May 10th, 2022
Agriculture Equipment Market
Agriculture Equipment Market size is anticipated to touch USD 168 billion by 2027, increasing at a CAGR of 8% over the forecast period, owing to the strategic government norms for the expansion of agriculture sector.
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Growing adoption of sophisticated technologies by the farmers to raise farm yield and cater the rising food demand is one of the major factors strengthening the agriculture equipment market growth. Also, ongoing technological innovations in the agricultural machinery which include the launch of autonomous tractors, flying drones, and ground-based sensors has encouraged farmers to produce food at a lower cost, which has bolstered the market growth. Government across leading nations has implemented several farm waiver norms to encourage the farmers to procure farm instruments which will encourage the market growth. Rising programs and schemes implemented by the government has paved the way for market. However, as per the agriculture equipment market forecast, the huge cost of sophisticated machinery, like complicated mechatronic systems needing specialized manufacturing and assembling processes, is likely to restrain the market growth.
By Product, the tractor segment is likely to witness a promising growth over the forecast period, attributed to the increasing automation and accelerating population. However, harvesters’ segment will expand at a higher CAGR over the coming years, due to the growing inclination to use harvesters for better yield and less dependency on labour.
By application, the land development and seed bed preparation segment is projected to dominate the market over the forecast period, due to the augmenting demand for different farm instruments for plant protection, land development, harvesting, sowing, and planting. This hampered the labour supply, which in turn, increased the demand for agriculture equipment deal with the shortage of localized labor supply.
By region, Asia-pacific is anticipated to capture the highest share over the forecast period, owing to the economic expansion across China, India, and Middle Eastern nations. Moreover, the lower automation and the vast area of agricultural land will further captivate the agriculture equipment market share. North America is likely to witness a higher CAGR over the forecast period. This is attributed to the growing use of fuel-efficient machines incorporated with enhanced features.
Prominent agriculture equipment manufacturers are Fliegl Agro-Center GmbH, AGCO Corporation, Atespar, APV GmbH, Bellota, CLASS KGaA mbH, AMAZONEN-WERKE H. Dreyer GmbH & Co. KG, CNH Industrial, Escorts Limited, and HORSCH, among others.
In 2019, CNH Industrial adopted an Australian agricultural implement manufacturer K-Line Ag that helped in adding key tillage and residue management equipment to improve the crop production portfolios of Case IH and New Holland Agriculture.
In 2017, AGCO Corporation acquired forage division of Lely Group. The incorporation of Lely’s industry leading competence assisted the upgradation of the AGCO’s full line product offering.
Agriculture Equipment Market Segmentation:
Agriculture Equipment Market by Equipment Type
· Cranes & Lifting Equipment
· Industrial Trucks
· Continuous Handling Equipment
· Racking & Storage Equipment
Agriculture Equipment Market by Operation
Agriculture Equipment Market by Industry
· Food & Beverages
· Semiconductor & Electronics
Agriculture Equipment Market by Region:
· Asia Pacific
o Rest of APAC
· North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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