Agriculture Equipment Market to Surpass USD 305.6 Billion by 2032, Thanks to Growing Demand for Sustainable Agriculture
According to Market.us, the Global Agriculture Equipment Market size is encouraged to reach around USD 305.6 billion by 2032 and it is poised to reach a CAGR of 6.4% from 2023 to 2032.
New York, March 21, 2023 (GLOBE NEWSWIRE) — The Global Agriculture Equipment Market size Is Predicted to Increase from USD 166.9 Billion in 2022 to USD 305.6 Billion in 2032, with a CAGR of 6.4% during the forecast period. Agricultural Equipment is the tools and machines used by the farmers in the field for various agricultural tasks and activities. Some of the equipment are harvesters, tractors, and plows.
Farmers use this agricultural equipment on the farm for cultivating high crop yield in a short time period and with less effort than before. Farm labor cost is very high that’s where this equipment is. Automated and semi-automated equipment is used on the farm to reduce labor costs and achieve more yield than human labor.
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- By Type, agriculture tractors are expected to cover a major share of the global agriculture equipment market during the forecast period from 2023 to 2032.
- By application, the land development segment has dominated the market and it is anticipated to have a large market share during the forecast period from 2023 to 2032.
- In 2022, Asia Pacific dominated the market with the highest revenue share of 37.5%.
- North America region is anticipated to grow with significant CAGR during the forecast period.
Factors affecting the growth of the Agriculture Equipment market industry?
There are several factors that can affect the growth of the agriculture equipment market industry. Some of these factors include:
- Increasing mechanization: Rising mechanization in the agriculture sector has boosted the agriculture equipment industry. Due to this, the demand for advanced agriculture equipment has risen in the market.
- Government initiatives and funding: Governments across the world are funding and supporting the agriculture equipment industry by offering low tax rates and decreased import duties on this equipment.
- Research and development: Major players in this market are heavily investing in research development activities to advance the products and dominate the market share more than the competition in the market.
- Innovative and advanced equipment: In recent years agricultural equipment has gone through many technological advances to advance the equipment. These technologically advanced products are driving the market growth of agriculture equipment.
- Execution of precision farming: To increase sustainability in agriculture activities, farmers across the world are accepting precision farming to increase the yield and profit from the farms.
- Growing population and high demand for food: Increasing population across the world is demanding more food supply which is fuelling the growth of the agriculture equipment market.
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Top Trends in the Global Agriculture Equipment Market:
The increasing population across the world has created the need for high crop production in the market. This rise in demand has further increased the need for agriculture equipment in the market. Modern and advanced farm equipment has become the need for the market to meet the demand for food production in the market.
According to the reports, the global population will be nearly 10 billion in 2050. This will also increase the demand for food products in the market. And to fulfill these demands in the market farmers across the world are adopting advanced technologies like the internet of things (IoT) to monitor and increase the production rate of the yield.
Farmers across the world are adopting innovative and advanced technological equipment in farming methods to increase the efficiency and productivity of farms. For example, farmers are using various sensors on the farm. These sensors help them to monitor the factors like temperature of the soil, weather forecast updates, surveillance for crops, and many more.
These factors are helping the farmers to monitor and analyze the crops and other information about statistics of livestock estimation from anywhere. Also, the use of smartphones has helped farmers to access the sensors from anywhere.
The labor shortage is a problem that is faced by every region in the world. The rising need for food production has also increased the need for more laborers in the market to perform different farm activities. To counter this problem farmers are moving towards advanced agriculture equipment, which helps them to reduce their dependency on labor and increase the production on the farm.
With the increasing population, the demand for food production is also increasing. And to meet these needs is forcing farmers to accept advanced agriculture equipment to decrease labor dependency and increase food production across the world. This demand for increased food production is propelling the agriculture equipment market growth.
Farmers are adapting innovative and advanced technological solutions in farming to increase the yield on the farm. Some of the technologies are the internet of things(IoT) and artificial intelligence.
By using these technologies, farmers are able to control and monitor various factors affecting farming. These technologies are expected to drive the growth of agriculture equipment during the forecast period from 2023 to 2032.
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.
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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Scope of the Report
|Market Value (2022)||USD 166.9 Billion|
|Market Size (2032)||USD 305.6 Billion|
|CAGR (from 2023 to 2032)||6.4%|
|Asia Pacific Revenue Share||37.5%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The agriculture equipment market is gaining importance worldwide due to the growing population and the need for higher productivity to meet the food demand. The market is anticipated to be boosted by increasing purchasing power and rapid industrialization in the agriculture sector. The demand for fertilizing and planting equipment is increasing as an alternative to manual fertilizing and planting.
