The global agriculture equipment market was valued at $121.19 Billion in 2022, and is projected to reach $192.53 Billion by 2032, registering a CAGR of 4.6% from 2023 to 2032.
Agricultural equipment assists in various agricultural operations to obtain high crop productivity with minimum effort and time. It includes diversified products such as plows, tractors, cultivators, and harvesters as per the requirement of various agricultural activities. For applications such as tilling, plowing, harrowing, planting, disking, and other operations, various implements are attached to the tractors.
Rise in mechanization in agricultural activities is a key factor driving the growth of the global agricultural equipment market. In addition, surge in population propels the need for crop cultivation. Thus, to sustain the demand of agricultural produce, farmers have switched toward the use of automated and semi-automated agricultural equipment on fields globally, which significantly contributes toward global market growth.
The agriculture equipment market is segmented into type, automation, business, and region. Depending on type, the market is categorized into tractors, harvesters, soil preparation & cultivation, irrigation & crop processing, agriculture spraying equipment, hay & forage machines, and others. By automation, it is segregated into manual, semi-automatic, and automatic equipment. On the basis of business, it is bifurcated into original equipment manufacturers (OEM) and aftersales.
Region wise, the agriculture equipment market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key companies profiled in the report include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelhřimov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.
Major companies in the market have adopted several key developmental strategies such as product launch, acquisition, investment, and expansion to offer better products and services to customers in the agriculture equipment market.
Agricultural equipment assists in various agricultural operations to obtain high crop productivity with minimum effort and time. It includes diversified products such as plows, tractors, cultivators, and harvesters as per the requirement of various agricultural activities. For applications such as tilling, plowing, harrowing, planting, disking, and other operations, various implements are attached to the tractors.
Rise in mechanization in agricultural activities is a key factor driving the growth of the global agricultural equipment market. In addition, surge in population propels the need for crop cultivation. Thus, to sustain the demand of agricultural produce, farmers have switched toward the use of automated and semi-automated agricultural equipment on fields globally, which significantly contributes toward global market growth.
The agriculture equipment market is segmented into type, automation, business, and region. Depending on type, the market is categorized into tractors, harvesters, soil preparation & cultivation, irrigation & crop processing, agriculture spraying equipment, hay & forage machines, and others. By automation, it is segregated into manual, semi-automatic, and automatic equipment. On the basis of business, it is bifurcated into original equipment manufacturers (OEM) and aftersales.
Region wise, the agriculture equipment market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key companies profiled in the report include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelhřimov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.
Major companies in the market have adopted several key developmental strategies such as product launch, acquisition, investment, and expansion to offer better products and services to customers in the agriculture equipment market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the agriculture equipment market analysis from 2022 to 2032 to identify the prevailing agriculture equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the agriculture equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global agriculture equipment market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Agriculture Spraying Equipment
- Hay and Forage Machines
- Others
- Tractors
- Harvesters
- Soil Preparation and Cultivation
- Irrigation and Crop Processing
By Automation
- Manual
- Semi automatic
- Automatic
By Business
- Original Equipment Manufacturers (OEMs)
- Aftersales
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- AGCO Corporation
- AGROSTROJ Pelh?imov, a.s.
- China National Machinery Industry Corporation Ltd. (Sinomach)
- CNH Industrial N.V.
- Deere & Company
- Escorts Limited
- J C Bamford Excavators Ltd. (JCB)
- KUBOTA Corporation.
- Mahindra & Mahindra Ltd.
- SDF S.p.A.
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AGRICULTURE EQUIPMENT MARKET, BY TYPE
CHAPTER 5: AGRICULTURE EQUIPMENT MARKET, BY AUTOMATION
CHAPTER 6: AGRICULTURE EQUIPMENT MARKET, BY BUSINESS
CHAPTER 7: AGRICULTURE EQUIPMENT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, 'Agriculture Equipment Market by Type, Automation, and Business: Opportunity Analysis and Industry Forecast, 2020-2027', the global agriculture equipment market size is expected to reach $166,491.6million in 2027, from $105,000.0 million in 2019, growing at a CAGR of 6.0% from 2020 to 2027. In 2019, Asia-Pacificdominated the market, in terms of revenue, accounting for 38.6% share of the globalagriculture equipmentindustry.Agricultural equipment aid in increasing agricultural productivity with less time consumption. In addition, agricultural equipment require lower effort inputs, thereby reducing the demand for human labor on farms. This not only saves time of operations but also saves costs incurred on manpower. Furthermore, advancements in machine technologies promote the growth of the agricultural equipment market. This is attributed to the fact that implementation of automatic and semi-automatic machinery increases the crop production, owing to lower downtimes and highly precise operations.
Various countries in Asia-Pacific and LAMEA generate most of their revenue from the agricultural industry. The countries such as India, China, Indonesia, Brazil, and Ghana are anticipated to exhibit rapid growth, owing to surge in adoption of agricultural equipment. Farmers in these regions are adopting agricultural equipment even on small sized farms, due to the provision of government incentives to motivate the use of agricultural equipment. Various agricultural equipment manufacturers are focusing on product launches and product developments to assist in other agricultural activities such as fruit picking, irrigation, and crop processing.
Depending on type, the tractor segment holds maximum of the agriculture equipment market share, during the year 2019, however, the harvesters segment exhibits fastest growth rate during the forecast period. Considering the business segment, the original equipment manufacturers (OEMs) segment generated the highest revenue during 2019, owing to surge in adoption of agricultural equipment across various regions. In addition, automation in manufacturing processes assists in production of high-quality equipment. This benefits the OEMs by cutting down operational costs as well as production times, simultaneously maintaining the product quality. In addition, OEMs collaborate with technology providers to update their agricultural machinery with latest technologies. For instance, the company CNH Industrial N.V., operating in the UK, signed an agreement through its brand CASE IH with Farmers Edge Inc., a Canadian agricultural technology provider, in January 2019. The agreement aims at development of digital agricultural solutions such as connectivity and agronomic solutions for its various agricultural equipment products. Moreover, it plans to offer unique technology platforms, which feature execution, planning, analysis, and decision-making capabilities to improve the agricultural processes using various agriculture equipment. This influences the agriculture equipment market growth globally.
The global agriculture equipment market is divided on the basis of type, automation, business, and region. By type, the market is segmented into tractors, harvesters, soil preparation & cultivation, irrigation & crop processing, agriculture spraying equipment, hay & forage machines, and other agriculture equipment.Depending onautomation, the market is classified into manual, semi-automatic, and automatic equipment. By business, the market is classified into original equipment manufacturers (OEMs) and aftersales.
The agriculture equipmentmarket analysis is conducted across four regions that include North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings Of The Study
By type, the tractorssegment dominated the global agriculture equipment market in 2019, in terms of revenue.
On the basis of automation, the manualsegment is expected to generate significant revenue in the agriculture equipmentmarket globally.
Considering business, the OEM segment accounted for the highest market share of the global agriculture equipment market in 2019.
Region wise, Asia-Pacificis projected to be one of the most dominant regions, and LAMEA is expected to witness a high growth rate during the forecast period.
The major players operating in the agriculture equipment market include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelhřimov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.
Companies Mentioned
- AGCO Corporation
- AGROSTROJ Pelh?imov, a.s.
- China National Machinery Industry Corporation Ltd. (Sinomach)
- CNH Industrial N.V.
- Deere & Company
- Escorts Limited
- J C Bamford Excavators Ltd. (JCB)
- KUBOTA Corporation.
- Mahindra & Mahindra Ltd.
- SDF S.p.A.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
