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Agriculture Equipment Market Set to Surpass US$ 168.8 Billion by 2030

The global agriculture equipment market size is forecasted to reach from US$ 112.84 billion in 2021 to US$ 168.8 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.

The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030.

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The agriculture equipment includes various mechanized equipment such as tractors, harvesters, plant protection equipment, and irrigation equipment that helps in agricultural activities. This modern and technologically advanced equipment helps in producing higher yields with fewer efforts. Further, it saves time by boosting the activities, reduces the use of labor, and saves labor cost. Agriculture is the primary source of food across the globe. And with the rapid increase in the global population, the demand for the food has increased rapidly, creating a pressure on the food supply chain. Therefore, the demand for the modern agriculture equipment has increased in order to obtain higher yields at less time, thereby propelling the growth of the global agriculture equipment market.

Crucial factors accountable for market growth are:

  • Rising pressure on the food supply
  • Growing demand for the agricultural crops from the food and beverages industry
  • Increased government initiatives to develop agriculture sector
  • Disadvantages associated with the extensive use of labor in agriculture
  • Growing awareness regarding the use of agriculture equipment
  • Increasing mechanization in the agricultural field
  • Growing popularity of automatic equipment

Competitive Intelligence

The report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.

Some of the prominent players in the global agriculture equipment market are listed as below:

  • CNH Industrial N V
  • Mahindra and Mahindra Ltd.
  • Deere & Company
  • Kubota Corporation
  • AGCO Corporation
  • EXEL Industries
  • SDF S.p.a.
  • Bucher Industries AG
  • Tractor and Farm Equipment Ltd.
  • CLAAS KGaAmbH
  • ISEKI & Co. Ltd.

Market Dynamics:

Driver

The rising demand for the mechanization of agricultural farms in the developing nations is a major driver of the global agriculture equipment market. The lack of water resources, lack of skilled labor, and growing dearth of agricultural land is fostering the adoption of mechanized agriculture equipment to generate higher yields by applying fewer resources. This is the primary driver of the global agriculture equipment.

Restraints

The high cost of the mechanized agriculture equipment coupled with less awareness regarding various agriculture equipment among the farmers are a major restraining factor that is expected to hamper the growth of the global agriculture equipment market during the forecast period.

Opportunities

The rising developmental activities by the key market players in the agriculture equipment are expected to drive the market in the forthcoming years. For instance, XAG Co. Ltd. launched a jet-sprayer system, named R150 that automatically sprays pollens. It can be connected to the smartphone and can be operated from the smartphone through an app. These technological advancements offers a lucrative growth opportunities to the market players.

Challenges

The rapid industrialization and rapid urbanization are the major challenges that utilize a huge area of land and as a result, the agricultural lands are reducing day by day. The lack of the agricultural land is a major threat to the agriculture equipment industry.

Regional Snapshots

Based on the region, the Asia Pacific is the largest and the fastest-growing market across the globe. The presence of huge population, higher dependence on agriculture, rising penetration of technologies, growing government initiatives to boost agriculture, and growing awareness regarding the use of agriculture equipment are the several important factors that can be held responsible for the rapid growth of the agriculture equipment market in the region. However, the less availability of resources and financial limitations of the farmers in the nations like India, China, and Indonesia are the major factors that may hamper the growth of the market in the region.

Asia Pacific agriculture equipment market is followed by the North America. The higher adoption rate of the advanced technologies in the region has fostered the adoption of automatic agriculture equipment in this region. Further, higher income and government policies regarding the agricultural sector has perfectly complemented the growth of the agriculture equipment market in North America.

Report Highlights

  • By product type, the tractors segment led the global agriculture equipment market with remarkable revenue share in 2020. Tractor are the most extensively used product that helps in performing the primary functions of agriculture like ploughing, harvesting, and sowing. For this, tractors are the most common and preferred product type across the global farmers.
  • By application, the plant protection is estimated to be the fastest-growing segment during the forecast period. The rising threat of damage to the plants is a major factor that propels the growth of this segment. The yield is maximum if the plants are safe from various threats like birds, animals, and insect attacks.
  • By automation, the automatic segment is estimated to be the most opportunistic segment owing to the rising adoption of automated equipment in order to save time and cost. Also, it helps in reducing efforts by eliminating the excess use of farm labors.

Segments Covered in the Report

By Product Type

  • Harvesters
  • Tractors
  • Irrigation & Crop Process equipment
  • Planting Equipment
  • Others

By Application

  • Land & Development
  • Weed Cultivation
  • Plant Protection
  • Sowing & Planting
  • Harvesting & Threshing
  • Post-Harvest Agro Processing

By Automation

  • Manual
  • Semi-Automatic
  • Automatic

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global agriculture equipment market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for agriculture equipment are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable. 

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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