Home Factor company Farm equipment market size to exceed USD 168.8 billion

Farm equipment market size to exceed USD 168.8 billion

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Tokyo, January 04, 2022 (GLOBE NEWSWIRE) – The world agricultural equipment market size was estimated at USD 112.84 billion in 2021. Agricultural equipment includes various mechanized equipment such as tractors, combines, plant protection equipment, and irrigation equipment that contributes to agricultural activities. This modern and technologically advanced equipment makes it possible to produce higher yields with less effort. In addition, it saves time by stimulating activities, reduces the use of labor and lowers labor costs. Agriculture is the main source of food across the world. And with the rapid increase in the world’s population, the demand for food has increased rapidly, putting pressure on the food supply chain. Hence, the demand for modern agricultural equipment has increased in order to achieve higher yields in less time, thus propelling the growth of the global agricultural equipment market.

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The crucial factors responsible for the growth of the market are:

  • Growing pressure on the food supply
  • Growing demand for agricultural crops in the food and beverage industry
  • Increase in government initiatives to develop the agricultural sector
  • Disadvantages of the extensive use of labor in agriculture
  • Growing awareness of the use of agricultural equipment
  • Growing mechanization in agriculture
  • The growing popularity of automatic equipment

Scope of Agricultural Equipment Market Report

Cover of the report Details
Market size in 2021 $ 112.84 billion
Growth rate from 2021 to 2030 4.6% CAGR
Fastest Growing Market North America
The biggest market Asia Pacific
Year of reference 2021
Forecast period 2021 to 2030
Covered companies CNH Industrial NV, EXEL Industries, Mahindra and Mahindra Ltd., Deere & Company, Kubota Corporation, Tractor and Farm Equipment Ltd., AGCO Corporation, SDF Spa, Bucher Industries AG, CLAAS KGaAmbH, ISEKI & Co. Ltd.

Regional snapshots

Based on region, Asia-Pacific is the world’s largest and most dynamic market. The presence of a huge population, greater dependence on agriculture, increasing penetration of technologies, increasing government initiatives to stimulate agriculture, and growing awareness regarding the use of agricultural equipment are the many important factors that can be held responsible for the rapid growth of agricultural equipment. region market. However, the lower availability of resources and the financial limitations of farmers in countries like India, China and Indonesia are the major factors which can hamper the market growth in the region.

The agricultural equipment market in Asia-Pacific is followed by North America. The higher adoption rate of advanced technologies in the region has favored the adoption of automatic agricultural equipment in this region. In addition, higher incomes and government policies regarding the agricultural sector have perfectly complemented the growth of the agricultural equipment market in North America.

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Driver

The growing demand for farm mechanization in developing countries is a major driver of the global agricultural equipment market. The lack of water resources, the lack of skilled labor and the growing shortage of agricultural land favor the adoption of mechanized agricultural equipment to generate higher yields by applying less resources. It is the main engine of the world’s agricultural equipment.

Constraints

The high cost of mechanized agricultural equipment coupled with lower awareness of various agricultural equipment among the farmers is a major restraining factor which is expected to hamper the growth of the global agricultural equipment market during the forecast period.

Opportunities

The increasing development activities of the major players in the agricultural equipment market are expected to drive the market in the coming years. For example, XAG Co. Ltd. has launched a jet spray system, named R150, which automatically sprays pollen. It can be connected to the smartphone and can be operated from the smartphone through an app. These technological advancements provide lucrative growth opportunities for market players.

Challenges

Rapid industrialization and rapid urbanization are the main challenges which use up a large area of ​​land and as a result, agricultural land is shrinking day by day. Lack of agricultural land is a major threat to the agricultural equipment industry.

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Highlights of the report

  • By product type, the tractor segment has dominated the global agricultural equipment market with remarkable revenue share in 2020. Tractors are the most widely used product which helps to perform the main functions of agriculture like plowing, harvesting and harvesting. seedlings. For this, tractors are the most common and preferred type of product among world farmers.
  • By application, plant protection is estimated to be the fastest growing segment during the forecast period. The growing threat of plant damage is a major factor propelling the growth of this segment. The yield is maximum if the plants are protected from various threats such as birds, animals and insect attacks.
  • By automation, the automatic segment is believed to be the most opportunistic segment due to the increasing adoption of automated equipment in order to save time and money. In addition, it helps to reduce efforts by eliminating the overuse of agricultural labor.

Recent developments

  • In September 2019, CNH Industrial opened its service center in China. This development focused on expanding the business in China and delivering products and services to customers in less time.
  • In August 2021, Deere & Company launched a new tractor, the 6155 MH Tractor, which offers improved and efficient performance in the field.

Segments covered in the report

By product type

  • Harvesters
  • Tractors
  • Irrigation and crop treatment equipment
  • Planting equipment
  • Others

By application

  • Agrarian development
  • Cultivation of weeds
  • Plant protection
  • Sowing and planting
  • Harvesting and threshing
  • Post-harvest agro-processing

By automation

  • Manual
  • Semi-automatic
  • Automatique

By geography

  • North America
  • Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the world

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