The Global Agriculture Equipment Market is projected to reach USD 289.57 Billion by 2028 at a CAGR of 7.5% during the forecast period. The basic principle behind the use of agriculture equipment is to make the farming process relatively easy. Agricultural technologies are being rapidly introduced into the global agriculture equipment market, which makes the tasks easier. Technologies such as ground-based sensors, autonomous tractors, flying drones, and robots are being incorporated in daily work. The rising global population and subsequent increase in demand for food have necessitated farmers to become tech-savvy for better yield. Moreover, some farmers have already started using GPS, software-based telematics in their tractors to maximize the volume of food production. This has led to the growth of the global agriculture equipment market.
Agriculture Equipment Market
Tractors are one of the most important equipments used in farming activities. Tractors alone contributed 23% to total agriculture equipment revenue in 2018. Tractors used in both standalone as well as in-tandem equipment in agricultural activities. Harvester is also important equipment pertaining to agricultural activities and hence it accounted for 15% of total agriculture equipment sales revenue in 2018. Furthermore, harvesters are fuel-efficient and optimally efficient. Hence, the increase in demand is projected to grow during the forecast period. Agriculture is a labor-intensive activity. Due to a shortage of manual labor, owing to scarcity in localized labor supply, labor employment has become expensive. The situation has further riled up due to a shift of focus of the population on other jobs.
Agriculture Equipment Market
The agriculture equipment market is dominant in the Asia Pacific region. Due to rapidly growing economies such as India and China, the agriculture equipment market is likely to witness tremendous growth in these countries. In 2018, China alone accounted for 29% of the total agriculture equipment market share globally. The North America region accounted for 20% of the global market share as opposed to a 46% share of the Asia Pacific region. The agriculture equipment market in the Middle East is also witnessing considerable growth.
Key Factors Impacting Agriculture Equipment Market Growth:
- Increasing population in the Asia Pacific region.
- Scarcity of localized manual labor in the developed regions.
Key Developments in Agriculture Equipment Market:
- In October 2017, AGCO Corporation announced the acquisition of Lely’s Hay and the Forage division. They manufacture products such as rakes, mowers, tedders, loader wagons, round balers, and tillage products.
- In 2004, John Deere completed the acquisition of PLA, the manufacturer of sprayers, planters, and specialty products for agriculture to increase its market share and expand its market presence.
What Does This Report Provide?
This report provides a detailed understanding of the agriculture equipment market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the agriculture equipment market during the forecast period and an in-depth analysis of the leading companies operating in the market.
By Product Type:
- Irrigation & Crop Processing Equipment
- Land Development & Seed Bed Preparation
- Post-harvest & Agro-Processing
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Region (South America, Africa)
Companies Covered: Major Companies profiled in the report which are key players in the agriculture equipment market include John Deere, AGCO, Mahindra & Mahindra, CNH Industrial N.V., Iseki & Co., Ltd., and Kubota. Information about companies that are included in this report specifically highlights future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other latest industrial developments done by these companies in the agriculture equipment market.
Years Considered In The Study
CAGR % (2019-2028)
Reasons to Buy This Report:
- Market size estimation of the agriculture equipment market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
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