Global Agriculture equipment Market
Global Agriculture equipment Market to Boost in Coming Years – Projected to Reach worth USD 240.1 billion by 2028
Published | 13 October 2022
The global agriculture equipment market growth is largely driven by the absence of enormous farmland, which has resulted in a significant need for farm mechanization. Furthermore, the region is seeing a rise in the use of intelligent combine harvesters outfitted with monitoring equipment to boost agricultural production. Rising labor costs, the incorporation of robotic systems and Global Positioning Systems (GPS) in tractors and harvesters, increased demand for high-capacity machinery due to large farms, and the increasing popularity of self-propelled machines are all expected to drive regional market growth during the forecast period.
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global agriculture equipment market was worth USD 156.1 billion in 2021 and is anticipated to reach USD 240.1 billion by 2028 at a CAGR of 6.4%. The use of technologies such as automated IoT implementation, AI-based equipment, GPS-enabled equipment, and flying drones is assisting market growth potential. Modern agricultural equipment is driving producers to create goods that can suit the needs of end customers. Through the integration of IoT, mechanized equipment is controlled by remote devices, which helps to minimize operating costs and relative operational time. Furthermore, A.I. technology has advanced robotics by incorporating agriculture robotics, such as autonomous tractors, ground-based sensors, and other technologies that aid in the production of food at a minimal price. This technology has greatly accelerated automation in agriculture.
The growing need for Precision Farming is driving the demand for agriculture equipment
According to Economic Survey, farm mechanization and agricultural productivity have a direct association since farm mechanization saves time and labor, eliminates drudgery, lowers production costs in the long term, minimizes postharvest losses, and increases crop yield and farm revenue. Farmers are under continual pressure to produce agricultural goods to feed the world's rising population, prompting them to focus on efficiency and production to promote economic development. Precision farming is becoming increasingly popular among farmers who aim to produce more with fewer resources. This agricultural technology has the potential to successfully address the issue of increased food demand across geographies. This technology also enables farmers to enhance operational efficiency and boost productivity, hence reducing the supply-consumption gap in agricultural goods. The effective use of agricultural machinery aids in increasing productivity and output, performing timely farm activities, and allowing farmers to swiftly cycle crops in the same area. Precision farming technology enhances crops' total amount and quality by facilitating the effective use of water, seeds, land, fertilizers, and agricultural equipment—the growing need for precision farming help to boost the global agriculture equipment market.
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Land Development held the largest market share by Application
Based on application global agriculture equipment market is segmented into land development, plant protection, threshing & harvesting, and after agro-processing. Land development held the largest market share among these categories. Tractors, levelers, and agricultural equipment are all included in this land development category. The demand for agricultural tractors is increasing due to a variety of factors, including the increasing need for food. According to the Indian Council for Agricultural Research (ICAR), food grain consumption would rise to 345 million tonnes by 2030. This drives the need to mechanize farm work, the availability of technologically advanced tractors, and increased urbanization, which causes a labor shortage, forcing farmers to adopt machinery. This is expected to contribute to the overall market's growth.
Impact of COVID-19 on the Agriculture Equipment Market
The outbreak of the novel coronavirus disease (COVID-19) has forced governments worldwide to implement strict lockdowns and social distancing to limit the spread of the virus. The COVID-19 outbreak had a moderate impact on the growth of the agriculture equipment market, and it impacted farm equipment OEMs' logistics and manufacturing, impacting total sales. The implementation of strict travel restrictions created additional labor shortage challenges for farm owners and barriers to employing skilled labor for various fields, encouraging farmers to purchase agriculture equipment that helps increase operational efficiency and farm productivity. The agriculture equipment business revived in 2022 as a result of improved economic conditions and an increase in modern agricultural techniques used to increase agricultural production.
The agriculture equipment market is fragmented, with numerous players serving the market. The key players dominating the global agriculture equipment market are AGCO Corporation, Agromaster, Amazone Inc., APV GmbH, Bellota KGaAmbH, CNH, Industrial N.V., Deere & Company, Escorts Limited, FlieglAgro-Center GmbH, HORSCH Maschinen GmbH, ISEKI & Co., Ltd. J C Bamford Excavators Ltd, KRUKOWIAK, KUBOTA Corporation, KUHN SAS, LEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd, MascarSpA, MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries, Inc, and other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global agriculture equipment market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global agriculture equipment market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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