ID: MRFR/IA - E/1621-HCR | February 2021 | Region: Global | 111 pages
Global agriculture equipment market is expected to reach around USD 135 Billion by 2025, growing at a CAGR of 4.8% over the assessment period. Agriculture equipment such as tractor, harvester, cutters and shredders, hay and forage, seeding, and land leveler are designed for several agricultural tasks such as plowing, tilling, disking, harrowing, planting, and spraying/pesticide application. Developing agricultural infrastructure in developed and developing regions, increasing production and sales of farm equipment, rapidly growing online and offline food service centers globally, deployment of mechanical power and advanced technologies into agricultural production system, increasing demand for tractors equipped with cutting-edge technology, and government support towards farm mechanization and subsidies on agriculture equipment are driving the global market.
Fluctuating weather conditions, the high price of agriculture equipment, innovations in the field of autonomous tractors, growing per capita income in the developing economies, and the deployment of advanced technologies such as IoT, AI, and big data in agricultural equipment are providing growth opportunities to vendors operating in global market.
According to MRFR analysis, the global agriculture equipment market has been segmented into product type, function, and region. Based on product type, the global market of Agriculture Equipment has been segmented into tractor, harvester, cultivation & soil separation equipment, and others. The tractor segment is anticipated to grow at a substantial rate during the forecast period due to the growing demand for autonomous tractors and low-weight tractors for various cash-rich plants such as grapes, and strawberries. Based on function, the agriculture equipment global market has been segmented into harvesting, planting & fertilizing, haying, plowing & cultivation, and others. The plowing & cultivation segment is expected to hold the largest share of the global market over the assessment period owing to the growing need for improving the soil fertility level, maintain the nutrients, and enhance productivity. Based on the sales channel, the global agriculture equipment market has been divided into OEM and aftermarket. The aftermarket segment is projected to register a phenomenal growth rate over the forecast period due to the increasing number of agricultural equipment aftermarket centers in emerging countries such as China, India, Brazil, and Argentina due to presence of a large agricultural base.
Geographically, in 2018, the global agriculture equipment market was led by the Asia-Pacific region followed by North America, Europe, and the rest of the world (RoW). The market in Asia-Pacific is projected to grow at a rapid pace over the review period as the increase in population from China and India leads to the demand for food, and the growing export of cereals. Furthermore, increased government support and incentives on farming equipment, lack of farm labor, the emergence of contract farming in India, and growing sale of tractors are also contributing to the growth of this market in the Asia-Pacific region.
The North American market is expected to grow at a substantial rate over the forecast period due to the growing wine industry across the region and rise in demand for tractors from the US and Canada. Europe is another important market for agriculture equipment due to labor shortage and improved productivity through mechanization.
The Key Players identified by MRFR in its study of the agriculture equipment global market are AGCO Corp. (US), JC Bamford Excavators Limited (UK), Deere & Company (US), CNH Industrial NV (UK), Kubota Corporation (Japan), Daedong Industrial Co., Ltd (US), Iseki & Co., Ltd (Japan), CLAAS KGaA mbH (Germany), Mahindra & Mahindra Limited (India), and Escorts Limited (India).
The report for the global agriculture equipment market of Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
Frequently Asked Questions (FAQ) :
The agriculture equipment market can thrive at 4.8% CAGR by 2025.
The agriculture equipment market can value at USD 135 Bn by 2025.
Mahindra & Mahindra Limited (India), CLAAS KGaA mbH (Germany), and Escorts Limited (India) are some reputed organizations in the agriculture equipment market.
Adoption of modern agriculture practices can boost the growth of the global agriculture equipment market.
APAC is rich in agricultural resources. The adoption of advanced agriculture equipment for effective farming can prompt the regional market.