Global agriculture equipment market was valued US$ 125.50 Bn in 2017 and is expected to reach 250.30 Bn by 2026, at a CAGR of 9.01 % during a forecast period.
Agricultural equipment keeps a wide range of machinery and tools , which are used in numerous processes of farming to increase output and supplement the overall crop quality.
Changing the preference of farmers from animal to manual operations in agriculture activity is one of the driving key factors in the global agriculture equipment market. Factors like government initiatives to increasing agriculture activities, rapid urbanization rate, and time-saving properties are shifting the focus of farmers to automation and enhancing their investment power. Furthermore, farmers are having financial issues to replace the old equipment with new machinery that can be limiting the growth of the global agriculture equipment market.
The tractors segment is projected to grow at a XX% rate of CAGR in the global agriculture equipment market during the forecast period. Agricultural machinery encompasses a wide range of equipment and tools, which are used in numerous farming processes to enhance crop quality and expand output. In developing countries across the globe, governments offer widespread support to farmers to purchase agricultural equipment to work more proficiently. For instance, in India, the Rashtriya Krishi Vikas Yojana funds farmers to purchase agricultural equipment containing tractors at subsidized rates. Various government authorities are taking initiatives to inform farmers about the benefits of using agricultural equipment in farming. Some of the prominent key players are also getting out to farmers to inform them about loan policies, credit financing, and advantages of contract farming.
The Asia Pacific is expected to share significant growth in the global agriculture equipment market. The growth in the market can be attributed to the increasing population in this region. The region is projected to dominate the global agriculture equipment market during the forecast period owing to the major market share contribution by developing countries like China and India. The rising population will increase the demand for food in these countries, which is expected to increase the demand for better harvesting machinery. Additionally, the government support by implementing many program and scheme is also one of the key factors for the growth of agriculture equipment market in this region.
Some of the key and niche players are focusing towards the expansion of technologically advanced agricultural equipment by expenditure on research & development activities, which has further empowered the companies to increase competitive edge in the agricultural equipment market. Key players are also interested to adopt business strategy as mergers and acquisitions. For instance, the company John Deere, principally engaged in the agricultural machinery and equipment manufacturing has acquired numerous companies from the past few years like Monosem, Wirtgen Group, Mazzotti and many more. Additionally, the company is expending heavily on research & development activities and focusing on the development and progress of existing and new products.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments by product, application and region and, project the global agriculture equipment market. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global agriculture equipment market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
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The Scope of the Report for Global Agriculture Equipment Market
Global Agriculture Equipment Market, By Product
• Combine Harvesters
• Power Tillers
• Seed Drill
• Power Weeder
Global Agriculture Equipment Market, By Application
• Land development and seed bed preparation
• Sowing and planting
• Harvesting and threshing
• Weed Inter cultivation
• Plant protection
• Post-harvest & Agro processing.
Global Agriculture Equipment Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
• AGCO Corporation
• Agrostroj Pelhrimov A.s
• China National Machinery Industry Corporation
• Concern Tractor Plants
• Deere & Company
• J.C Bamford Excavators limited
• Escorts Limited, Mahindra Group
• Same Deutz-Fahr Group
• JCB Limited
• Foton Lovol International Heavy Industries Company Ltd
• Valmont Industries Incorporated
• Weifang Euroking Machinery
• Agro Tractors S.p.A.
• SDF Group
• The Toro Company
• Kubota Corporation
• CLAAS KGaA mbH
• Mahindra & Mahindra Ltd.
• Escorts Ltd.
• Alamo Group Incorporated
• Netafim Limited
• Tractors and Farm Equipment Ltd.
• Yanmar Company Limited
• WORLD Group Company Limited
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