Significant growth is also expected in the field of fertilizers and planting technology. Self-propelled spreaders and sprayers are also used by many farmers for their benefits like efficiency, faster, and covering more areas. These machines help to reduce costs and increase yield by ensuring equal distribution of nutrients. These sprayers are available in manual, tractor-mounted, and air versions. Modern farmers are appreciating the advantages of an onboard sprayer. Which increases flexibility and productivity for the farmers.
Agriculture equipment is expensive to purchase and has a high cost of installation. Additionally, the cost of using such equipment for farming can be high and making farms less profitable. Running multiple machines at the same time can add difficulties and require a skilled operator to monitor and manage them.
Farming tools can also increase the movement of heavy equipment across farmlands which can lead to tension in the soil and sometimes may lead to crop and food damage. Modern agricultural equipment is forcing farmers to overuse fertilizers and mechanical spreaders which leads to the overuse of chemical fertilizers that damage plants.
The delay or failure of agriculture equipment can cause a loss of time and disrupt the cultivation process, which can decrease the profits of farmers. High-performance machines can have high maintenance costs and Repair costs and can negatively affect the farmers.
Farmers across the world are using advanced methods like precision agriculture for better yield and high production. Precision agriculture is a method for farmers to focus on increasing production with limited resources. This technology allows farmers to observe, analyze and address the variability of crops to make firm decisions for profits. Increased food production demand has put the agriculture sector under constant pressure to produce higher yields.
Precision agriculture improves the efficiency and production of crops and reduces the gap between supply and demand. This cultivation technology is a solution to the problem of high demand for food production across the world during the forecast period. Precision agriculture permits farmers to optimize the use of water, soil, and fertilizers to increase the yield on the farms.
Many major companies have developed drones that can be used to monitor large fields and crops. The growth of the agricultural equipment market is anticipated to be driven by increasing government initiatives to promote precision tools and the growing presence of precision agricultural machinery dealers. The forecast period is anticipated to see an increase in precision farming technology and lucrative opportunities for global market players in the agricultural equipment market.
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Report Segmentation of the Agriculture Equipment Market
Agriculture equipment is divided into many types such as agriculture tractors, harvesting equipment, soil preparation and cultivation equipment, irrigation and crop processing equipment, agriculture spraying and handling equipment, and other types of equipment.
Among all the types of agriculture equipment, the agriculture tractors segment is anticipated to cover a large revenue share of the global market during the forecast period of 2023 to 2032. The growth of agriculture tractors is due to the availability of eco-friendly and efficient tractors which provides better speed and low cost for plowing and other farm activities. High-speed tractors increase the profit margin of the farmer by reducing the time and offering a better yield with good efficiency.
By applications, the agriculture equipment market is classified into three segments, which are threshing and harvesting, land development, plant protection, and after-agro processing.
The land development segment in the applications of agricultural equipment covers a major share of the global market. The land development segment is rising in the market due to increasing demand for this equipment in the market.
Innovation and advancement of technology used in land development equipment are the major factors driving the growth of the land development segment growth in the global market. The land development segment is growing at a significant pace and it is supported by the factors like focus on soil conservation, increasing yield, and soil contamination.
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- Agriculture Tractors
- Harvesting Equipment
- Irrigation & Crop Processing Equipment
- Agriculture Spraying & Handling Equipment
- Soil Preparation & Cultivation Equipment
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Kubota Corporation
- Mahindra & Mahindra Ltd.
- SDF S.p.A.
- Valmont Industries Inc.
- AGCO Corporation
- Alamo Group Inc.
- China National Machinery Industry Corporation
- CNH Industrial N.V.
- CLAAS KGaA GmbH
- Deere & Company
- Other Key Players
Recent Development of the Agriculture Equipment Market
- In March 2022, SurePointsAg Systems and John Deere announced the partnership for the joint venture company which manufactures liquid fertilizer application systems and irrigation injection equipment. SurePointAg has allowed using the John Deere technologies and solutions to increase the productivity of various agricultural equipment.
- In April 2021, Alamo Group and New Holland Agriculture collaborated for a strategic partnership that focuses on the development of attachments and tools, and implements which compatible with New Holland’s tractor range.
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