Agriculture Equipment Market To Surpass $236.04 Billion By 2030, Due To Increasing Mechanization In The Agriculture Sector

  

Agriculture Equipment Industry Overview

 

The global agriculture equipment market size was evaluated at USD 155.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030.

 

Increasing mechanization in the agriculture sector coupled with the surge in farmers’ income is expected to be a primary factor driving the growth. Favorable climatic conditions for food production and government support with loan waiver schemes for farmers of all income categories are also presumed to favor the market growth. Technologically advanced agricultural robotics, such as autonomous tractors and flying drones to help farmers produce food at low costs to fulfill the growing demand for food, are anticipated to be better prospects for market growth over the forecast period.

 

The COVID-19 outbreak caused a slight slump in the agricultural equipment market in 2020. The restrictions imposed by governments to curb the novel coronavirus led to the temporary shutdown of manufacturing facilities, leading to production delays. As a result, the industry was negatively impacted in the first half of 2020.

 

Gather more insights about the market drivers, restrains and growth of the Global Agriculture Equipment Market

 

Several players such as AGCO Industries, Deere & Company, and Kubota Corporation witnessed a decline in agriculture equipment sales in H1/2020. However, as governments opened up economies in H2/2020, the demand for agriculture equipment bounced back and witnessed double-digit growth, a trend that continued till H1/2021.

 

The sudden increase in demand for tractors, harvesters, and planters in H1 /2021 led to lower inventory levels for OEMs and their dealers in H2/2021. In addition, OEMs worldwide are currently experiencing a shortage of semiconductors and high commodity prices of steel, aluminum, and other raw materials. As a result, OEMs are unable to balance supply and demand, which may allow OEMs to increase their product prices ranging from 4% to 22% in the next few quarters of 2022, a trend that is expected to continue till 2023. However, strong crop production in Asian economies, notably in China and India, along with the need to replace aging equipment are expected to drive the growth of the market.

 

The high initial cost of agricultural equipment is anticipated to be one of the bottlenecks for adopting agriculture equipment, notably for small income farmers. The rental business is expected to be one of the new revenue streams for market growth to overcome such challenges. Companies such as KwippedInc.; JFarm Services (TAFE Corporate Communications); Mahindra & Mahindra Ltd. (TRRINGO.com); and MACALLISTER RENTALS are established players in the agriculture equipment rental business. Moreover, several start-ups are now engaged in developing applications that will help farmers connect among themselves. These applications will also help the farmers connect with rental companies in their vicinity.

 

Favorable government initiatives are anticipated to drive the growth of the market during the forecast period. For instance, the Russian government is attempting to trigger investment in capital purchases by proposing several subsidies for strategically significant sub-sectors including meat and milk production. The Ministry of Agriculture sanctioned 464 projects worth USD 4 billion, expected to receive government support food security and reduce the livestock imports. Moreover, factors such as lack of human resources and the availability of easy credit and funds are projected to spur the demand for tractors and other farm equipment in other emerging countries over the forecast period.

 

Browse through Grand View Research's HVAC & Construction Industry Research Reports.

  • Steel Market - The global steel market size was valued at USD 807 billion in 2016 and is projected to grow at a CAGR of 2.6% from 2017 to 2025. Growing popularity of pre-engineered metal buildings and lightweight building materials to foster energy savings has been a key driver of the industry.
  • Global Positioning Systems Market - The global positioning systems (GPS) market size was estimated at USD 37.9 billion in 2017. It is anticipated to progress at a CAGR of 18.4% during the forecast period. Increasing penetration of smartphones along with rising GPS-enabled vehicles is projected to bolster the growth of the market during the forecast period.

