Global Agriculture Equipment Market Overview
In this regard, Market Research Future (MRFR) asserts that the global agriculture equipment market would grow at a moderate CAGR throughout the forecast period (2023-2032). According to the forecast, the Agriculture Equipment market is expected to witness substantial growth over the coming years. In 2023, the market is projected to be worth USD 212.04 billion, and it is anticipated to reach USD 326.66 billion by 2032. This growth represents a Compound Annual Growth Rate (CAGR) of approximately 5.55% during the forecast period from 2023 to 2032.
The global agriculture equipment market is growing rapidly. The market growth attributes to the mechanization and digitization of farms worldwide. Agriculture equipment integrated with computing and sensing is transforming the whole farming gamut, including farmland & food distribution infrastructures, allowing farmers to access mechanization & productivity gains while reducing the idle time of these machines.
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Industry/ Innovation/ Related News
April 22, 2021 – Hoosier Ag Today (HAT - the US), a leading media organization exclusively dedicated to covering Indiana agriculture, announced that it is increasingly collaborating with several Indiana state agencies on farm equipment safety videos.
In June 2021- CNH Industrial N.V., a prominent company in the agriculture equipment market, completed the acquisition of Raven Industries, Inc., a leading US-based company specializing in precision agriculture technology. This strategic acquisition allowed CNH Industrial to strengthen its position in the global agriculture equipment market significantly. By integrating Raven Industries' expertise and capabilities in autonomous and precision agriculture technology, CNH Industrial aimed to enhance its product offerings and provide cutting-edge solutions to its customers.
In February 2021- AGCO Corporation's renowned brand, Massey Ferguson, introduced the VE Series planters. This new series comprised both rigid and folding-frame planters, as well as narrow transport and track planters. The primary objective of launching this series was to offer growers a range of dependable, durable, and straightforward planters. These planters were designed to provide consistent and accurate seed placement, which is crucial for achieving optimum yields in agricultural operations.
Major Players
Players leading the global agriculture equipment market include
- JC Bamford Excavators Limited (UK)
- AGCO Corp. (US)
- Deere & Company (US)
- Kubota Corporation (Japan)
- CNH Industrial NV (UK)
- Daedong Industrial Co., Ltd (US)
- CLAAS KGaA mbH (Germany)
- Iseki & Co., Ltd (Japan)
- Escorts Limited (India)
- Mahindra & Mahindra Limited (India)
Market Drivers:
- Growing Global Population: The world's population continues to increase, leading to higher demand for food production. To meet this demand, farmers and agricultural enterprises are seeking efficient equipment that can help them maximize yields and optimize operations.
- Need for Improved Productivity: Agricultural equipment plays a crucial role in boosting productivity by enabling farmers to plant, cultivate, and harvest crops more efficiently and effectively.
- Farm Consolidation: In some regions, the trend of farm consolidation, where small farms are merging into larger operations, has led to increased demand for larger and more powerful agriculture equipment to handle larger fields.
Agriculture Equipment Market Segmentation
The report is segmented into
Product type
- Tractor
- Harvester
- cultivation
soil separation equipment
- Function
- Harvesting
- Planting & Fertilizing
- Haying
- Plowing & Cultivation
Regions
- Americas
- Europe
- Asia Pacific
- The Rest-of-the-World
Agriculture Equipment Market Regional Analysis
The Asia Pacific region dominates the global agriculture equipment market. The market growth attributes to the rising food demand due to increasing population and growing exports in China and India.
North America holds the second significant share in the global agriculture equipment market. Factors such as high disposable income and vast investments in agriculture projects positively impact the regional market growth. Additionally, investments in farming technologies in the US and Canada boost the region’s agriculture equipment market size.
Europe too holds a considerable share in the global agriculture equipment market. The market is largely driven by regulatory laws implemented to increase crop yields. Furthermore, green zone projects in countries like the UK and France create substantial market demand. Favorable incentives to purchase various agriculture vehicles and equipment foster the growth of the regional market significantly.
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