Agriculture Equipment Market Global Share Estimated to Reach 324.31 Billion USD by Driving Sales, Demand, Industry Size, and Trends to 2030

Agriculture Equipment Market Growth Analysis and Research Report 2023 by Product Type (Tractor and Harvester and Cultivation & Soil Separation Equipment), Function (Harvesting, Planting & Fertilizing, Haying and Plowing & Cultivation), Sales Channel (OEM and Aftermarket), and Region (North America, Europe, Asia-Pacific and Rest of World) —Forecast till 2030

Agriculture Equipment Market Overview

The global Agriculture Equipment market is expected to register a CAGR of 5.55% to hold a value of USD 324.31 Billion by 2030. A device, component of a device, or attachment to a device meant to be primarily utilized for agricultural purposes is referred to as agricultural equipment. The primary element fueling the expansion of the worldwide market for agriculture equipment is the rising need for agricultural production. Additionally, the market expansion is boosted by the availability of cheap finance and subsidies, particularly in the Asian market.

However, erratic weather patterns and hefty agricultural equipment prices restrain market expansion. Nevertheless, it is anticipated that the growing demand for precision farming instruments would turn into a lucrative market for farmers’ equipment suppliers working in both established and emerging nations.

Key Players

Some of the key market players are,

• AGCO Corp. (US)
• JC Bamford Excavators Limited (UK)
• Deere & Company (US)
• CNH Industrial NV (UK)
• Kubota Corporation (Japan)
• Daedong Industrial Co. Ltd (US)
• Iseki & Co. Ltd (Japan)
• CLAAS KGaA mbH (Germany)
• Mahindra & Mahindra Limited (India)
• and Escorts Limited (India) and others.

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Mahindra & Mahindra’s Ltd. launched a new-age advanced tractor range called the Yuvo Tech+.

CNH Industrial N.V. acquired Raven Industries, Inc., a US-based leader in precision agriculture technology. The acquisition helped enhance CNH Industrial’s position in the global agriculture equipment market by adding strong innovation capabilities in autonomous and precision agriculture technology

Agriculture Equipment Market Growth Driving Factors

• Government support towards farm mechanization and subsidies
• Developing regions Increasing production and sales of farm equipment
• Rapidly growing online and offline food service centers globally
• Deployment of mechanical power and advanced technologies

Agriculture Equipment Market Segmentation

The Global Agriculture Equipment market has been segmented into Product Type, Function, and Sales Channel.

Based on the Product Type, the market has been segmented into Tractors, Harvesters, Cultivation, Soil Separation Equipment, and Others.

Based on the Function, the market has been segmented into Harvesting, Planting & Fertilizing, Haying, Plowing & Cultivation, and Others.

Based on the Sales Channel, the market has been segmented into OEM, Aftermarket.

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Agriculture Equipment Market Regional Analysis

The Asia-Pacific region is one of the largest markets for agricultural equipment. It is possible to attribute the rising harvesting, seed planting, irrigation, and culture operations in farm fields to the region’s increased need for agricultural tractors. Asia-Pacific has a rich supplier of fruits and vegetables, has affordable labour, and has friendly political policies in nations like India, China, Japan, and South Korea. These nations also place a lot of emphasis on agriculture, thus the demand for agricultural equipment in that industry is anticipated to be quite high.

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