The global agriculture equipment market size was worth around USD 150.2 billion in 2021 and is predicted to grow to around USD 264.7 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2022 and 2030.
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➤ Government assistance in the form of farm loan waivers and credit finance to stimulate market expansion
Farmers are encouraged to acquire agricultural equipment through farm loan waiver programs. Various initiatives were implemented by governments worldwide to alleviate debt and encourage the establishment of mechanization on farms. For example, the 2019 Agricultural Policy Monitoring and Evaluation released by the Organization for Economic Co-operation and Development (OECD) indicates that farm policies in 53 countries—including all OECD, EU, and 12 significant emerging economies—provided direct support to farmers worth an average of USD 728 billion annually from 2018 to 2020.
➤ The expansion of the rental market to regulate the market’s development
The procurement of farm equipment, such as tractors and harvesters, is the largest contributor to the global rental industry. This investment is substantial and is made in agricultural activities. The substantial investments that are necessary throughout the entire design, production, and distribution process are reflected in the cost of the equipment that is made available to producers.
➤ It is anticipated that the market will experience advantageous opportunities for expansion as a result of the ongoing technological advancements in agricultural equipment.
During the forecast period, it is anticipated that the market will yield lucrative opportunities for expansion due to the ongoing technological advancements in agricultural equipment. The market is stimulated by the proliferation of numerous agricultural technologies, extensive innovation, and capital investments. Big data, AI, and IoT have resulted in innovative planting and harvesting apparatus that has benefited farmers. For example, the artificial intelligence combine harvester from Zoomlion began to gradually exit the designated manufacturing line in the Kaifeng Industrial Park in April 2021, indicating the product’s transition from experimental verification to complete mass production.
➤ Changing emission standards pose a significant obstacle to market expansion.
The global agriculture equipment market growth over the forecast period is significantly impacted by the evolving emission norms. CNH Industrial, John Deere, and AGCO have expressed their concerns regarding pollution regulations worldwide. The sales of agricultural and construction equipment may be restricted by the implementation of emission standards. Substantial R&D expenditures are required in response to modifications to emission regulations. Each market has its own emission standards, which complicate the design of components, particularly engines. Consequently, serve as a significant constraint.
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The Global Agriculture Equipment Market is segmented based on product, application and region
Global Agriculture Equipment Market: Product Segment Analysis
● Tractors
● Harvesters
● Planting Equipment
● Irrigation & Crop Processing Equipment
● Spraying Equipment
● Hay & Forage Equipment
● Others
Global Agriculture Equipment Market: Application Segment Analysis
● Land Development & Seed Bed Preparation
● Sowing & Planting
● Weed Cultivation
● Plant Protection
● Harvesting & Threshing
● Post-harvest & Agro-processing
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The global Agriculture Equipment market profiles key players such as:
● Alamo Group Inc.
● AGCO Corporation
● Argo Tractors S.p.A.
● Bucher
● CNH Industrial N.V.
● Deere & Company
● Escorts Limited
● KUBOTA Corporation
● Mahindra & Mahindra Ltd
● YANMAR HOLDINGS Co. Ltd.
● CLAAS KGaA mbH
● ZETOR TRACTORS a.s.
● Valmont Industries Inc.
● JCB
???? Recent Developments:
• Titan Machinery Inc., a prominent network of full-service agricultural and construction equipment stores, acquired Heartland Ag Systems, Heartland Solutions, and related affiliates (“Heartland”) in July 2022. Heartland is the largest Case IH Application Equipment distributorship in North America, providing application-focused solutions for commercial applicators. This acquisition is substantial for Titan Machinery in terms of both scope and strategic alignment.
• AGCO, a global manufacturer and distributor of agricultural machinery and precision Ag technology, acquired JCA Industries in May 2022, a pioneer in the development of autonomous software for agricultural equipment, implement controls, and electronic system components. AGCO will accelerate the delivery of autonomous systems and machine automation that enhance agricultural productivity as a result of this acquisition. One of the most innovative developers of autonomous machine technology for off-road OEMs is JCA.
➤ It is anticipated that the Asia Pacific region will maintain a substantial market share during the forecast period.
It is anticipated that the Asia Pacific region will maintain a substantial portion of the global agriculture equipment market during the forecast period. The region’s expansion is ascribed to the government’s increased funding for agricultural mechanization and the innovative product launches by the key players in the region. For instance, the Chinese government is promoting the mechanization of farms for a diverse array of crops, such as rice, wheat, maize, potatoes, oilseed rapeseed, cotton, and sugarcane.
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