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Agriculture Equipment Market Expected to Reach $192.5 Billion by 2032—Allied Market Research

 
2022
Agriculture Equipment Market

Report Code : A01187

quote The major players are investing in R&D to develop new and enhanced equipment for farming. Advanced technologies used in agriculture equipment assist the farmers to produce more crops with minimum resource inputs. In addition, new products launched in the market comply with latest emission standards, which thereby reduce the carbon emissions on agricultural farms. quote

Onkar Sumant - Manager
Construction and Manufacturing at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Agriculture Equipment Market," The agriculture equipment market size was valued at $121.2 billion in 2022, and is estimated to reach $192.5 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

Agricultural equipment aids in increasing agricultural productivity with less time consumption. In addition, agricultural equipment requires lower effort inputs, thereby reducing the demand for human labor on farms. This not only saves time of operations, however, also saves costs incurred on workforce. Furthermore, advancements in machine technologies promote the growth of the agricultural equipment market. This is attributed to the fact that implementation of automatic and semi-automatic machinery increases crop production owing to lower downtimes and highly precise operations.

Various countries in Asia-Pacific and LAMEA generate most of their revenue from the agricultural industry. The countries such as India, China, Indonesia, Brazil, and Ghana are anticipated to exhibit rapid growth owing to surge in adoption of agricultural equipment. Farmers in these regions have adopted agricultural equipment even on small sized farms due to the provision of government incentives to motivate the use of agricultural equipment. Various agricultural equipment manufacturers focus on product launches and product developments to assist in other agricultural activities such as fruit picking, irrigation, and crop processing. Such factor drive the agriculture equipment market growth.

Depending on type, the tractor segment held major share of the market in 2022, however, the harvesters segment is expected to exhibit the fastest growth rate during the forecast period. Considering the business segment, the original equipment manufacturers (OEMs) segment generated the highest revenue in 2022, owing to surge in adoption of agricultural equipment across various regions. In addition, automation in manufacturing processes assists in production of high-quality equipment which drives the growth of agriculture equipment market.

Furthermore, the outbreak of COVID-19 led to a halt in logistic and manufacturing activities across the globe, which, in turn, led to the interruption of the supply chain, thereby hindering the growth of the agriculture equipment market. However, the situation has improved as the government has already relaxed norms around the world for resuming business activities.

Mechanization in agriculture lessens the drudgery that labor-intensive farming practices cause. Thus, by improving crop quality and cutting down on operating times, the implementation of sustainable mechanization can increase land production. Mechanization techniques can be applied to agricultural operations to overcome problems such as labor shortage. In addition, the Food and Agriculture Organization (FAO) estimates that 60% more food must be produced by 2050 to feed the world's population of 9.3 billion people. Normal farming methods would put an undue amount of strain on our natural resources to do it. By employing a variety of ecosystem-friendly techniques, lowering the usage of outside inputs, and assisting farmers in becoming more resilient to the increasingly frequent weather extremes brought on by climate change, agricultural output and lower greenhouse gas emissions can be sustainably enhanced. Thus, increase in mechanization of agricultural activities drives the adoption of agriculture equipment, thereby surging the agriculture equipment market growth.

In addition, OEMs collaborate with technology providers to update their agricultural machinery with the latest technologies. For instance, the company CNH Industrial N.V., operating in the UK, signed an agreement through its brand CASE IH with Farmers Edge Inc., a Canadian agricultural technology provider. This agreement is expected to focus on offering better services and equipment for the customer.

The agreement aims at the development of digital agricultural solutions such as connectivity and agronomic solutions for its various agricultural equipment products. Moreover, it plans to offer unique technology platforms, which feature execution, planning, analysis, and decision-making capabilities to improve the agricultural processes using various agriculture equipment. For instance, in January 2020, CASE IH launched a new suspended front axle for its CASE IH Quantum V, N, and F model tractors. The new suspended axle offers front suspension option, which allows manual setting of the suspension height from the cab to provide comfort during operations.

Competition Analysis

The major players profiled in the agriculture equipment market include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelhřimov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.

Key Findings of The Study

  • The report provides an extensive analysis of the current and emerging global agriculture equipment market trends and dynamics.
  • Depending on type, the tractors segment accounted for maximum share of the agriculture equipment industry in 2022.
  • In automation, automatic segment is anticipated to grow with the highest CAGR throughout the forecast period.
  • By business, the OEM businesses segment generated the highest revenue in 2022.
  • Region wise, Asia-Pacific accounted for largest share of the global agriculture equipment market share in 2022. LAMEA is anticipated to grow at the highest rate in the agriculture equipment market during the analysis period, followed by Asia-Pacific.
  • The report provides an extensive analysis of the global agriculture equipment market analysis, trends and emerging opportunities of the market.
  • The global agriculture equipment market forecast analysis from 2022 to 2032 is included in the report.

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quote Agriculture Equipment Market by Type (Tractors, Harvesters, Soil Preparation and Cultivation, Irrigation and Crop Processing, Agriculture Spraying Equipment, Hay and Forage Machines, Others), by Automation (Manual, Semi automatic, Automatic), by Business (Original Equipment Manufacturers (OEMs), Aftersales): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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