Agriculture Equipment Market to Surpass USD 326.66 billion by 2032 Drives Due to Increasing Mechanization
Research Reports
Aug 19, 2023
Global Agriculture Equipment Market Overview
In this regard, Market Research Future (MRFR) asserts that the global agriculture equipment market would grow at a moderate CAGR throughout the forecast period (2023-2032). According to the forecast, the Agriculture Equipment market is expected to witness substantial growth over the coming years. In 2023, the market is projected to be worth USD 212.04 billion, and it is anticipated to reach USD 326.66 billion by 2032. This growth represents a Compound Annual Growth Rate (CAGR) of approximately 5.55% during the forecast period from 2023 to 2032.
Market Summary
Global agriculture equipment refers to a wide range of machinery, tools, and vehicles used in various agricultural activities to enhance productivity, efficiency, and precision in farming operations. These equipment are designed to perform tasks that range from land preparation and planting to irrigation, harvesting, and post-harvest handling. Data from these machines, sensors and devices have the potential of transforming agriculture by assisting farmers in their day-to-day operations. Moreover, falling overall costs of this equipment, with an even sharper drop in the cost of sensors and cloud computing, escalates market growth. The market is expected to perceive brisk growth in the years to come.
Major Players
Players leading the global agriculture equipment market include
- JC Bamford Excavators Limited (UK)
- AGCO Corp. (US)
- Deere & Company (US)
- Kubota Corporation (Japan)
- CNH Industrial NV (UK)
- Daedong Industrial Co., Ltd (US)
- CLAAS KGaA mbH (Germany)
- Iseki & Co., Ltd (Japan)
- Escorts Limited (India)
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Global Agriculture Equipment Market Drivers
The world’s population is continuously growing, leading to increased demand for food. Agricultural equipment helps improve productivity and efficiency in farming, ensuring that enough food can be produced to meet the needs of a larger population.
Innovations in agricultural equipment, including precision agriculture technologies, GPS-guided machinery, sensors, and automation, enhance efficiency and accuracy in farming operations, reducing resource wastage and increasing yields. Agriculture equipment manufacturers often find export opportunities in regions where mechanization is increasing or where there’s a need to improve agricultural productivity. Consumers are increasingly interested in knowing the origin of their food and the methods used in its production. Equipment that supports traceability and quality assurance is becoming more important.
Market Restraints
In some regions, farmers may lack access to the latest agricultural technologies and may not have the necessary training to operate modern equipment effectively.
Agricultural equipment, especially modern and technologically advanced machinery, often requires a significant upfront investment. The high initial cost can be a barrier for small-scale farmers or farmers in regions with limited access to financing.
Beyond the initial investment, operating and maintaining agricultural equipment can be costly. Fuel, repairs, spare parts, and skilled labor contribute to ongoing expenses.
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Agriculture Equipment Market Segmentation
The report is segmented into
Product type
- Tractor
- Harvester
- cultivation
soil separation equipment
- Function
- Harvesting
- Planting & Fertilizing
- Haying
- Plowing & Cultivation
Regions
- Americas
- Europe
- Asia Pacific
- The Rest-of-the-World
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Regional Analysis
In North America, the agriculture equipment market is driven by the adoption of advanced technologies like precision farming, GPS-guided machinery, and automation. The region has a high level of mechanization and modernization in agriculture, with large farms that require efficient machinery. Environmental concerns and regulations also influence the adoption of equipment that minimizes chemical use and reduces emissions.
Europe’s agriculture equipment market is characterized by a focus on sustainability and precision farming. Stricter environmental regulations drive the demand for machinery that reduces chemical usage and minimizes the environmental impact of farming. Precision agriculture technologies are widely adopted in countries with advanced agricultural practices. The presence of a diverse range of crops and farming practices requires versatile equipment that can cater to different needs.
The Asia-Pacific region is experiencing rapid growth in the agriculture equipment market due to factors like increasing population, urbanization, and rising demand for food. Countries like China and India are major players in this market, driven by large agricultural sectors and government initiatives to modernize farming practices. Small-scale and subsistence farmers in some parts of the region rely on basic equipment, while larger farms in countries like Australia adopt advanced machinery.
Latin America’s agriculture equipment market is driven by the region’s role as a major producer of commodities like soybeans, sugarcane, and coffee. The expansion of agricultural land and increasing mechanization contribute to the demand for a variety of equipment.
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