| A01187 | Pages: 279 | Apr 2020 | 42746 Views | ||
| Author(s) : Amar Chinchane | Tables: 102 | Charts: 78 |
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Request Now !The global agriculture equipment market size is expected to reach $166,491.6 million in 2027, from $105,000.0 million in 2019, growing at a CAGR of 6.0% from 2020 to 2027. Agriculture equipment include the use of tractors, harvesters, plows, and cultivators to assist in various farming activities. The utilization of agriculture equipment assists in obtaining high crop yield in comparatively less time and minimum efforts. In addition, the use of automatic and semiautomatic agriculture equipment reduces the necessity of human labor on farms, which in turn, reduces the costs incurred on manpower. This further increases the crop production by reducing the downtimes and allowing highly precise operations.
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Increase in mechanization of various farming activities such as plowing, harrowing, planting, harvesting, and tilling is expected to boost the demand for agriculture equipment, which drives the growth of the global agriculture equipment industry. The recognition of benefits owing to the implementation of mechanical equipment such as tractors, harvesters, and various attachments increase the dependency of farmers on agriculture equipment. In addition, the implementation of precision farming enables sustainability in farming activities, increases profitability, and protects land resources, which resultin improved agricultural production. Various products offered by major players in the agriculture equipment industry assist farmers in different farming activities such as sowing and harvesting, which further promotes the implementation of agriculture equipment. This significantly contributes toward the growth of the global agriculture equipment market.
Furthermore, the growing global population creates a demand for additional food cultivation. This demand can be sustained by the use of automatic and semiautomatic agriculture equipment to increase the cultivation efficiencies on farms. The employment of agriculture equipment assists in cultivation of more crop in less time and effort increases the production of food for the growing population. Thus, upsurge in global population boosts the demand for agriculture equipment, which, in turn, drives the agriculture equipment market growth.
On the contrary, lack of awareness regarding the benefits of using agriculture equipment amongfarmers is a major restraining factor of the market. Illiteracy and unavailability of proper resources as well as monetary measures negatively affect the implementation of agriculture equipment.
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However, the government support for the development of farming activities, such as provision of subsidies for acquiring seeds, fertilizers, and agriculture equipment create lucrative opportunities for the growth of agriculture equipment market.
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The OEM segment accounted for over half of the global agriculture equipment market share in 2019, owing to large-scale manufacturing of agriculture equipment globally. By type, the tractor segment generated high revenuein the global market, owing to surge in adoption of tractors in small-sized, medium-sized, and large-sized farms. However, the harvester segment is expected to witness rapid growth during the forecast period, due to constant technological advancements in the harvesting equipment.
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The global agriculture equipment market is segmented into type, automation, business, and region. By type, the market is categorized into tractors, harvesters, soil preparation & cultivation, irrigation & crop processing, agriculture spraying equipment, hay & forage machines, and other agriculture equipment. Depending on automation, it is classified into manual, semi-automatic, and automatic equipment. Considering business, the market is classified into original equipment manufacturers (OEMs) and aftersales.
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Region wise, the agriculture equipment market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.
The key market players profiled in the report include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelh?imov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.
Many competitors in the agriculture equipment market adopted product launch as their key developmental strategy to expand their product portfolio for the technological upgradations. For instance, in February 2020, the Fendt brand of the company AGCO Corporation launched the Momentum planter in the North American row crop production market. The product is designed to assist in overcoming challenging planting conditions. In addition, it features SmartFrame technology, which can be used for vertical contour toolbar, automated, and smart & configuration capabilities. Similarly, in November 2019, the company CNH Industrial through its brand, New Holland Agriculture launched two models W170D and W190D, in its wheel loader range. Both the models integrate the HI-eSCR2 technology and comply with the Stage V emission standards. The technology utilizes selective catalytic reduction on filter to offer maximum efficiency for the filter operation, as well as reduces the emissions from the engine.
The report provides an extensive analysis of the current and emerging global agriculture equipment market trends and dynamics.
In-depth analysis of the marketis conducted by constructing market estimations for the key market segments between 2019 and 2027.
Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing agriculture equipment market opportunity.
The global agriculture equipment market forecast analysis from 2020 to 2027 is included in the report.
The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the industry.
Global Agriculture Equipment Market Segments
By Type
By Automation
By Business
By Region
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The tractors segment possesses high growth potential in the global agriculture equipment market. This is attributed to technological developments in tractors such as implementation of hybrid technologies, deployment of comfortable cabins, advanced suspension systems, and integration of GPS technologies.
The company CNH Industrial N.V., based in the UK, launched T8 Genesis tractor through its brand, New Holland Agriculture in September 2019. The tractor features Precision Land Management (PLM) intelligence, which is an intuitive precision farming platform. Such products drive the market growth of tractors in the agriculture equipment industry.
Moreover, technological advancements in the field of agricultural machinery have led to increased crop production. Agricultural equipment manufacturers have focused on designing and upgrading their equipment portfolios with automation and sensor technologies, which reduce the downtime of equipment, thereby offering improved operational times. In addition, key players are now producing machinery conforming to the latest emission standards to tackle the environmental challenges on farms. The development of new hybrid equipment, which can work on both fuel as well as batteries, decrease operational costs and significantly increase productivity. These efforts assist in cultivation of better crops to cater to the growing demands of food globally.
Moreover, the agricultural sector plays a vital role in developing and underdeveloped countries, where majority population is engaged in farming activities. Thus, the economic growth of these countries is majorly dependent on the volume of crops produced, which is assisted using advanced agricultural machinery. Furthermore, governments in these nations offer incentives and loans to farmers to motivate the use of agricultural equipment, which increases the cultivation of crops. Thus, all these factors collectively are anticipated to create lucrative growth opportunities for the agriculture equipment market during the forecast period.
Region wise, Asia-Pacificis expected toaccount for the highest revenue in the global agriculture equipment market during the forecast period, followed byLAMEA, North America, and Europe.
The key players in the market have focused on product launchto strengthen their foothold in the agriculture equipment industry. For instance, in February 2020, the Fendt brand of the company AGCO Corporation launched the Momentum planter. The product is designed to assist in overcoming challenging planting conditions. In addition, it features SmartFrame technology, which can be used for vertical contour toolbar, automated, and smart & configuration capabilities. Similarly, in November 2019, the company CNH Industrial through its brand, New Holland Agriculture launched two models W170D and W190D in its wheel loader range. Both the models integrate the HI-eSCR2 technology and comply with the Stage V emission standards. The technology utilizes selective catalytic reduction on filter to offer maximum efficiency for the filter operation, and reduces emissions from the engine.
A. The global agriculture equipment market size was $105,000 million in 2019 and is projected to reach $166,491.6 million in 2027
A. The forecast period considered for the agriculture equipment market is 2020 to 2027,
A. To get latest version of agriculture equipment market report
A. The base year considered in the agriculture equipment market is 2019.
A. Yes, the report for global agriculture equiment market provides Value Chain Analysis.
A. On the basis of top growing big corporation we select top 10 players.
A. On the basis of type, tractors segment is expected to be the most influencing segment growing in the agriculture equipment market report.
A. Based on the automation, in 2019, the manual agriculture equipment segment generated the highest revenue, accounting for 66.9% of the market, and is projected to grow at a CAGR of 5.7% from 2020 to 2027.
A. The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically covers company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
A. The market value of agriculture market is $110,470.5 million in 2020.
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