Meticulous Research®—a leading global market research company, published a research report titled ‘Agriculture Equipment Market by Type (Tractors, Harvesting Equipment, Irrigation Equipment), Mode of Operation (Manual, Automatic), Power Source (Electric Equipment), Application (Sowing, Crop Protection, Harvesting, Irrigation)- Global Forecast to 2030’.
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According to this latest publication from Meticulous Research®, the agriculture equipment market is projected to reach $199.7 billion by 2030, at a CAGR of 5.2% from 2023 to 2030. The growth of this market is driven by the shortage of agricultural laborers, the increasing need for mechanization of agricultural operations, the increasing government initiatives aimed at supporting farmers, and improved credit availability for agriculture equipment manufacturers. However, the high costs of advanced agriculture equipment and the rising fragmentation of land hinder the growth of this market.
The technological advancements and the increasing adoption of precision farming techniques are expected to create market growth opportunities. However, low awareness of advanced agriculture technologies is a major challenge for the players in this market. Additionally, digitalization in agriculture is a prominent trend in the global agriculture equipment market.
Key Players
The agriculture equipment market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the agriculture equipment market are AGCO Corporation (U.S.), Agromaster (Turkey), AMAZONEN-WERKE H. DREYER SE & Co. KG (Germany), APV - Technische Produkte GmbH (Austria), CLAAS KGaA mbH (Germany), CNH Industrial N.V. (U.K.), Deere & Company (U.S.), HORSCH Maschinen GmbH (Germany), ISEKI & CO., LTD. (Japan), KUBOTA Corporation (Japan), KUHN SAS (France), Mahindra & Mahindra Ltd. (India), Mascar SpA (Italy), Morris Equipment Ltd (Canada), SDF S.p.A. (Italy), Väderstad AB (Sweden) and Valmont Industries, Inc. (U.S.).
The global agriculture equipment market is segmented by type (tractors, harvesting equipment, soil preparation & cultivation equipment, irrigation equipment, spraying equipment, and other agriculture equipment), mode of operation (semi-automatic, manual, automatic), power source (non-electric powered agriculture equipment, electric-powered agriculture equipment) application (land development & seedbed preparation, harvesting & threshing, irrigation, sowing & planting, crop protection, other applications) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the regional and country-level markets.
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Based on type, the agriculture equipment market is mainly segmented into Tractors, Harvesting Equipment, Soil Preparation & Cultivation Equipment, Irrigation Equipment, Spraying Equipment, and Other Agriculture Equipment. In 2023, the Tractors segment is expected to account for the largest share of the global agriculture equipment market. The large market share of this segment is mainly attributed to factors such as the rising mechanization and adoption of precision farming, rising labor shortage, rising income of farmers, supportive government initiatives aimed at improving the agricultural sector, and technological advancement in tractors.
Based on mode of operation, the global agriculture equipment market is segmented into semi-automatic, manual, and automatic. In 2023, the semi-automatic segment is expected to account for the largest share of the global agriculture equipment market. The large market share of this segment is mainly attributed to the high demand for semi-automatic agriculture equipment due to their affordability and simplicity over automated agriculture equipment. Semi-automatic agriculture equipment is less expensive than automatic agriculture equipment, making it a more accessible option for small- and medium-sized farmers, mainly in low-income and emerging countries like China, India, and Brazil. Furthermore, the easy availability of this equipment and the presence of a large number of key manufacturers contribute to the growth of this segment.
Based on power source, the global agriculture equipment market is segmented into non-electric and electric-powered agriculture equipment. The non-electric equipment segment is expected to account for the largest share of the global agriculture equipment market. The large market share of this segment is attributed to the benefits offered by non-electric powered agriculture equipment, such as affordability, wider product range, lower power requirements, the non-requirement of batteries, and increased portability.
Based on Application, the agriculture equipment market is mainly segmented into land development and seedbed preparation, harvesting & threshing, irrigation, sowing & planting, crop protection, and other applications. In 2023, the land development & seedbed preparation segment is expected to account for the larger share of the global agriculture equipment market. The large market share of this segment is mainly attributed to factors such as the increasing adoption of advanced cultivation techniques to reduce labor costs, the availability of technologically advanced equipment, and the benefits offered by advanced agricultural equipment during land development and seedbed preparation, such as high productivity and efficiency.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (the U.S. and Canada), Europe (France, Germany, Italy, U.K., Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa.
In 2023, Asia-Pacific is expected to account for the largest share of the global agriculture equipment market. The large share of this market is mainly attributed to the rising inclination towards mechanization and precision farming and the rising per capita income of the farmers in the region. Furthermore, the availability of loans and subsidies for purchasing agricultural equipment drives the growth of this regional market.
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Key Questions Answered in the Report-
• What is the value of revenue generated by the agriculture equipment market?
• At what rate is the global demand for agriculture equipment projected to grow for the next 5-7 years?
• What is the historical market size and growth rate for the agriculture equipment market?
• What are the major factors impacting the growth of this market at global and regional levels?
• What are the major opportunities for existing players and new entrants in the market?
• Which type, mode of operation, power source, and application segments create major traction for the manufacturers in this market?
• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the agriculture equipment market?
• Who are the major players in the agriculture equipment market? What are their specific product offerings in this market?
• What recent developments have taken place in the agriculture equipment market? What impact have these strategic developments created on the market?
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