Agriculture Equipment Market
Agriculture Equipment Market Research, 2032The global agriculture equipment market size was valued at $121.2 billion in 2022, and is projected to reach $192.5 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032. A device, component of a device, or attachment to a device that is primarily intended to be used for agricultural purposes is referred to as agricultural equipment. "Agricultural equipment" can refer to anything used in the production of crops, animals, horticulture, or floriculture.
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BY MARKET INSIGHTS
The global agriculture equipment market size was valued at USD 157.89 billion in 2021 and is projected reach USD 272.36 billion in 2029 from USD 168.30 billion in 2022, growing at a CAGR of 7.1% during the forecast period. Based on our analysis, the global market exhibited an average growth of 6.2% in 2020 as compared to 2019.The extensive pressure to enhance the productivity of agricultural land is expected to foster over the forecast period, which will directly promote the proclivity of farmers or land operators toward the integration of automation technologies in this equipment. Additionally, the increasing scarcity of human workforce and heavy expenditure on maintenance of cattle on the jobsite in numerous countries have encouraged customers to leverage the benefits of modernized equipment in farming applications.
Segmental Overview
The agriculture equipment market is segmented into type, automation, business, and region. Depending on type, the market is categorized into tractors, harvesters, soil preparation & cultivation, irrigation & crop processing, agriculture spraying equipment, hay & forage machines, and others. By automation, it is segregated into manual, semi-automatic, and automatic equipment. On the basis of business, it is bifurcated into original equipment manufacturers (OEM) and aftersales.Region wise, the agriculture equipment market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Regional Analysis
Asia Pacific region dominates the global market for agriculture equipment by covering the major revenue share of 37.5%. And this region is expected to grow significantly during the forecast period from 2023 to 2032. The dominance of the Asia Pacific region in the global agriculture market is due to the presence of countries like China and India. These countries complete the major share of the world's demand for food production.
The economic development of countries like China, India, and many more in this region is the reason for the development in this region. Agriculture developments are going at a rapid and efficient pace in this region. The inclusion of technologies like digitalization, control capabilities, and electrical drives for farming activities in the Asia Pacific region is anticipated to dominate the market during the forecast period.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include AGCO corporation, Alamo Group Inc, China National, Machinery Industry Corporation, CNH Industrial N.V., CLAAS KGaA GmbH, Deere & Company, Kubota Corporation, Mahindra & Mahindra Ltd, SDF S.p.A, Valmont Industries Inc, and Other Key Players.
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Key Industry Developments:
May 2022: AGCO Corporation, a leading global distributor and manufacturer of agriculture equipment, machinery, and precision agriculture technology, acquired JCA Industries, Inc., which is a leading provider of autonomous software for agriculture equipment and electronic system. This acquisition will allow AGCO Corporation to utilize JCA technologies precision agriculture software in its agriculture machinery, which will improve the experience of customers of AGCO Corporation.
January 2022: New Holland Tractors, a leading provider of heavy-duty tractors, partnered with Alamo Group. This will allow New Holland to provide a pre-dispatched package of agricultural auxiliary equipment of Alamo Group along with New Holland Tractors. Moreover, through this partnership, New Holland Tractors can expand to offer solutions in a variety of applications with complimentary tractors in one packaged deal.
February 2022: CNH Industrial, a leading provider of agriculture technology, formed its strategic investment arm that is CNH Industrial Ventures. The new CNH Industrial Ventures will play a pioneering role in the company to accelerate its market for valuable innovations, which will boost customer experience and productivity. CNH industrial Ventures will focus on the areas such as digitization, autonomous vehicle, robotics, and other upcoming technologies.
May 2021: AGCO Corporation, a leading provider of agriculture technology and precision technology, launched its online virtual product showroom in North America for its local customers at AGCOvirtualshowroom.com. This new operation functionality will provide better learning opportunities and engagement for its dealers and customers. The virtual store provides visitors the ability to explore AGCO’s wide brand offerings via 360-degree views of equipment, product videos, specification sheets, and brochures.
December 2021: AGCO Corporation signs an agreement for the acquisition of Appareo Systems, LLC, which is a leading provider of software, and hardware in electronic manufacturing. With this acquisition, AGCO Corporation will be able to utilize advanced innovation of artificial intelligence, mechatronics, and automated vehicle achieved by Appareo systems for the betterment of its product portfolio.
Key Market Segmentation
The publisher provides an analysis of the key trends in each sub-segment of the global agricultural tires market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, application and distribution
