Tokyo, Jan. 04, 2022 (GLOBE NEWSWIRE) -- The global agriculture equipment market size was estimated at USD 112.84 billion in 2021. The agriculture equipment includes various mechanized equipment such as tractors, harvesters, plant protection equipment, and irrigation equipment that helps in agricultural activities. This modern and technologically advanced equipment helps in producing higher yields with fewer efforts. Further, it saves time by boosting the activities, reduces the use of labor, and saves labor cost. Agriculture is the primary source of food across the globe. And with the rapid increase in the global population, the demand for the food has increased rapidly, creating a pressure on the food supply chain. Therefore, the demand for the modern agriculture equipment has increased in order to obtain higher yields at less time, thereby propelling the growth of the global agriculture equipment market.
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Crucial factors accountable for market growth are:
- Rising pressure on the food supply
- Growing demand for the agricultural crops from the food and beverages industry
- Increased government initiatives to develop agriculture sector
- Disadvantages associated with the extensive use of labor in agriculture
- Growing awareness regarding the use of agriculture equipment
- Increasing mechanization in the agricultural field
- Growing popularity of automatic equipment
Scope of the Report Agriculture Equipment Market
| Report Coverage | Details |
| Market Size In 2021 | USD 112.84 Billion |
| Growth Rate From 2021 to 2030 | CAGR of 4.6% |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Companies Covered | CNH Industrial N V, EXEL Industries, Mahindra and Mahindra Ltd., Deere & Company, Kubota Corporation, Tractor and Farm Equipment Ltd., AGCO Corporation, SDF S.p.a., Bucher Industries AG, CLAAS KGaAmbH, ISEKI & Co. Ltd. |
Regional Snapshots
Based on the region, the Asia Pacific is the largest and the fastest-growing market across the globe. The presence of huge population, higher dependence on agriculture, rising penetration of technologies, growing government initiatives to boost agriculture, and growing awareness regarding the use of agriculture equipment are the several important factors that can be held responsible for the rapid growth of the agriculture equipment market in the region. However, the less availability of resources and financial limitations of the farmers in the nations like India, China, and Indonesia are the major factors that may hamper the growth of the market in the region.
Asia Pacific agriculture equipment market is followed by the North America. The higher adoption rate of the advanced technologies in the region has fostered the adoption of automatic agriculture equipment in this region. Further, higher income and government policies regarding the agricultural sector has perfectly complemented the growth of the agriculture equipment market in North America.
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Driver
The rising demand for the mechanization of agricultural farms in the developing nations is a major driver of the global agriculture equipment market. The lack of water resources, lack of skilled labor, and growing dearth of agricultural land is fostering the adoption of mechanized agriculture equipment to generate higher yields by applying fewer resources. This is the primary driver of the global agriculture equipment.
Restraints
The high cost of the mechanized agriculture equipment coupled with less awareness regarding various agriculture equipment among the farmers are a major restraining factor that is expected to hamper the growth of the global agriculture equipment market during the forecast period.
Opportunities
The rising developmental activities by the key market players in the agriculture equipment are expected to drive the market in the forthcoming years. For instance, XAG Co. Ltd. launched a jet-sprayer system, named R150 that automatically sprays pollens. It can be connected to the smartphone and can be operated from the smartphone through an app. These technological advancements offers a lucrative growth opportunities to the market players.
Challenges
The rapid industrialization and rapid urbanization are the major challenges that utilize a huge area of land and as a result, the agricultural lands are reducing day by day. The lack of the agricultural land is a major threat to the agriculture equipment industry.
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Report Highlights
- By product type, the tractors segment led the global agriculture equipment market with remarkable revenue share in 2020. Tractor are the most extensively used product that helps in performing the primary functions of agriculture like ploughing, harvesting, and sowing. For this, tractors are the most common and preferred product type across the global farmers.
- By application, the plant protection is estimated to be the fastest-growing segment during the forecast period. The rising threat of damage to the plants is a major factor that propels the growth of this segment. The yield is maximum if the plants are safe from various threats like birds, animals, and insect attacks.
- By automation, the automatic segment is estimated to be the most opportunistic segment owing to the rising adoption of automated equipment in order to save time and cost. Also, it helps in reducing efforts by eliminating the excess use of farm labors.
Recent Developments
- In September 2019, CNH Industrial opened its service center in China. This development was focused on the expansion of the business in China and to deliver the products and services at less time to the customers.
- In August 2021, Deere & Company launched a new tractor, 6155 MH Tractor that offers improved and efficient field performance.
Segments Covered in the Report
By Product Type
- Harvesters
- Tractors
- Irrigation & Crop Process equipment
- Planting Equipment
- Others
By Application
- Land & Development
- Weed Cultivation
- Plant Protection
- Sowing & Planting
- Harvesting & Threshing
- Post-Harvest Agro Processing
By Automation
- Manual
- Semi-Automatic
- Automatic
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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