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| A01187 | Pages: 279 | Apr 2020 | 33083 Views | | |
| Author(s) : Amar Chinchane | Tables: 102 | Charts: 78 |
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Pandemic disrupted the entire world and affected many industries.
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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
CHAPTER 1 INTRODUCTION
1.1 Report description
1.2 Key benefits
1.3 Key market segments
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
CHAPTER 2 EXECUTIVE SUMMARY
2.1 CXO perspective
CHAPTER 3 MARKET OVERVIEW
3.1 Market definition and scope
3.2 Key findings
3.2.1 Top impacting factor
3.2.2 Top investment pockets
3.2.3 Top winning strategies
3.3 Value chain analysis
3.4 Porters five forces analysis
3.4.1 Availability of numerous players, results in high bargaining power of buyers
3.4.2 Number of quality raw material suppliers, decreases the bargaining power of suppliers
3.4.3 Industry giants limit the emergence of new entrants
3.4.4 Lack of viable substitute leads to low threat of substitutes
3.4.5 Well- established brands and matured market lead to intense rivalry among competitors
3.5 Market positioning, 2015
3.6 Market dynamics
3.6.1 Drivers
3.6.1.1 Mechanization of activities in agriculture
3.6.1.2 Economic stability and growing population
3.6.1.3 Precision farming
3.6.2 Restraints
3.6.2.1 Lack of information about the efficient agriculture equipment among farmers
3.6.2.2 Decreasing arable land
3.6.3 Opportunities
3.6.3.1 Government support
CHAPTER 4 WORLD AGRICULTURE EQUIPMENT MARKET, BY PRODUCT TYPE
4.1 Agriculture tractors
4.1.1 Key market trends
4.1.2 Key drivers and opportunities
4.1.3 Market size and forecast
4.2 Harvester
4.2.1 Key market trends
4.2.2 Key drivers and opportunities
4.2.3 Market size and forecast
4.3 Soil preparation & cultivation equipment
4.3.1 Key market trends
4.3.2 Key drivers and opportunities
4.3.3 Market size and forecast
4.4 Irrigation & crop processing equipment
4.4.1 Key market trends
4.4.2 Key drivers and opportunities
4.4.3 Market size and forecast
4.5 Agriculture spraying equipment
4.5.1 Key market trends
4.5.2 Key drivers and opportunities
4.5.3 Market size and forecast
4.6 Hay & forage equipment
4.6.1 Key market trends
4.6.2 Key drivers and opportunities
4.6.3 Market size and forecast
4.7 Other agriculture equipment
4.7.1 Key market trends
4.7.2 Key drivers and opportunities
4.7.3 Market size and forecast
CHAPTER 5 WORLD AGRICULTURE EQUIPMENT MARKET BY GEOGRAPHY
5.1 North America
5.1.1 Key market trends
5.1.2 Key drivers and opportunities
5.1.3 Market size and forecast
5.1.3.1 United States
5.1.3.1.1 Market size and forecast
5.1.3.2 Canada
5.1.3.1.2 Market size and forecast
5.1.3.3 Mexico
5.1.3.1.3 Market size and forecast
5.2 Europe
5.2.1 Key market trends
5.2.2 Key drivers and opportunities
5.2.3 Market size and forecast
5.2.3.1 France
5.2.3.1.1 Market size and forecast
5.2.3.2 Germany
5.2.3.1.2 Market size and forecast
5.2.3.3 U.K.
5.2.3.1.3 Market size and forecast
5.2.3.4 Rest of Europe
5.2.3.1.4 Market size and forecast
5.3 Asia-Pacific
5.3.1 Key market trends
5.3.2 Key drivers and opportunities
5.3.3 Market size and forecast
5.3.3.1 India
5.3.3.1.1 Market size and forecast
5.3.3.2 China
5.3.3.1.2 Market size and forecast
5.3.3.3 Japan
5.3.3.1.3 Market size and forecast
5.3.3.4 Rest of Asia-Pacific
5.3.3.1.4 Market size and forecast
5.4 LAMEA
5.4.1 Key market trends
5.4.2 Key drivers and opportunities
5.4.3 Market size and forecast
5.4.3.1 Latin America
5.4.3.1.1 Market size and forecast
5.4.3.2 Africa
5.4.3.1.2 Market size and forecast
5.4.3.3 Middle East
5.4.3.1.3 Market size and forecast
CHAPTER 6 COMPANY PROFILES
6.1 Mahindra Group
6.1.1 Company Overview
6.1.2 Operating Business Segments
6.1.3 Business Performance
6.1.4 Strategic Moves and Developments
6.1.5 SWOT Analysis of Mahindra Group
6.2 Escort Limited
6.2.1 Company overview
6.2.2 Operating Business Segments
6.2.3 Business Performance
6.2.4 Key Strategies and Developments
6.2.5 SWOT Analysis of Escort Limited
6.3 Valmont Industries, Inc.
6.3.1 Company Overview
6.3.2 Operating Business Segments
6.3.3 Business performance
6.3.4 Key Strategies and Developments
6.3.5 SWOT Analysis of Valmont Industries, Inc.
6.4 Deere & Company
6.4.1 Company overview
