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Agriculture Equipment Market is projected to reach USD 289.57 Billion by 2028 at a CAGR of 7.5% during the forecast period.
The agriculture industry is required to operate in a dynamic production environment with variability in several natural and socio-economic factors. Changing consumer demands and evolving government regulations are the other variable factors that will cause demand fluctuations in the agriculture sector.
The world population is growing at an alarming rate. The population is expected to be more prosperous and urbanized, enjoying better diets and living standards. A rising need for food will spur the demand for agricultural products, which will increase the demand for agricultural equipment such as tractors. In many countries, governments provide extensive support to farmers to purchase agricultural equipment to work more efficiently, which is expected to bolster the growth of the tractor segment in the global agricultural equipment market.
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The agriculture equipment market is dominant in the Asia Pacific region. Due to rapidly growing economies such as India and China, the agriculture equipment market is likely to witness tremendous growth in these countries. In 2018, China alone accounted for 29% of the total agriculture equipment market share globally. The North America region accounted for 20% of the global market share as opposed to a 46% share of the Asia Pacific region. The agriculture equipment market in the Middle East is also witnessing considerable growth.
Companies Covered: Major Companies profiled in the report which are key players in the agriculture equipment market include John Deere, AGCO, Mahindra & Mahindra, CNH Industrial N.V., Iseki & Co., Ltd., and Kubota. Information about companies that are included in this report specifically highlights future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other latest industrial developments done by these companies in the agriculture equipment market.
Key Factors Impacting Agriculture Equipment Market Growth:
- Increasing population in the Asia Pacific region.
- Low cost of technology.
- Scarcity of localized manual labor in the developed regions.
- High employment cost.
Key Developments in Agriculture Equipment Market:
- In October 2017, AGCO Corporation announced the acquisition of Lely’s Hay and the Forage division. They manufacture products such as rakes, mowers, tedders, loader wagons, round balers, and tillage products.
- In 2004, John Deere completed the acquisition of PLA, the manufacturer of sprayers, planters, and specialty products for agriculture to increase its market share and expand its market presence.
This report provides a detailed understanding of the agriculture equipment market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the agriculture equipment market during the forecast period and an in-depth analysis of the leading companies operating in the market.
Market Segmentation:
By Product Type:
- Tractors
- Harvesters
- Planting Equipment
- Row Crop Planters
- Air Seeders
- Grain Drills
- Others
- Irrigation & Crop Processing Equipment
- Spraying Equipment
- Hay & Forage Equipment
- Others
By Application:
- Land Development & Seed Bed Preparation
- Sowing & Planting
- Weed Cultivation
- Plant Protection
- Harvesting & Threshing
- Post-harvest & Agro-Processing
By Region:
North America
Asia Pacific
Western Europe
Eastern Europe
Middle East
Rest of the World
Reasons to Buy This Report:
- Market size estimation of the agriculture equipment market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
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