Trusted Business Insights presents the Latest Study on Agriculture Equipment Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Agriculture Equipment Market
The global agriculture equipment market size was USD 139.0 billion in 2018, exhibiting a CAGR of 8.9% from 2019 to 2025. Adoption of modern technologies by farmers to increase farm yield and meet the soaring demand for food is expected to be a key factor driving the market. Traditional farming techniques such as plows, tillage, and seeders are now being replaced with various modern agricultural machinery. Advanced farming machinery such as spraying equipment, hay and forage equipment, harvesters, and irrigation and crop processing equipment are being used in various processes to enhance overall crop output and quality.
The global market is expected to witness significant growth over the forecast period owing to rising incorporation of innovative technologies in farm machinery. For instance, various farm machinery manufacturers are concentrating on integrating technologies such as Google Earth, GPS, and robotic systems into present equipment to improve productivity. Another key reason for the predicted growth is government subsidies and low rates offered to farmers in emerging countries to adopt agricultural machinery.
Agriculture equipment enable easy farming; it makes the process simpler and more profitable by enhancing crop quality and reducing labor cost. The market is expected to witness high growth over the forecast period owing to amalgamation of several novel technologies in this arena. Rise in global population is increasing the demand for food, thereby increasing pressure on agriculturists to innovate time- and cost-efficient methods of production. This is projected to spur the farm machinery market.
Technologically-advanced agricultural robotics, such as ground-based sensors, autonomous tractors, and flying drones, aid farmers in producing food at low costs to fulfill growing demand for food. Farmers are gradually becoming tech-savvy and adoption of GPS software products and tractors equipped with telematics are anticipated to spur sales of agriculture machinery over the forecast years. Furthermore, growing usage of cost-cutting strategies for designing farm equipment is projected to offer key growth opportunities players. An escalating number of suppliers, coupled with growing number of government subsidies, is predicted to offer growth avenues for market expansion.
Market Segmentation, Outlook & Viewpoint: Global Agriculture Equipment Market
Product Market Segmentation & Outlook (Revenue, USD Billion, 2014 – 2025)
Row Crop Planters
Irrigation & Crop Processing Equipment
Hay & Forage Equipment
Application Market Segmentation & Outlook (Revenue, USD Billion, 2014 – 2025)
Land Development & Seed Bed Preparation
Sowing & Planting
Harvesting & Threshing
Post-harvest & Agro Processing
Key Players, Recent Developments & Regional Insights: Global Agriculture Equipment Market
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Tractors emerged as the leading product category and contributed to over 25.0% of the total revenue in 2018. These vehicles are essential farm machinery used for several activities, both as a standalone equipment and in tandem with other implements. Additionally, sale of tractors is expected to continue over the forecast period owing to increasing rate of mechanization as well as growing population, thereby resulting in increased pressure on food production and productivity.
Harvesters are expected to account for a share of over 21.0% in the agriculture equipment market by 2025, registering a CAGR of more than 10.0% over the forecast period. This growth is attributed to the fact that farmers are increasingly preferring harvesters to increase production and limit dependency on farm labor. Furthermore, harvesters offer high productivity and fuel economy, which are some of the other factors anticipated to drive product demand through 2025.
The land development and seed bed preparation segment accounted for about 23.0% in 2018. Harvesting and threshing applications, on the other hand, are anticipated to exhibit the highest CAGR of more than 10.0% over the forecast period. The primary factor behind increasing demand for farm products across several applications, such as land development, plant protection, harvesting, and sowing and planting, is shortage of farm labor. Since agriculture is a labor-intensive and time-consuming process, labor employment has become expensive. This is further aggravated by the fact that there is scarcity of localized labor supply across the globe owing to shift of focus among people toward other jobs.
Tractors equipped with technologies such as Global Positioning System (GPS) for vehicle and row tracking help capitalize on increased agricultural yield. Agriculture machinery used for sowing and planting, weed cultivation, plant protection, harvesting and threshing, and post-harvest and agro processing aid in increasing agricultural yield.
Strong economic growth in developing countries such as China, India, and Middle Eastern countries is projected to drive the farm machinery industry. Asia Pacific is expected to emerge as the largest market and witness the fastest growth over the forecast period. China alone held over 30.0% of the regional revenue in 2018. Regional growth can be ascribed to low level of mechanization and large area of agricultural land. However, mechanization of various agricultural processes is evolving progressively in Asia Pacific, which is estimated to spur demand for agricultural machinery over the forecast period.
North America held a share of over 22.0% in 2018 and is anticipated to exhibit strong growth by 2025. This is ascribed to introduction and utilization of machines with better fuel efficiency and improved features. Additionally, shortage of farm labor is expected to be one of the factors driving demand for farm equipment in North America.
Agriculture Equipment Market Share Insights
The global market is highly competitive owing to the presence of few prominent players, along with several medium- and small-scale players accounting for the market share. Key players in the market include John Deere, AGCO, Mahindra & Mahindra, CNH Industrial N.V., Iseki & Co., Ltd., and Kubota. These players compete on parameters such as quality and availability of products as well as technological advancements. Furthermore, mergers and acquisitions are being undertaken as an attempt to gain market share and expand their product portfolio.
For instance, in October 2017, AGCO Corporation announced the acquisition of Lelys Hay and Forage division. The division includes a range of products, such as rakes, mowers, tedders, loader wagons, round balers, and tillage products. This acquisition was aimed at AGCO Corporation expanding its existing range of hay and forage products.
Key Insights Covered: Global Agriculture Equipment Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Agriculture Equipment industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Agriculture Equipment industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Agriculture Equipment industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Agriculture Equipment industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Agriculture Equipment industry.
Research Methodology: Global Agriculture Equipment Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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