Agriculture Equipment Market Analysis & Forecast | 2022-2028

Market Insights

Agriculture Equipment Market is expected to grow from USD 149.84 Bn in 2021 to USD 226.79 Bn by 2028 at a healthy CAGR of 6.1% during the forecast period of 2022-2028.

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What is agriculture equipment?

Agriculture equipment is machines and systems used to efficiently handle all kinds of farming, agriculture, and operational needs. It can be broadly categorized based on product type into farm tractors, harvesting machinery, plowing & cultivation machinery, planting & fertilizing machinery, haying machinery, and others.

Key Players

Some of the major suppliers of agriculture equipment are-

• Alamo Group Inc.
• China National Machinery Industry Corporation
• AGCO Corporation
• Amazonen-Werke H. Dreyer GmbH & Company KG
• ARGO SpA
• Bucher Industries AG
• Changzhou Dongfeng Agricultural Machinery Group Company Limited
• CLAAS KGaA mbH
• CNH Industrial NV
• Deere & Company
• Escorts Limited
• Iseki & Co. Ltd.
• J C Bamford Excavators Ltd. (JCB)
• Kubota Corporation
• Mahindra & Mahindra Limited
• Same Deutz-Fahr Group S.p.A. (SDF)
• Valmont Industries Inc.
• Yanmar Co. Ltd.
• Zetor Tractors A.S.

Market Drivers

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The prime factors that are driving the market are expanding global economy, the growing disposable income of consumers, and increasing demand for processed foods, packaged foods, and meats.

• The primary driving force behind the growth in the agriculture sector is expected to be the increase in mechanization accompanied by an increase in farmers’ income.
• To meet the growing demand for food, technological advancements like autonomous tractors, flying drones, etc. are helping farmers to produce at lower costs.
• Using farming equipment helps to obtain high crop yields in a relatively short time and with minimal effort.
• Farmers are being encouraged to buy agricultural equipment due to the implementation of farm loan waiver schemes.

Segment Analysis

By Product Type

The Farm Tractors segment dominated the market with a more than 29% revenue share in 2021.

The market is segmented as farm tractors, harvesting machinery, plowing & cultivation machinery, planting & fertilizing machinery, haying machinery, and others.  Farm tractors are further segmented by product type into sub-compact utility tractors, compact utility tractors, and specialty tractors.

Further, based on horsepower; farm tractors are segmented into <30 HP, 30-100 HP, 101-200 HP, and >200 HP.

By Region

Asia-Pacific is estimated to be the largest market for agriculture equipment during the forecast period.

Significant economic development in the region, growing disposable income of consumers, and a huge consumer base are the major features of the Asia-Pacific market. Rising demand for processed and packaged food, changing lifestyles, and a surge in demand for meat products are the major factors driving the growth of the Asia-Pacific region in the market.

North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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The market is segmented into the following categories. 

By Product Type:

• Farm Tractors
  • Regional Analysis
  • Product Type Analysis (Sub-compact Utility Tractor, Compact Utility Tractor, and Specialty Tractor)
  • Horse Power Type Analysis (<30 HP, 30-100 HP, 101-200 HP, and >200 HP)
• Harvesting Machinery
  • Regional Analysis
  • Product Type Analysis (Combine Harvester, Forage Harvester, Thresher, and Reaper)
• Plowing & Cultivation Machinery
  • Regional Analysis
  • Product Type Analysis (Ploughs, Harrows, and Cultivators & Tillers)
• Planting & Fertilizing Machinery
  • Regional Analysis
  • Product Type Analysis (Seed Drills, Planters, Spreaders, and Sprayers)
• Haying Machinery
  • Regional Analysis
  • Product Type Analysis (Balers, Mowers-Conditioners, and Tedders & Rakes)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By Region:

• North America
• Europe
• Asia-Pacific 
• Rest of the World

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.