The Global Agriculture Equipment Market Size Accounted for USD 128 Billion in 2021 and is predicted to be worth USD 234 Billion by 2030, with a CAGR of 7.1% during the forthcoming period from 2022 to 2030.
Machinery used in specific agricultural processes such as farming, threshing, field, and agro-processing, are agricultural equipment. Modern implements are supplemented by farm equipment: plough and blade harrow have been used for conventional field growth activities. Furthermore, modern usage requires tractors, plough moulding and spraying equipment.
Global Agriculture Equipment Market DRO’s
Agriculture Equipment Market Report Coverage
|Market||Agriculture Equipment Market|
|Agriculture Equipment Market Size 2021||USD 128 Billion|
|Agriculture Equipment Market Forecast 2030||USD 234 Billion|
|Agriculture Equipment Market CAGR||7.1% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Type, By Function, By Sales Channel, And By Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||ARGO SpA, Escorts Group, CNH Industrial N.V., Mahindra & Mahindra Ltd, JCB Limited, Bucher Industries AG, Yanmar Company Limited, and AGCO Corp.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Agriculture equipment is an important tool used in crop cultivation to achieve the highest yields with relatively little effort on farmlands. The rising population in both developing and advanced economies is putting strain on the supply chain for food due to increased demand for agro-based food. Tractors, farm machinery, and crop production equipment are more and more being used in agricultural activities throughout the world to increase yields way quicker and with less effort. This is really a major driving force in the global agricultural equipment market. Furthermore, this agricultural equipment contributes to lower labor costs. Semi-automatic as well as fully automated agriculture equipment, in particular, helps to improve work efficiency and minimize the use of surplus labor, promoting the requirement for agriculture equipment around the globe.
Increase in mechanizing various agricultural activities including plowing, planting, harvesting and tilling would fuel demand for agriculture equipment that drives the global agricultural machinery industries to expand. The knowledge of the advantages of mechanical equipments such as tractors, harvesters and other machines raises farmer’s reliance on agricultural equipment. In addition, specific farming promotes productivity of agricultural practices, improves competitiveness and preserves land wealth, resulting in higher agricultural production. A variety of items supplied by major players in the farming equipment industry assist farmers in various farms such as seeding and harvesting, which also facilitates farm machinery installation. This adds greatly to the development of the global demand for agricultural machinery.
Agriculture Equipment Market Segmentation
The global agriculture equipment market segmentation is based on the type, function, sales channel, and geographical region.
Market by Type
In terms of type, the tractor segment is expected to dominate the market in 2021. This is due to the increased use of tractors in fundamental agricultural activities such as ploughing, sowing, harrowing, harvesting, and transporting. Furthermore, autonomous farm tractors as well as combines, i.e., farm equipment equipped with harvesting machines and equipment as well as tractors equipped with crop protection equipment, are widely used in preparing more land for agriculture, even in mountainous regions.
Market by Function
Based on the functions, the planting and fertilizing segment is considered to have the largest CAGR during the projected period, according to the agriculture equipment market forecast. This is due to plant protection becoming increasingly important. The growing requirement for food and better productivity is achieved by installing proper modern mechanized plant protection equipment.
Market by Sales Channel
The global agriculture equipment market trends are divided into OEM and aftermarket segments based on the sales channel. Due to the overall increasing amount of agriculture equipment aftermarket centers in emerging economies such as China, India, Brazil, and Argentina, which have a significant agricultural base, the aftermarket industry is estimated to exhibit at the fastest rate during the projected period.
Agriculture Equipment Market Regional Outlook
The Middle East & Africa (MEA)
Asia-Pacific to Hold a Substantial Market Share in Agriculture Equipment Market
Asia-Pacific held major market share in 2021. As the population growth from China and India contributes to demand for food and the growing cereal exports, market in the Asian-Pacific region is expected to rise rapidly in the projected time span. Moreover, the growth of the industry in the Asia-Pacific region is further attributed by the policy funding and incentives for farmer’s machinery, shortage of agricultural labor, advent of contract farming of India and the tractor sales.
The North American market is expected to expand significantly over the projected period, due to the rising wine industry throughout the region and the increasing demand of tractors from the United States and Canada. On the other hand, Europe is another significant agricultural equipment sector as a result of labor shortages and increased productivity by machinery.
Agriculture Equipment Market Players
Some of the prominent global agriculture equipment market companies are ARGO SpA, Escorts Group, CNH Industrial N.V., Mahindra & Mahindra Ltd, JCB Limited, Bucher Industries AG, Yanmar Company Limited, and AGCO Corp.
Regardless of the involvement of few influential companies, the industry is highly dynamic, covering more than half the industry. Investing in R&D to promote creativity and maintain a solid customer presence was the core approach followed by the major players. An increasing demand for agricultural machenutries has been propelled by the introduction of new technology such as artificial intelligence, robotics, Google Earth and a range of policy initiatives.
The global agriculture equipment market size in 2021 was accounted to be USD 128 Billion.
The projected CAGR of agriculture equipment during the analysis period of 2022 to 2030 is 7.1%
The prominent players of the global agriculture equipment market involve ARGO SpA, Escorts Group, CNH Industrial N.V., Mahindra & Mahindra Ltd, JCB Limited, Bucher Industries AG, Yanmar Company Limited, and AGCO Corp.
Asia-Pacific held the dominating share for agriculture equipment during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for agriculture equipment during the analysis period of 2022 to 2030.
Rising demand for high-capacity machines and equipment in farming and increasing demand for self-propelled automated systems globally are the prominent factors that fuel the growth of global agriculture equipment market.
Based on type, tractor segment holds the maximum share for agriculture equipment market in 2021.