The Agriculture Equipment Market report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027.
The Agriculture Equipment Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
The global agriculture equipment market report has been segmented on the basis of product type and region.
Agriculture Equipment Market Overview:
The Agriculture Equipment Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.
Machinery and tools are used in agriculture to perform various activities of farming and they play an important role in improving farm yield and reduction in labor costs.
Agriculture equipment comprises tractors, drills, power tools, harvesters, and others. Continuous product advancement by manufacturers is resulting in increasing adoption of agriculture equipment to improve the production capacity of farms.
Developed supply chain and government support are the other factors driving the growth of the target market. For example, in 2014, the Department of Agriculture, Cooperation and Farmers Welfare started subsidies to farmers on farm equipment under their agriculture mechanization mission.
The increasing trend toward the replacement of traditional agriculture equipment with advanced equipment is a major factor expected to propel the growth of the agriculture equipment market in emerging economies.
In addition, research and development by manufacturers of equipment are expected to support the growth of the target market.
For instance, some key market players such as AGCO, CLAAS, and Deutz have developed sensors into tractors for more precision farming and process monitoring.
Also, KUBOTA Corporation has developed tractors according to the specific needs of farmers of a specific country, for eg.- in 2015, the company has launched their MU5501 tractor in India as per the need of farmers such as strong rear axle, long lifespan of the machine, and flattened fender.
Increasing collaboration among leading agriculture equipment manufacturers for the development of advanced products is a major factor expected to boost the growth of the global agriculture equipment market over the forecast period.
For instance, some leading tractor manufacturers such as John Deere, Case New Holland, AGCO, CLAAS, Same Deutz-Fahr, and Kubota came together to develop autonomous tractors and related technologies such as navigation systems, sensors, auto turn, and auto control.
In addition, increasing food demand across the globe and labor costs are other factors expected to drive the growth of the global agriculture equipment market over the forecast period.
However, the high cost of product development, as well as the high cost of products, are major factors expected to hamper the growth of the global agriculture equipment market up to a certain extent.
North America market dominates the global agriculture equipment market in terms of revenue contribution as compared to that of markets in other regions.
This is attributed to the presence of a well-developed agriculture sector and high awareness regarding the available products in the region.
The Asia Pacific accounts for the second-largest revenue share contribution to the global agriculture equipment market, followed by markets in Europe, Latin America, and the Middle East & Africa respectively.
The market in the Asia Pacific is projected to register comparatively faster growth in terms of revenue over the next 10 years, owing to increasing government support for the adoption of technologically advanced agriculture equipment and increasing availability of requirement-specific equipment in the region.
Global Agriculture Equipment Market Segmentation:
Global agriculture equipment market segmentation, by product type:
- Combine Harvesters
- Power Tillers
- Seed Drill
- Power Weeder
Global agriculture equipment market segmentation, by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- AGCO Corporation
- Agrostroj Pelhrimov A.S.
- China National Machinery Industry Corporation
- Concern Tractor Plants
- Deere & Company
- Escorts Limited
- Mahindra Group
- Same Deutz-Fahr Group (SDF)
- Valmont Industries Incorporated
- Weifang Euroking Machinery
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