6.4.2 Operating Business Segments
6.4.3 Business Performance
6.4.4 Key Strategies and Developments
6.4.5 SWOT Analysis of Deere & Company
6.5 AGCO Corporation
6.5.1 Company Overview
6.5.2 Business performance
6.5.3 Key strategies and developments
6.5.4 SWOT Analysis of AGCO Corporation
6.6 Same Deutz-Fahr Group (SDF)
6.6.1 Company Overview
6.6.2 Business Performance
6.6.3 Key Strategies and Developments
6.6.4 SWOT Analysis of Same Deutz-Fahr
6.7 Agrostroj Pelhrimov A.s.
6.7.1 Company overview
6.7.2 Key strategies and developments
6.7.3 SWOT Analysis of Agrostroj Pelhrimov A.S
6.8 China National Machinery Industry Corporation (Sinomach)
6.8.1 Company Overview
6.8.2 Operating Business Segments
6.8.3 SWOT Analysis of China National Machinery Industry Corporation
6.9 Weifang Euroking Machinery
6.9.1 Company Overview
6.9.2 SWOT Analysis of Weifang Euroking Machinery
6.10 Concern Tractor Plants
6.10.1 Company Overview
6.10.2 SWOT Analysis of Concern Tractor Plants
LIST OF TABLES
TABLE 1 WORLD AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 2 WORLD AGRICULTURE TRACTOR MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 3 WORLD AGRICULTURE TRACTOR MARKET VOLUME BY GEOGRAPHY, 2015-2022 (000 UNITS)
TABLE 4 WORLD HARVESTER MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 5 WORLD SOIL PREPARATION & CULTIVATION EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 6 WORLD IRRIGATION & CROP PROCESSING EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 7 WORLD AGRICULTURE SPRAYING EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 8 WORLD HAY & FORGAE EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 9 WORLD OTHER AGRICULTURE EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 10 WORLD AGRICULTURE EQUIPMENT MARKET REVENUE, BY GEOGRAPHY, 20152022 ($MILLION)
TABLE 11 NORTH AMERICA AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 12 EUROPE AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 13 ASIA-PACIFIC AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 14 LAMEA AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 15 MAHINDRA GROUP- COMPANY SNAPSHOT
TABLE 16 MAHINDRA GROUP - OPERATING SEGMENTS
TABLE 17 ESCORT LIMITED- COMPANY SNAPSHOT
TABLE 18 ESCORT LIMITED - OPERATING SEGMENTS
TABLE 19 VALMONT INDUSTRIES, INC. - COMPANY SNAPSHOT
TABLE 20 VALMONT INDUSTRIES, INC. - OPERATING SEGMENTS
TABLE 21 DEERE & COMPANY- COMPANY SNAPSHOT
TABLE 22 DEERE & COMPANY - OPERATING SEGMENTS
TABLE 23 AGCO CORPORATION- COMPANY SNAPSHOT
TABLE 24 SAME DEUTZ-FAHR GROUP- COMPANY SNAPSHOT
TABLE 25 AGROSTROJ PELHRIMOV A.S- COMPANY SNAPSHOT
TABLE 26 CHINA NATIONAL MACHINERY INDUSTRY CORPORATION-COMPANY SNAPSHOT
TABLE 27 CHINA NATIONAL MACHINERY INDUSTRY CORPORATION- OPERATING SEGMENTS
TABLE 28 WEIFANG EUROKING MACHINERY- COMPANY SNAPSHOT
TABLE 29 CONCERN TRACTOR PLANTS-COMPANY SNAPSHOT
LIST OF FIGURES
FIG. 1 TOP IMPACTING FACTORS
FIG. 2 TOP INVESTMENT POCKETS
FIG. 3 TOP WINNING STRATEGIES
FIG. 4 VALUE CHAIN ANALYSIS
FIG. 5 PORTERS FIVE FORCES MODEL
FIG. 6 MARKET POSITIONING, 2015
FIG. 7 AGRICULTURE EQUIPMENT GROWTH IN CAMBODIA, 2009-2012
FIG. 8 WORLD POPULATION (BILLION), 2010-2050
FIG. 9 WORLD AND REGIONAL PER CAPITA FOOD CONSUMPTION (KCAL/PERSON/DAY)
FIG. 10 PROCESS OF PRECISION FARMING
FIG. 11 WORLD AGRICULTURE EQUIPMENT MARKET BY PRODUCT TYPE, 2015 & 2022 (%SHARE)
FIG. 12 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD AGRICULTURE TRACTOR MARKET, 2015 & 2022 (%)
FIG. 13 WORLD AGRICULTURE TRACTOR MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 14 WORLD AGRICULTURE TRACTOR MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 15 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD HARVESTER MARKET, 2015 & 2022 (%)
