The global market for agricultural equipment is expected to be worth US$ 118.1 million in 2023. The overall demand for agricultural equipment is expected to climb at a CAGR of 4.2% between 2023 and 2033, reaching a total of roughly US$ 171.4 million by 2033 due to rising farm mechanization and OEM expenditures in agricultural equipment.
Agriculture is the primary source of livelihood for about 58% of India’s population. In order to address the rising food demand and promote the use of advanced farm machinery, the government of India has introduced various schemes. For instance, Rashtriya Krishi Vikas Yojana (RKVY) was introduced to provide a 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 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. The introduction of electric agricultural equipment has completely changed the market scenario. This equipment does not only minimizes emissions but also reduce costs and improves 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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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