Acumen Research and Consulting estimates that global Agriculture Equipment market is expected to reach the market value of around US$ 158 Bn by 2027 and is anticipated to grow at a CAGR of around 7.2% in terms of revenue during the forecast period 2020 – 2027.
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.
The report provides analysis of global Agriculture Equipment market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
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.
Asia Pacific held major market share in 2019. 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.
The market research study on “Agriculture Equipment Market (Agriculture Equipment Market By Type: Harvester, Tractor, Soil Separation & Cultivation Equipment, Others; Agriculture Equipment Market By Function: Planting & Fertilizing, Plowing & Cultivation, Harvesting, Haying, Others; Agriculture Equipment Market By Sales Channel: Aftermath, OEMs) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Agriculture Equipment market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Agriculture Equipment market size, and segment markets by type, function, sales channel, and geography along with the information on companies operating in the market. The Agriculture Equipment market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Agriculture Equipment market is segmented as below:
Agriculture Equipment Market By Type
Soil Separation & Cultivation Equipment
Agriculture Equipment Market By Function
Planting & Fertilizing
Plowing & Cultivation
Agriculture Equipment Market By Sales Channel
Agriculture Equipment Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such ARGO SpA, Escorts Group, CNH Industrial N.V., Mahindra & Mahindra Ltd, JCB Limited, Bucher Industries AG, Yanmar Company Limited, AGCO Corp., and Others.
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. A 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.