Agriculture Equipment Market Overview:
The agriculture equipment market encompasses a wide array of machinery and tools utilized in various agricultural activities such as planting, harvesting, and irrigation. This sector plays a crucial role in enhancing farm productivity and efficiency, contributing significantly to global food production. Key equipment includes tractors, combine harvesters, plows, and irrigation systems, among others. Major players in this market include John Deere, AGCO Corporation, and CNH Industrial, who continually innovate to meet the evolving needs of farmers worldwide. Technological advancements like GPS, drones, and precision farming tools are increasingly integrated into agriculture equipment, revolutionizing farming practices and driving market growth.
The 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.
Data from these machines, sensors and devices have the potential of transforming agriculture by assisting farmers in their day-to-day operations. Moreover, falling overall costs of this equipment, with an even sharper drop in the cost of sensors and cloud computing, escalates market growth. The market is expected to perceive brisk growth in the years to come.
In this regard, Market Research Future (MRFR) asserts that the global agriculture equipment market would grow at a moderate CAGR throughout the forecast period (2020-2027). Additionally, rising uses of data generated from soil moisture sensors, irrigation pumps, diesel gensets, tractors, and machines & equipment substantiate market revenues.
Agriculture Equipment Market Segments
The report is segmented into product type, function, sales channel, and regions. The product type segment is sub-segmented into tractor, harvester, cultivation & soil separation equipment, and others. Among these, the tractor segment accounts for the largest segment due to the growing demand for autonomous tractors and low-weight tractors for various cash-rich plants such as grapes and strawberries.
The segment is estimated to grow further at a substantial rate during the forecast period. The function segment is sub-segmented into harvesting, planting & fertilizing, haying, plowing & cultivation, and others. Among these, the plowing & cultivation segment holds the largest segment due to the growing need to enhance productivity by improving soil fertility and maintaining soil nutrients.
The sales channel segment is sub-segmented into OEM and aftermarket. Of these, the aftermarket segment accounts for the largest market share due to the increasing number of agricultural equipment aftermarket centers in emerging countries such as China, India, Brazil, and Argentina, with a large agricultural base.
The region is projected to register a phenomenal growth rate over the forecast period. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and 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.
Moreover, increased government support and incentives on farming equipment, farming loans, and lack of farm laborers contribute to the agriculture equipment market growth in this region. The emergence of contract farming in India and growing sales of tractors boost the region’s agriculture equipment market size.
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.
Agriculture Equipment Market Competitive Analysis
The global agriculture equipment market appears to be fiercely competitive and fragmented, with many well-established players having a global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.
Major Players
Players leading the 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), and Mahindra & Mahindra Limited (India), among others.
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.
To keep motorists and farmers safe this planting season, several state agencies have partnered together to encourage Hoosiers to be alert, slow down, and share the road with farm equipment. The collaboration would enable HAT to produce public service announcements urging motorists to be aware of farm equipment on the road.
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