Global Agriculture Equipment Market To Undergo Rapid Advancements During Period 2022  - 2031

Global Agriculture Equipment Market To Undergo Rapid Advancements During Period 2022 - 2031

Published Sep 27, 2022 

Aditya Wankhede
By Aditya Wankhede

5 Articles

According to a new Fact.MR report, demand for agricultural equipment Market is expected to grow at a CAGR of 4% in terms of value during the assessment period. Additionally, the survey predicts that by the end of 2032, the market for agricultural equipment would likely reach 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 somewhat 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.

Over the projected period, a lack of workers will be a major factor in boosting the use of agricultural equipment, notably in Western Europe and the United States. The expanding population to fulfil the world's food needs will also be a key driver, driving up demand in the long run, in addition to developments in the agricultural equipment area and manpower shortages.

Key Takeaways 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 income.
  • 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.

 “Government schemes supporting agricultural activities in the emerging economies are projected to drive the market through 2032”, says a Fact.MR analyst.

Competitive Landscape

The AGCO Corporation, Agrocenter Ltd., Agromaster, AMAZONE Ltd., AMAZONE Ltd., APV- Technische Produkte GmbH, CLAAS KGaA mbH, CNH Industrial N.V, Escorts Group, Horsch Maschinen GmbH, and ISEKI & Co., Ltd. are some well-known producers of agricultural equipment. In order to take advantage of profitable opportunities in developing nations, leaders are stressing capacity improvements and a global footprint growth. The following are some noteworthy developments:

  • 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.

More Valuable Insights

Fact.MR provides historical data for the years 2015–2021 and projected information for the years 2022–2032 in its most recent study to provide an objective overview of the farm equipment industry.

The study provides important information about the agriculture equipment market in five major regions (North America, Latin America, Europe, and Asia Pacific) based on product (tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment, and others) and application (land development & seed bed preparation, plant protection, weed cultivation, harvesting & threshing, sowing & planting, and post-harvest & agro planning).