Agriculture Equipment Market Size is projected to reach at USD 234 Billion by 2030, registering a CAGR of 7.1%, Owing to rising demand for High-Capacity Machines and Equipment in Farming
Acumen Research and Consulting recently published report titled “Agriculture Equipment Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
BEIJING, Aug. 14, 2022 (GLOBE NEWSWIRE) — The Global Agriculture Equipment Market Size Accounted for USD 128 Billion in 2021 and is predicted to be worth USD 234 Billion by 2030, with a CAGR of 7.1% during the forthcoming period from 2022 to 2030.
Agriculture is the backbone of today’s economic system and plays a critical role in the life of an economy. Agriculture not only offers food and raw materials, but it also employs a significant chunk of the population. The increased mechanization of agricultural operations across the agricultural value chain, which includes harrowing, harvesting, planting, ploughing, and tilling, is predicted to boost demand for agriculture equipment, driving the global agriculture equipment market’s growth. Furthermore, the use of precision agriculture in the coming days will allow for increased sustainable development in farm operations, improving profitability and safeguarding natural resources. This is constrained to result in increased agricultural output, which is essential for feeding the growing global population, as well as enhanced food cultivation. This increase will undoubtedly boost demand for agricultural machinery and the growth of the agricultural equipment market.
Agriculture equipment is a kind of machine and equipment used to carry out various tasks associated with the agricultural process. Agriculture equipment allows for faster and more efficient operation while also reducing the expense of human labor. Tractors, farm machinery, splattering machinery, as well as crop process equipment, among many other types of machinery, are employed to accomplish a wide range of tasks. As the agricultural sector expands, so does the popularity of more effective agricultural equipment. Furthermore, it saves time since it boosts activity, reduces labor use, and lowers labor costs. Agriculture is the main source of food for people all over the world. But also, as the global population has increased rapidly, so have the needs of the growing population, putting strain on the food production chain. As a result, the demand for intensive farming instrumentation has expanded in order to achieve higher yield and quality in less time, propelling the global agriculture equipment market forward.
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|Market||Agriculture Equipment Market|
|Agriculture Equipment Market Size 2021||USD 128 Billion|
|Agriculture Equipment Market Forecast 2030||USD 234 Billion|
|Agriculture Equipment Market CAGR||7.1% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Function, By Sales Channel, And By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||ARGO SpA, Escorts Group, CNH Industrial N.V., Mahindra & Mahindra Ltd, JCB Limited, Bucher Industries AG, Yanmar Company Limited, and AGCO Corp.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Global Agriculture Equipment Market Dynamics
Growing mechanization in agricultural production, combined with an increase in farmer income, is projected to be a major driver of the growth of the agriculture equipment market. Favorable environmental circumstances for agricultural production, as well as government assistance with loan exemption strategies for farm owners of all wage levels, are expected to increase the market growth. Technologically sophisticated agricultural control systems, such as fully autonomous tractors as well as aerial drones to assist farmers in producing food at affordable costs in order to meet the increasing appetite for food, are expected to offer improved agriculture equipment market potential growth over the projected timeframe.
In 2020, the COVID-19 disease outbreak compelled government republican presidents to enforce fines shutdowns, and immigration restrictions. It hindered agriculture machinery OEMs’ supply chain and output, affecting sales volume. The deployment of strict immigration restrictions generated additional labor shortage obstacles for farming families as well as barriers to employing skilled workers for multiple things in fields, stimulating farm owners to acquire agriculture equipment that appears to help boost operating effectiveness and agricultural production. The agriculture equipment market was retrieved in 2021 as a consequence of improving economic circumstances and an increase in farm mechanization techniques used to improve agricultural productivity.
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The global agriculture equipment market has been segmented by Acumen Research and Consulting based on type, function, and sales channel. By type, the segmented is separated into harvester, soil separation & cultivation equipment, tractor, planting equipment, and others. By function, the market is classified into planting & fertilizing, harvesting, plowing & cultivation, haying, and others. By sales channel, the industry is categorized into aftermath, and OEMs.
Global Agriculture Equipment Market Regional Outlook
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global agriculture equipment market. According to agricultural equipment industry research, Asia-Pacific is one of the fastest-growing markets. This expansion is due to major corporations in the region releasing new agricultural equipment, allowing them to dominate the market with accelerated advancements and new product introductions. In the Asia-Pacific region, China is expected to have the largest market share in 2021. The Chinese government is enhancing farm mechanization for a variety of crops, including wheat, corn, rice, potatoes, oilseed rapeseed, cotton, and sugarcane. The increasing emphasis on farm mechanization, as well as the government, pushes for mechanization, may boost sales and lead to innovations such as self-driving machines and equipment, which may continue to drive the market throughout the forecast period.
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Agriculture Equipment Market Players
Some of the prominent agriculture equipment market companies are ARGO SpA, Escorts Group, CNH Industrial N.V., Mahindra & Mahindra Ltd, JCB Limited, Bucher Industries AG, Yanmar Company Limited, and AGCO Corp.
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