According to a recent Fact.MR report, demand for agricultural equipment is expected to grow at a CAGR of 4% in terms of value over the assessment period. Additionally, the survey predicts that by the end of 2032, the market for agricultural equipment will likely surpass US$ 237.08 Bn.
Agriculture equipment sales grew at a CAGR of 4.9% from 2015 to 2021, reaching a market value of US$ 154 billion. Prospects slightly worsened during the COVID-19 epidemic because lockdowns and restrictions on manufacturing activities threw off the demand-supply equilibrium. The removal of limitations and a decrease in the severity of the infection helped to eventually end the recession.
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Over the forecast period, a lack of workers will be a major factor in driving the use of agricultural equipment, notably in Western Europe and the United States. The growing population to fulfil the world's food needs will also be a major driver, driving up demand in the long run, in addition to developments in the agricultural equipment space and manpower shortages.
Agriculture Equipment Market Size (2022)
US$ 160.16 Bn
Sales Forecast for Agriculture Equipment (2032)
US$ 237.08 Bn
Global Market Growth Rate (2022 to 2032)
Important conclusions from the market study
· In 2020, tractors accounted for a sizable share of the entire market, which is anticipated to grow to more than US$ 80 Bn by 2032.
· Due to the significance of harvesting and threshing in farming, the segment accounts for nearly 20% of total revenue.
· Agriculture equipment sales in the U.S. will grow at a CAGR of 5% through 2032, while sales in MEA will soar at a CAGR of 2% to reach over US$ 10 Bn in 2022 and beyond.
· By the end of 2022, the global market for agricultural equipment will be worth US$ 160.16 billion.
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Product innovation and strategic mergers and acquisitions have transformed the competitive environment of the market for agriculture equipment. To take advantage of lucrative opportunities in developing nations, front-runners are focusing capacity improvements and global footprint development.
· CLAAS KGaAmbH purchased a minority share in the Dutch startup AgXeed B.V. in May 2021. The transaction was made with the goal of creating and marketing autonomous farming equipment.
· In an effort to expand its client base, John Deere unveiled the new 6155MH Tractor in August 2021. This tractor offers dependability and all the performance that has been field-tested like the M series.
Key Companies Profiled
· AGCO Corporation
· Escorts Group
· ISEKI & Co. Ltd.
· APV GmbH
· Bellota Agrisolutions
· CLAAS KGaAmbH
· CNH Industrial N.V
· Deere & Company
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