growing market in demand for agriculture equipment during the forecast period due to the growth in mechanization rate, boosting tractors' usage. Moreover, important developed agriculture economies such as Germany, the UK, Italy, France, and Turkey are expected to be significant contributors to the region's growth in the global agriculture equipment market in the coming years.
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Agricultural Equipment: Competitive Landscape –
These are some of the leading Agricultural Equipment companies in the market: AGCO Corporation, APV – Technische Produkte GmbH, Bellota Agrisolutions, CLAAS KGaA mbH, CNH Industrial N.V.
The Agricultural Equipment manufacturers are Escorts Limited, ISEKI Co., Ltd., J C Bamford Excavators Ltd. (JCB) (UK), Deere Company (US), KUBOTA Corporation (Japan), Mahindra Mahindra Limited (India), Alamo Group Incorporated, Bucher Industries AG, Valmont industries Incorporations.
- The Open-Source Agriculture movement involves numerous programs and organizations that cooperate and teach farmers how to build, develop, repair, and restore their equipment and tools and manage agricultural operations.
- AGCO Corporation’s Fendt brand launched the Momentum planter in the North American row crop production market in February 2020. It is designed to help tackle difficult planting conditions.
The agricultural equipment market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs.
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