A recent report published by Infinium Global Research on agriculture equipment market provides in-depth analysis of segments and sub-segments in the global as well as regional agriculture equipment market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional agriculture equipment market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global agriculture equipment market.
Agriculture equipment comprises various types of machinery and tools that are used by farmers for performing various agricultural activities. Agriculture equipment comprises various types such as tractors, harvesters, plows, and others. This agricultural equipment is used to improve efficiency, productivity, and ease of operations. They are designed to perform various agricultural tasks such as harvesting, planting, cultivation, and others. Agricultural equipment plays a crucial role in modern farming by reducing labor, enhancing productivity, and promoting sustainable practices. By mechanizing various tasks, farmers can manage larger areas more efficiently and with greater precision, leading to increased output and better resource management. As technology continues to evolve, the agricultural equipment industry is expected to further innovate, providing even more sophisticated tools to meet the growing demands of global food production.
The shift towards mechanized farming is driving the growth of the agriculture equipment market. As traditional farming methods become increasingly impractical for meeting the demands of modern agriculture, farmers are turning to mechanization to enhance efficiency and productivity. Mechanized farming reduces the need for manual labor, accelerates planting and harvesting processes, and improves the overall management of agricultural operations. Further, government initiatives and subsidies are driving the growth of the agriculture equipment market. Many governments recognize the importance of modernizing agriculture to ensure food security and support rural economies. As a result, they offer various forms of financial assistance, including subsidies, grants, and low-interest loans, to encourage farmers to invest in new equipment. These policies not only make it more affordable for farmers to upgrade their machinery but also stimulate the overall market by boosting demand. However, the growth in the rental market can hamper the growth of the agriculture equipment market. Renting equipment provides a cost-effective alternative for farmers who cannot afford the high upfront costs of purchasing new machinery. This trend is particularly prevalent among small and medium-sized farms, which can lead to a decrease in demand for agricultural equipment. Nonetheless, precision agriculture is expected to offer lucrative opportunities for the growth of the agriculture equipment market. Various manufacturers are integrating cutting-edge technologies like the Internet of Things (IoT), big data, artificial intelligence, and machine learning. These technologies can automate tractors and harvesters, and when paired with GPS, they enhance performance while minimizing errors. Additionally, the incorporation of these technologies can lead to a reduction in human errors. Consequently, companies in the market can leverage these prospects to establish a competitive edge.
The global agriculture equipment market is geographically segmented into North America, Europe, Asia Pacific, and the rest of the world. Among the regions, the Asia Pacific is anticipated to hold a prominent market share owing to an increase in government funding for farm mechanization and the introduction of innovative products by key players in the region. Moreover, small farmers have been assisted in purchasing agricultural equipment by various concessions from regional governments, such as the exemption of excise taxes on tractors. Moreover, the North America region is projected to experience rapid growth during the forecast period, attributed to the increasing adoption of intelligent combine harvesters equipped with monitoring technologies to enhance farm production. The rising demand for high-capacity machinery owing to the presence of large farms, increasing labor costs, the incorporation of robotic systems and Global Positioning Systems (GPS) in tractors and harvesters, and the growing popularity of self-propelled machines are all expected to drive market growth in the region during the forecast period.
| Report Coverage | Details |
|---|---|
| Market Size in 2023 | USD 166.45 Billion |
| Market Size by 2032 | USD 269.23 Billion |
| Growth Rate from 2024 to 2032 | CAGR of 5.50% |
| Largest Market | Asia Pacific |
| No. of Pages | 180 |
| Market Drivers |
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| Market Segmentation | By Product, and By Application |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global agriculture equipment market provides a detailed analysis of segments in the market based on Product, and Application.
· Tractors
· Irrigation & Crop Processing Equipment
· Spraying Equipment
· Harvesting Equipment
· Planting Equipment
· Others
· Land Development & SeedBed Preparation
· Sowing & Planting
· Weed Cultivation
· Plant Protection
· Harvesting & Threshing
· Post-harvesting & Agro Processing
· John Deere
· AGCO Corporation
· Mahindra&Mahindra Ltd.
· KUBOTA Corporation
· Alamo Group Inc.
· Exel Industries
· SDF Group
· ISEKI & CO.,LTD.
· Bobcat Company
· CLAAS KGaA mbH
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the agriculture equipment market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.