Pune, March 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global agriculture equipment market is expected to grow from USD 163.4 billion in 2021 to USD 295.3 billion by 2030, at a CAGR of 6.8% during the forecast period 2022-2030.
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Agriculture equipment is a must for farming these days as there is a shortage of labor and the labor-intensive works from land development to harvesting and threshing need to be done by machinery. Some of the agricultural equipment used at different levels of farming include fertilizing, grain handling equipment, plant protection equipment, shredders, seeding equipment, tractors, harvesting equipment, cutters, hay and forage equipment, irrigation equipment, crop processing equipment, and sprayers. For example, irrigation equipment helps overcome the problem of water shortage as efficient drip irrigation systems save nutrients and water as it allows water to drip slowly into the roots of the plants and minimizes the process of evaporation. One of the major restraint of the agriculture equipment market is the lack of skilled labor for operating the technologically advanced equipment. Several farmers are reluctant on purchasing these equipment as they don’t have the proper skill for using these equipment. This is restraining the growth of the market. There are several organizations and government bodies which are providing loan to farmers at low-interest rates or at no interest rates which is an opportunity for the growth of the market. The outbreak of the Covid-19 pandemic affected the market growth as several manufacturing units shut down which resulted in a shortage of raw materials and components and delayed production of the agriculture equipment. This restrained the growth of the market and affected the financial performance. However, after the lockdown was lifted, the
manufacturing units resumed their production, and the market gained momentum in the second quarter of 2021. At present, the companies are focusing on agriculture equipment at affordable prices, which will be suitable for small and medium level farmers.
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Key players operating in the global agriculture equipment market are:
● AGCO Corporation
● FlieglAgro-Center GmbH
● Agromaster
● Amazone Inc.
● APV GmbH
● Quivogne CEE GmbH (Kiwon RUS LLC)
● Rostselmash
● LEMKEN GmbH & Co. KG
● Mahindra & Mahindra Ltd.
● MaterMacc S.p.A
● Morris Equipment Ltd
● SDF S.p.A.
● Tractors and Farm Equipment Limited (TAFE)
● Valmont Industries, Inc
To enhance their market position in the global agriculture equipment market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In March 2020, Kubota Corporation acquired a 10% equity share in Escorts ltd. to expand the life of products in manufacturing, development, and sourcing for the global and Indian market.
● In May 2021, AGCO Corporation signed an agreement with BASF digital farming GmbH, Raven Industries Inc., and Robert Bosch GmbH with an aim to evaluate targeted spraying technology.
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The farm tractor segment dominated the market with around 22% in 2021
The product segment is divided into farm tractors, harvesting machinery, plowing & cultivation machinery, planting & fertilizing machinery, haying machinery, and others. The farm tractor segment dominated the market, with a market share of around 22% in 2021. This growth is attributed to the advancement in technology such as tractors equipped with Artificial Intelligence-based tools for precise decision-making agricultural processes and data transmission. Tractors can be used with combined harvesting machinery and with plant protection machinery and can be used in preparing land in the hilly areas as well. So, the multi-purpose use of tractors also contributes to the segment growth.
The land development segment dominated the market, with the largest market share of 32% in 2021.
The application segment is divided into land development, threshing & harvesting, sowing & planting, plant protection, and other applications. In 2021, the land development segment dominated the market, accounting for around 32% of global revenue. This growth can be credited to the rising urbanization, as most of the machinery and equipment is used in the land development process. The land development process also eases the harvesting procedure and saves the time and cost of the farmers.
Regional Segment Analysis of the Agriculture Equipment Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, & the Rest of Europe)
● Asia-Pacific (China, Japan, India, & the Rest of Asia Pacific)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of the Middle East and Africa)
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Among all regions, the North American region emerged as the largest global agriculture equipment market, with a market share of around 44% in 2021. North America leads the agriculture equipment market, owing to North America's spending factor on technologically advanced tractors and farm equipment. Positive economic outlook, large production base, increased farm consolidation, and greater support from the government in the form of subsidies, low-interest rates, and low import duties are driving the market for high-capacity agricultural equipment and machinery in North America. Most of the farmers in North America are increasingly adapting to the use of machinery manufactured with advanced technology such as GPS-controlled agricultural machinery and precision farming systems form the backbone of agriculture systems which is one of the factors to influence the growth of the market over the forecast period.
About the report:
The global agriculture equipment market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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