Agriculture Equipment Market worth USD 189.42 billion by 2030, registering a CAGR of 8.53% - Report by Market Research Future (MRFR)
New York, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Agriculture Equipment Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Agriculture Equipment Market Research Report: By Product Type (Tractor, Harvester, Cultivation & amp; Soil Separation Equipment and others), Function (Harvesting, Planting & Fertilizing, Haying, Plowing & amp; Cultivation and others), Sales Channel (OEM and Aftermarket) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
Market Research Future’s Review on Agriculture Equipment Market
Agriculture Equipment Market is projected to be worth USD 189.42 billion by 2030, registering a CAGR of 8.53% during the forecast period (2022 to 2030), the market was valued at USD 103.61 billion in 2021.
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Key Players
Eminent industry players profiled in the global agriculture equipment market report include
- AGCO Corp. (U.S.)
- JC Bamford Excavators Limited (U.K.)
- Deere & Company (U.S.)
- CNH Industrial N.V. (U.K.)
- Kubota Corporation (Japan)
- Iseki & Co.
- Ltd. (Japan)
- Daedong Industrial Co.
- Ltd. (U.S.)
- Mahindra & Mahindra Limited (India)
- Escorts Limited (India)
- Among others.
COVID-19 Analysis
Prior to the COVID-19 outbreak, the agriculture equipment market had been in a better condition. But after the crisis occurred, the agriculture equipment industry faced several issues for the disrupted supply chains across the globe. As per the regulations laid down via the government, the manufactured industries had been closed down for preventing the virus to spread, thus the agriculture machinery market was slowed down. The pandemic not only impacted the agriculture machinery, yet also impacted different business sectors such as construction, semiconductor and electronics, healthcare, automobiles, and others. Tractors in 2020 accounted for more than 50% of the share of the market in the global market. Gradually, with the change in the pandemic situation, the industries have reopened. The increasing population requires additional food production and it requires different agricultural equipment that boosts the market demand.
Browse In-depth Market Research Report (188 pages) on Agriculture Equipment https://www.marketresearchfuture.com/reports/agriculture-equipment-market-2182
Drivers
Rise in Mechanization of Different Farming Activities to Boost Market Growth
The rise in the mechanization of different farming activities like tilling, harvesting, planting, harrowing, and plowing will increase the demand for agriculture equipment that in turn will boost market growth.
Opportunities
Government Support for Development of Farming Activities to offer Robust Opportunities
The support from the government for the development of farming activities like provision of subsidies to acquire agriculture equipment, fertilizers, and seeds will offer robust opportunities for the market over the forecast period.
Restraints
Lack of Awareness to act as Market Restraint
The lack of awareness concerning the perks of using agriculture equipment among farmers, unavailability of proper resources and monetary measures, and illiteracy may act as market restraint over the forecast period.
Challenges
High Material Cost to act as Market Challenge
The high cost of materials for the manufacturers may act as a market challenge over the forecast period.
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Market Segmentation
The global agriculture equipment market has been bifurcated based on product type, function, and sales channel.
By product type, the tractor segment will lead the market over the forecast period for the growing need for autonomous tractors as well as low-weight tractors that are utilized for different cash-rich plants.
By function, the plowing and cultivation segment will dominate the market over the forecast period for its increasing need to improve the soil fertility level, enhance productivity, and maintain the nutrients.
By sales channel, the OEM segment will spearhead the market over the forecast period for the large-scale manufacturing of agriculture equipment globally.
Regional Analysis
APAC to Precede Agriculture Equipment Market
The APAC region will precede the agriculture equipment market at a high CAGR over the forecast period. The low rate of mechanization in the agriculture sector in China and India, adoption of mechanized farming practices, significant economic development in the region, increasing disposable income of consumers, huge consumer base, growing need for packaged food and processed food, changing lifestyle, surge in need for meat products, increased need for food by the large population residing in India and China, need for sustainable practices, the government support to enable modern equipment for resident farmers, increasing export of cereals from the region, and Indonesia has also vouched for local production of farm equipment with the government setting aside a fund to increase yields and also investing in rice science are adding to the global agriculture equipment market growth in the region. Besides, the growing need for tractors, huge investments for reducing harvest losses, the use of this equipment with improved fuel efficiency and extra features like GPS and robotic systems, the demand for mechanization due to shortage of labor, strong economic growth in India and China, rise in farm equipment renting services, and acceptance of contract farming are also adding to the market growth.
North America to Have Favorable Growth in Agriculture Equipment Market
North America will have favorable growth in agriculture equipment market over the forecast period, Huge demand for tractors, the demand for used farm equipment, assurance on these products offered by certified pre-owned programs, leasing of equipment to farmers in the US and Canada, shortage of farm labor, improved features, and introduction & use of machines having better fuel efficiency are adding to the global agriculture equipment market growth in the region.
Segmentation of Market covered in the research:
Agriculture Equipment Market Research Report: By Product Type (Tractor, Harvester, Cultivation & amp; Soil Separation Equipment and others), Function (Harvesting, Planting & Fertilizing, Haying, Plowing & amp; Cultivation and others), Sales Channel (OEM and Aftermarket) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
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