MarketResearch.biz delivers in-depth insights on the global agriculture equipment market in its upcoming report titled, “Global Agriculture Equipment Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global agriculture equipment market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The 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 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.
Machinery and tools used in agriculture to perform various activities of farming and they play an important role in improving farm yield and reduction in labor cost.
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 farm. Developed supply chain, and government support are the other factors driving growth of the target market. For example, in 2014, Department of Agriculture, Cooperation and Farmers Welfare started subsidy to farmers on farm equipment under their agriculture mechanization mission.
Increasing trend towards replacement of traditional agriculture equipment by advanced equipment is major factor expected to propel growth of the agriculture equipment market in emerging economies. In addition, research and development by manufacturers in equipment expected to support 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 specific needs of farmers of 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 machine and flattened fender.
Increasing collaboration among leading agriculture equipment manufacturers for development of advanced products is a major factor expected to boost 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 system, sensors, auto turn, and auto control. In addition, increasing food demand across the globe and labor cost are other factors expected to drive growth of the global agriculture equipment market over the forecast period.
However, high cost of the product development as well as high cost of products are major factor expected to hamper 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 presence of well-developed agriculture sector and high awareness regarding the available products in the region. Asia Pacific accounts for second-largest revenue share contribution to the global agriculture equipment market, followed by markets in the 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 adoption of technologically advanced agriculture equipment and increasing availability of requirement specific equipment in the region.
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
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- 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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