The global agriculture equipment market size is predicted to hit around US$ 256.4 billion by 2030, from US$ 145 billion in 2020, growing at a CAGR of 9.5% from 2021 to 2030.
Agriculture equipment include the use of tractors, harvesters, plows, and cultivators to assist in various farming activities. The utilization of agriculture equipment assists in obtaining high crop yield in comparatively less time and minimum efforts. In addition, the use of automatic and semiautomatic agriculture equipment reduces the necessity of human labor on farms, which in turn, reduces the costs incurred on manpower. This further increases the crop production by reducing the downtimes and allowing highly precise operations.
Increase in mechanization of various farming activities such as plowing, harrowing, planting, harvesting, and tilling is expected to boost the demand for agriculture equipment, which drives the growth of the global agriculture equipment industry. The recognition of benefits owing to the implementation of mechanical equipment such as tractors, harvesters, and various attachments increase the dependency of farmers on agriculture equipment. In addition, the implementation of precision farming enables sustainability in farming activities, increases profitability, and protects land resources, which resultin improved agricultural production. Various products offered by major players in the agriculture equipment industry assist farmers in different farming activities such as sowing and harvesting, which further promotes the implementation of agriculture equipment. This significantly contributes toward the growth of the global agriculture equipment market.
Furthermore, the growing global population creates a demand for additional food cultivation. This demand can be sustained by the use of automatic and semiautomatic agriculture equipment to increase the cultivation efficiencies on farms. The employment of agriculture equipment assists in cultivation of more crop in less time and effort increases the production of food for the growing population. Thus, upsurge in global population boosts the demand for agriculture equipment, which, in turn, drives the agriculture equipment market growth.
On the contrary, lack of awareness regarding the benefits of using agriculture equipment amongfarmers is a major restraining factor of the market. Illiteracy and unavailability of proper resources as well as monetary measures negatively affect the implementation of agriculture equipment.
Tractors emerged as the leading product category and contributed to over 25.6% of the total revenue in 2020. These vehicles are essential farm machinery used for several activities, both as a standalone equipment and in tandem with other implements. Additionally, sale of tractors is expected to continue over the forecast period owing to increasing rate of mechanization as well as growing population, thereby resulting in increased pressure on food production and productivity.
Harvesters are expected to account for a share of over 21.0% in the agriculture equipment market by 2030, registering a CAGR of more than 10.6% over the forecast period. This growth is attributed to the fact that farmers are increasingly preferring harvesters to increase production and limit dependency on farm labor. Furthermore, harvesters offer high productivity and fuel economy, which are some of the other factors anticipated to drive product demand through 2030.
Tractors emerged as the leading product category and contributed to over 25.8% of the total revenue in 2020. These vehicles are essential farm machinery used for several activities, both as a standalone equipment and in tandem with other implements. Additionally, sale of tractors is expected to continue over the forecast period owing to increasing rate of mechanization as well as growing population, thereby resulting in increased pressure on food production and productivity.
Harvesters are expected to account for a share of over 21.5% in the agriculture equipment market by 2030, registering a CAGR of more than 10.8% over the forecast period. This growth is attributed to the fact that farmers are increasingly preferring harvesters to increase production and limit dependency on farm labor. Furthermore, harvesters offer high productivity and fuel economy, which are some of the other factors anticipated to drive product demand through 2030.
Based on business type, the OEM segment accounted for over half of the global agriculture equipment market share in 2019, owing to large-scale manufacturing of agriculture equipment globally.
Strong economic growth in developing countries such as China, India, and Middle Eastern countries is projected to drive the farm machinery industry. Asia Pacific is expected to emerge as the largest market and witness the fastest growth over the forecast period. China alone held over 30.8% of the regional revenue in 2020. Regional growth can be ascribed to low level of mechanization and large area of agricultural land. However, mechanization of various agricultural processes is evolving progressively in Asia Pacific, which is estimated to spur demand for agricultural machinery over the forecast period.
North America held a share of over 22.8% in 2020 and is anticipated to exhibit strong growth by 2030. This is ascribed to introduction and utilization of machines with better fuel efficiency and improved features. Additionally, shortage of farm labor is expected to be one of the factors driving demand for farm equipment in North America.
The key market players profiled in the report include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelh?imov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.
The report provides revenue of the global agriculture equipment market for the period 2017–2030, considering 2021 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global market during the forecast period. The global agriculture equipment market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2021 to 2030.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted agriculture equipment market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global agriculture equipment market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global agriculture equipment market.
The report delves into the competitive landscape of the global agriculture equipment market. Key players operating in the global agriculture equipment market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global agriculture equipment market that have been profiled in this report.
The agriculture equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to agriculture equipment market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of agriculture equipment market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new agriculture equipment market. These factors have benefited the growth of the global market for agriculture equipment. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for agriculture equipment.
In this study, the years considered to estimate the market size of agriculture equipment are as follows:
• History Year: 2016-2020
• Base Year: 2020
• Estimated Year: 2021
• Forecast Year 2021 to 2030
Major highlights of report:
• Figures related to sales volume, market remuneration, and segmental shares
• Featuring market dynamics
• Growth prospects and expansion graph
• PROCON study of direct & indirect sales channels
• Profiles of prominent traders, dealer, and distributors in the industry
Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa
• Industry forecasts based on region and at country level
• Data about sales volume recorded, industry share held, and profit margins amassed
• Overall remuneration and estimated growth rate for each regional market
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the agriculture equipment market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the agriculture equipment market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the agriculture equipment market.
Market Segments: This part of the report discusses about product, application and other segments of the agriculture equipment market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.