 

Agriculture Equipment Market Segmentation

Grand View Research has segmented the global agriculture equipment market based on product, application, and region:

Agriculture Equipment Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Tractors
  • Harvesters
  • Planting Equipment
    • Row Crop Planters
    • Air Seeders
    • Grain Drills
    • Others
  • Irrigation & Crop Processing Equipment
  • Spraying Equipment
  • Hay & Forage Equipment
  • Others

Agriculture Equipment Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Land Development & Seed Bed Preparation
  • Sowing & Planting
  • Weed Cultivation
  • Plant Protection
  • Harvesting & Threshing
  • Post-harvest &Agro-processing

Agriculture Equipment Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Market Share Insights

  • August 2021: John Deere introduced the new 6155MH Tractor, which delivers reliability and all the field-proven performance like the M series, envisage the company to attract a new customer base.
  • May 2021: CLAAS KGaAmbH acquired a minority stake in Dutch start-up AgXeed B.V. The acquisition was intended for the development and commercialization of autonomous agriculture machines. 

 

Key Companies profiled:

Some prominent players in the global agriculture equipment market include

  • AGCO Corporation
  • FlieglAgro-Center GmbH
  • Agromaster
  • Amazone Inc.
  • APV GmbH
  • Bellota Agrisolutions
  • CLAAS KGaAmbH
  • CNH Industrial N.V.
  • Deere & Company
  • Escorts Limited
  • HORSCH Maschinen GmbH
  • ISEKI & Co., Ltd.
  • J C Bamford Excavators Ltd
  • Quivogne CEE GmbH (Kiwon RUS LLC)
  • Rostselmash
  • KRUKOWIAK
  • KUBOTA Corporation
  • KUHN SAS
  • LEMKEN GmbH & Co. KG
  • Mahindra & Mahindra Ltd.
  • MascarSpA
  • MaschioGaspardo S.p.A
  • MaterMacc S.p.A
  • Morris Equipment Ltd
  • SDF S.p.A.
  • Tractors and Farm Equipment Limited (TAFE)
  • Väderstad AB
  • Valmont Industries, Inc

 

Order a free sample PDF of the Agriculture Equipment Market Intelligence Study, published by Grand View Research.

Comments

Post a Comment

Popular posts from this blog

Global Post-Production Market is anticipated to grow at a CAGR of 7.94% during 2018-2022

Image
The post-production process converts raw footage into presentable video content.  Covered in this report  The report covers the present scenario and the growth prospects of the global post-production market. To calculate the market size, the report considers the revenue generated from the post-production services. The market is divided into the following segments based on geography:  •    Americas •    APAC •    EMEA Request a Free Sample Copy of Post-production Market Report @  https://www.radiantinsights.com/research/global-post-production-market-2018-2022/request-sample global post-production market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. Key vendors •    21st Century Fox   •    AT&T (WarnerMedia)   •    Comcast   •    The Walt Disney Co
Read more

Gesture Recognition Market Will Grow Due To Increasing Digitization Across Various Industries

Image
May 20, 2019:  The global gesture recognition market size is likely to reach USD 30.6 billion by 2025. It is poised to post a CAGR of 22.2% from 2018 to 2025, according to a new report by Grand View Research, Inc. Increasing digitization across various industries is benefiting the growth of the market. Ease of adoption due to low technical complexity for end users is escalating its implementation across the consumer electronics industry. Several other industries have also started using this technology. Similarly, the touchless gesture recognition market is primarily driven by factors such as rising hygiene consciousness, government measures for water conservation, low maintenance cost, and booming hospitality and tourism industry. Request a Free Sample Copy of Gesture Recognition Market Report @  https://www.radiantinsights.com/research/gesture-recognition-market/request-sample Surging use of consumer electronics and Internet of Things, along with increasing need for comfort and
Read more

Movies And Video Industry To Grow Due To Rapid Innovation | Industry Trends Data Book To 2030

Image
        Grand View Research’s movies and video industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.   Access the Global Movies and Video Industry Data Book, 2023 to 2030 , compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies   Video Streaming Market Report Highlights The global video streaming market size is expected to reach USD 416.84 billion by 2030, registering a CAGR of 21.5% from 2023 to 2030, according to a new report published by Grand View Research, Inc. Prominent technological advancements
Read more