FIG. 16 WORLD HARVESTER MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 17 WORLD HARVESTER MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 18 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD SOIL PREPARATION & CULTIVATION EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 19 WORLD SOIL PREPARATION & CULTIVATION EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 20 WORLD SOIL PREPARATION & CULTIVATION EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 21 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD IRRIGATION & CROP PROCESSING EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 22 WORLD IRRIGATION & CROP PROCESSING EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 23 WORLD IRRIGATION & CROP PROCESSING EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 24 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD AGRICULTURE SPRAYING EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 25 WORLD AGRICULTURE SPRAYING EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 26 WORLD AGRICULTURE SPRAYING EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 27 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD HAY AND FORAGE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 28 WORLD HAY & FORAGE EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 29 WORLD HAY & FORAGE EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 30 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD OTHER AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 31 WORLD OTHER AGRICULTURE EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 32 WORLD OTHER AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 33 COMPARATIVE MARKET SHARE ANALYSIS OF WORLD AGRICULTURE EQUIPMENT MARKET BY GEOGRAPHY, 2015 AND 2022 (%)
FIG. 34 COMPARITIVE PRODUCT TYPE MARKET SHARE ANALYSIS OF NORTH AMERICA AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 35 UNITED STATES AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 36 CANADA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 37 MEXICO AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 38 NORTH AMERICA AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY COUNTRIES, 2015-2022 (%)
FIG. 39 COMPARITIVE PRODUCT TYPE MARKET SHARE ANALYSIS OF EUROPE AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 40 FRANCE AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 41 GERMANY AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 42 U.K. AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 43 REST OF EUROPE AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 44 EUROPE AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY COUNTRIES, 2015-2022 (%)
FIG. 45 COMPARITIVE PRODUCT TYPE MARKET SHARE ANALYSIS OF ASIA-PACIFIC AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 46 INDIA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 47 CHINA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 48 JAPAN AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 49 REST OF ASIA-PACIFIC AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 50 ASIA-PACIFIC AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY COUNTRIES, 2015-2022 (%)
FIG. 51 COMPARITIVE PRODUCT TYPE MARKET SHARE ANALYSIS OF LAMEA AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 52 LATIN AMERICA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 53 AFRICA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 54 MIDDLE EAST AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 55 LAMEA AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY COUNTRIES, 2015-2022 (%)
FIG. 56 MAHINDRA GROUP: REVENUE, 20132015 ($MILLION)
FIG. 57 MAHINDRA GROUP: SWOT ANALYSIS
FIG. 58 ESCORT LIMITED- REVENUE, 20122015 ($MILLION)
FIG. 59 ESCORT LIMITED- REVENUE OF BY SEGMENTS (%), 2015
FIG. 60 ESCORT LIMITED- REVENUE OF BY REGION (%), 2015
FIG. 61 ESCORT LIMITED- SWOT ANALYSIS
FIG. 62 VALMONT INDUSTRIES, INC. - SWOT ANALYSIS
FIG. 63 REVENUE OF VALMONT INDUSTRIES, INC., 20132015 ($MILLION)
FIG. 64 REVENUE OF VALMONT INDUSTRIES, INC., BY REGION (%), 2015
FIG. 65 REVENUE OF VALMONT INDUSTRIES, INC., BY BUSINESS SEGMENTS (%), 2015
FIG. 66 DEERE & COMPANY- REVENUE, 20132015 ($MILLION)
FIG. 67 DEERE & COMPANY- SWOT ANALYSIS
FIG. 68 AGCO CORPORATION-REVENUE, 20132015 ($MILLION)
FIG. 69 AGCO CORPORATION- REVENUE BY REGION (%), 2015
FIG. 70 AGCO CORPORATION- SWOT ANALYSIS
FIG. 71 SAME DEUTZ-FAHR GROUP- REVENUE, 20122014 ($MILLION)
FIG. 72 SAME DEUTZ-FAHR GROUP- REVENUE OF BY PRODUCTS (%), 2014
FIG. 73 SAME DEUTZ-FAHR GROUP- REVENUE BY REGION, (%) 2014
FIG. 74 SAME DEUTZ-FAHR- SWOT ANALYSIS
FIG. 75 AGROSTROJ PELHRIMOV A.S- SWOT ANALYSIS
FIG. 76 CHINA NATIONAL MACHINERY INDUSTRY CORPORATION- SWOT ANALYSIS
FIG. 77 WEIFANG EUROKING MACHINERY- SWOT ANALYSIS
FIG. 78 CONCERN TRACTOR PLANTS- SWOT ANALYSIS
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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