Agricultural Equipment Market – Key Players are Adopting Different Growth Strategies to Maintain Their Global Dominance

ESOMAR-certified consulting firm Future Market Insights (FMI) in its latest report forecasts that the global agricultural equipment market will register a CAGR of 4.8% between 2022 and 2032, reaching a market volume of around US$ 108.86 Billion by 2032 end.

Agriculture is the primary source of livelihood for about 58% of India’s population. In order to address the rising food demand and promote use of advanced farm machinery, government of India has introduced various schemes. For instance, Rastriya Krishi Vikas Yojana (RKVY) was introduced to provide 100% subsidy. The scheme was aimed to assist the advancement of the farming sector.

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The agriculture industry is under constant pressure to address the food security issue. Farmers across the world are employing various equipment to increase food production. These machines minimize the manual labor and reduce turnaround time.

Growing popularity of precision farming is augmenting the demand for modern agricultural equipment. With the integration of artificial intelligence (AI) and internet of things (IoT), the sales of agriculture equipment are soaring. Smart farming is gaining traction. Introduction of electric agricultural equipment has completely changed the market scenario. These equipment does not only minimize the emissions but also reduce costs and improve efficiency.

New trends of agricultural robotics and driverless machines are attracting large number of farmers to upgrade their equipment systems. As per FMI, the agricultural equipment market will surpass a valuation of US 65 Billion by 2021 end.

Key Takeaways from FMI’s Agricultural Equipment Market Study

  • Europe dominates the ground support equipment market as a result of increasing agricultural mechanization and presence of leading manufacturers. The market in the region is set to register steady growth at 4.8% CAGR between 2022 and 2032.
  • The U.S. is expected to register a strong CAGR during the forecast period as a result of rapid technological advancements and availability of equipment leasing.
  • With implementation of favorable governmental policies, China is anticipated to emerge as the leading market for agricultural equipment.
  • Top 5 players operating in agricultural equipment market collectively account for 44% market share.
  • By product type, tractors dominate the agricultural equipment market with their multipurpose nature.

Competitive Landscape

Key players operating in agricultural equipment market are investing heavily on research and development activities. They are adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market. For instance.

In August 2021, Precision Planting, LLC a subsidiary of AGCO Corporation announced an agreement to acquire the business and assets of Headsight, Inc., a leading precision agriculture harvesting solution company. The acquisition will help the company to offer farmers a range of industry-leading precision ag technologies across the crop cycle that will help them to maximize their value and output while minimizing inputs and impact.

In 2021, XAG Co., Ltd. Launched XAG R150, a jet sprayer system to pollinate fruit trees. A specially mixed solution of pollen is poured into the R150’s liquid tank before it is sent on a predetermined route around an orchard to spray pollen.

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Key Segments Covered in the Agricultural Equipment Industry Analysis

Agricultural Equipment Market by Product Type:

  • Tractors
  • Rotavators
    • Wheel Type
    • Crawler Type
  • Threshers & Dehuskers
    • Wheel Type
    • Crawler Type
  • Power Tillers
    • Wheel Type
    • Crawler Type
  • Power Weeder
    • Wheel Type
    • Crawler Type
  • Plough
  • Baler
  • Seed Drill

Agricultural Equipment Market by Category:

  • Tractor Pulled / Attachment
  • Self-Propelled

Agricultural Equipment Market by Ownership:

  • Individual
  • Rental

Agricultural Equipment Market by Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

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About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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