13-Jan-2023 | Zion Market Research
The global agriculture equipment market size was worth around USD 150.2 billion in 2021 and is predicted to grow to around USD 264.7 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2022 and 2030.
Any form of machinery that can be utilized on a farm for farming is referred to as agriculture equipment. Tractors, harvesters, and cultivators are a few examples of agricultural machinery used in farming. A farm tractor is used to push or pull agricultural equipment to perform operations like harrowing, tilling, and plowing.
Global population growth has led to an enormous increase in food demand, which has led to a demand for efficient ways to increase agricultural productivity using new farming equipment. The global agricultural equipment market patterns are then likely to be influenced by this. Over the future years, market demand will be influenced by the development of contract farming activities and the availability of financing for the purchase of new farming equipment.
Additionally, the expansion of sustainable farming practices and the expanding usage of drip irrigation in agriculture will speed up product penetration in the global farming industry. Additionally, there will be a huge growth in product demand in the upcoming years due to the necessity to raise the returns from the agricultural sector and strengthen the nation's economy through an increase in GDP. Throughout the projection period, it appears that rising labor costs and the usage of robotic systems & GPS in agricultural activities will increase market size. However, fluctuating raw material costs and high prices for agricultural equipment will restrain the market's growth in the years to come.
The global agriculture equipment market is segmented based on product, application, and region.
Based on the product, the market is segmented into tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment, and others. The harvesters segment is expected to grow at the highest CAGR during the forecast period. Over the next few years, it is projected that improvements in harvesting equipment will benefit the segment's expansion. The growing acceptance of smart combine harvesters and the incorporation of smart actuators into currently available combine harvesters both support market expansion. Farmers can monitor grain flow rates and better manage harvesting processes thanks to smart combine harvesters. Farmers and contractors are more likely to prefer smart combine harvesters than traditional harvesters in light of these facts.
Based on application, the market is categorized into land development & seed bed preparation, sowing & planting, weed cultivation, plant protection, harvesting & threshing, and post-harvest & agro-processing. The harvesting and threshing segment holds a significant market share during the forecast period. Farming operations are increasingly becoming mechanized, with a variety of agricultural tools and equipment providing the necessary input to raise crop yields. Harvesters and threshers are two of the most important heavy fieldwork equipment used in agriculture. By efficiently separating the grains and seeds from the chaff, they can immediately improve the quality of agricultural output. Moreover, the rising labor cost is a key factor that propels the segment growth during the forecast period.
The Asia Pacific region is expected to hold a significant global agricultural equipment market share during the forecast period. Due to the region's dependence on agriculture for a sizable portion of its economies, the industry has expanded throughout the anticipated period. Additionally, a sizable portion of the population in the area makes farming their primary occupation, which will increase product penetration in the sub-continent in the coming years. To enhance crop production, the agricultural sector must accept farming equipment given the population growth seen in the Asia Pacific region. The regional market trends appear to be driven by favorable government policies including subsidies for the agricultural sector and increased farmer awareness of the advantages of the products.
This review is based on a report by Zion Market Research, titled “Agriculture Equipment Market By Product (Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, and Others), By Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, and Post-harvest & Agro-processing) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/agriculture-equipment-industry
In March 2022, John Deere formed a joint venture with SurePointAg Systems, a producer of equipment for injecting irrigation fluid and applying liquid fertilizer. Deere technologies will be available to SurePoint to increase productivity across a variety of products.
The global agriculture equipment market is dominated by players like:
The global agriculture equipment market is segmented as follows:
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