The latest research study “Agriculture Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global agriculture equipment market size reached US$ 156.32 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 213.71 Billion by 2027, exhibiting a growth rate (CAGR) of 5.10% during 2022-2027.
Agriculture equipment is used for performing several tasks in farming, such as spraying fields, harvesting crops, seeding, tilling fields, breeding cows, feeding livestock, etc. They consist of a backhoe, harrow, cultivator, mowers, rake, tractor, combine harvester, sprayers, chain saw, brush cutters, sawmills, etc. Agriculture equipment enhance the efficiency and productivity of farming by reducing errors as well as minimizing human labor, physical shortcomings, and wastage in agriculture. They assist in filling in depressions and gullies, cultivating land by smoothing hillocks, removing deep-rooted weeds while preventing soil erosion, etc. In addition to this, agriculture equipment reduce fodder area and enlarge crop area to produce food for human consumption.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Agriculture Equipment Market Trends and Drivers:
The escalating demand for enhanced machines with high power to farm hard-to-access areas and handle a wide array of implements is primarily driving the agriculture equipment market. Additionally, the inflating need for electric tractors to reduce air pollution and greenhouse gas emissions is further catalyzing the market growth. Besides this, the launch of numerous favorable policies by government bodies for promoting the utilization of agriculture equipment by providing loan waiver schemes to farmers and the widespread adoption of sustainable agriculture practices are acting as significant growth-inducing factors. Moreover, the rising R&D activities to introduce self-propelled machines and the growing investments in various marketing strategies by leading manufacturers to expand their consumer base are also positively influencing the global market. Apart from this, the increasing integration of technologically advanced agricultural robotics in farming, such as autonomous tractors and flying drones, to help farmers produce food at low costs is anticipated to fuel the agriculture equipment market over the forecasted period.
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Agriculture Equipment Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
AGCO Corporation, Agromaster Agricultural Machinery, Argo Tractors S.p.A., Bellota Agrisolutions, China National Machinery Industry Corporation, CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, Escorts Limited, Iseki & Co. Ltd., JC Bamford Excavators Ltd., Kubota Corporation, Mahindra & Mahindra Limited and SDF Group.
The report has segmented the market on the basis of type, application and sales channel.
Breakup by Equipment Type:
- Agriculture Tractor
- Harvesting Equipment
- Irrigation and Crop Processing Equipment
- Agriculture Spraying and Handling Equipment
- Soil Preparation and Cultivation Equipment
Breakup by Application:
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
Breakup by Sales Channel:
- Original Equipment Manufacturers (OEM)
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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