Agriculture equipment helps farmers grow more crops in less time and effort, increasing agricultural output for the world's increasing population is key to a sustainable future. As a result of the increase in the population of the world, there is a greater demand for agricultural equipment, which drives the growth of the agriculture equipment market. Farm equipment rental services have been driven by the global scarcity of agricultural workers and high labour wages. The growing use of rental agricultural machinery in developing countries is critical to increasing profitability and growth. Although COVID-19 disrupted the supply chain, causing the decline in sales, it prepared the ground needed for farm mechanization.The Global Agriculture Equipment market was valued at USD 159.42 billion in 2021 and it is predicted to reach USD 236.04 billion by 2030, rising at a compound annual growth rate (CAGR) of 5 % from 2022 to 2030.
Precision farming is becoming increasingly popular among farmers who want to produce more with fewer resources. Various economies throughout the world are investing in agriculture development, with the agriculture industry being one of the most important. It is essential to use advanced agriculture equipment for sustainable food production. Mechanization is critical in enabling the expansion of commercial agri-food systems and improving the efficiency of post-harvest handling, processing, and marketing operations.
Years Considered for the study:
Agriculture Equipment Market
In 2021, the tractor category dominated the market. In terms of revenue, the segment is predicted to grow at the fastest CAGR over the forecast period. Tractors assist farmers in growing crops at a low cost by reducing dependency on the workers and increasing farm efficiency. The availability of tractors on a rental basis for small and marginal farmers is responsible for the surge in demand for tractors.
By Application Type:
In 2021, Irrigation and Crop Processing accounted highest revenue share. Frequent droughts and climate change is changing precipitation patterns throughout the globe causing scarcity of water driving the demand for precision irrigation equipment. According to the Food and Agriculture Organization (FAO), up to 45 percent of food produced is lost or wasted before it reaches the consumer citing the need for crop processing types of machinery to increase the shelf life of agricultural produce.
By Regional Outlook:
In 2020, Asia-Pacific dominated the market. The primary reason for the demand for agricultural equipment is a shrinking labour force and increasing farmer awareness of advanced agricultural practices. High population density with limited land has also forced farmers to increase their farm productivity by adopting advanced technologies to reduce the cost of production. The initiatives and schemes by the government are giving additional support to the adoption of modern farm technologies. In 2021, the North American market is expected to grow with a notable CAGR owing to the abundance of vast farms driving the growth, which has resulted in a significant demand for farm mechanization.
By Key Competitors and Market Share Analysis:
As a result, leading firms are focused on maintaining long-term operations and developing manufacturing and distribution capabilities to increase their market position. The competition among the players is based on numerous parameters including quality, innovation, product offerings, price and corporate reputation.
The following are some of the major market players operating across the globe:
- Agco Corp
- Kubota Corporation
- Tractor and Farm Equipment Limited
- Deere & Company
- Mahindra & Mahindra Ltd.
- EXEL Industries
- ISEKI & CO. LTD.
- CNH Industrial
- Bucher Industries AG
Scope of the report
|Actual estimates/Historical data||2017 - 2020|
|Forecast period||2022 - 2030|
|Market representation||Revenue in USD 236.04 billion & 5% CAGR from 2022 to 2030|
|Regional scope||North America, Europe, Asia Pacific, Latin America, MEA|
|Country scope||USA, Canada, Mexico, Brazil, Argentina, U.K., Germany, Italy, France, Spain, China, Japan, South Korea, India, Australia, Saudi Arabia, Qatar, UAE, South Africa, etc.|
|The Segment covered by||Type, Application|
|Companies covered||Agco Corp, Kubota Corporation, Tractor and Farm Equipment Limited, Deere & Company, Mahindra & Mahindra Ltd., EXEL Industries, SDF , ISEKI & CO. LTD., CNH Industrial , Bucher Industries AG|
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
|Free customization scope (equivalent to 5 analyst working days)||If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of the customization|
Significant Highlights of the Agriculture Equipment Market Research Report:
- The Report Provides the CAGR of the market during the forecast period 2022-2030.
- Detailed analysis and information on factors that will drive Agriculture Equipment market growth during the next five years.
- Accurate predictions on the latest and upcoming trends, changes in consumer behavior.
- The growth of the Agriculture Equipment market industry across North America can be segmented into the U.S., Canada. Europe is segmented into Germany, the UK, France and the Rest of Europe. The Asia Pacific comprises China, Japan, India, and the Rest of Asia Pacific. The rest of the world has been further segmented into Latin America and the Middle East and Africa.
- A detailed analysis of the markets competitive landscape and in-depth analysis and information on the market.
- Comprehensive details of factors that will challenge the growth of the Agriculture Equipment market.
- The report analyses all the recent major developments and helps users of the report with current industry updates.
- We calculate market size such as Historical and forecast the size of the Agriculture Equipment market in terms of Revenue (USD Million).
- Market opportunity analysis for specific demography.
- Privately held or very small players profiling in the global marketplace.
- DLF Data Analytics Model is a statistical tool that helps the company to forecast market estimates. A few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
The Key Audiences for Agriculture Equipment Market Report:
- Consulting Firms & Research Institutes
- Industry Leaders & Companies aims to enter the Agriculture Equipment market
- Universities and Student
- Service Providers, Product Providers, Solution Providers, and other players in the Agriculture Equipment market
- Government Bodies and Associated Private Firms
- Individuals interested to learn about the Agriculture Equipment market
Segments Covered in the Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2030. For the purpose of this report, Data Lab Forecast has segmented the global Agriculture Equipment Market report on the basis of Type, Application, , and region:
The report segment of the global Agriculture Equipment market is as follows:
Global Agriculture Equipment Market: By Type Outlook (Revenue, USD Million, 2021 - 2030)
- Farm Equipment
Global Agriculture Equipment Market: By Application Outlook (Revenue, USD Million, 2021 - 2030)
- Irrigation and Crop Processing
- Agriculture Spraying
- Other Agriculture Equipment
Global Agriculture Equipment Market: By Region Outlook (Revenue, USD Million, 2021 - 2030)
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- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- The Middle East and Africa
- GCC Countries
- South Africa
- Rest of The Middle East & Africa