Agricultural Equipment Market Expected To Reach ~ 4.6% CAGR To Reach ~ US $ 65 Billion By 2031 – Market Research Blog
According to a recent IMF survey, the agricultural equipment market should total US $ 65 billion in 2021. In response to the increasing demand for advanced and automated technologies in the agricultural sector, the market is expected to register constant demand.
According to the IMF, the global agricultural equipment market will grow at 4.8% CAGR between 2021 and 2031, compared to 2.8% CAGR recorded from 2016 to 2020.
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The advent of new electrical technologies has rapidly shifted from traditional farming methodologies to modern farming machinery in recent years. As these equipments minimize manual labor, increase production and reduce lead times, they are widely adopted by framers.
In addition, favorable initiatives undertaken by the governments of several countries are mechanizing the agricultural sector to meet the growing demand for food. For example, according to the India Brand Equity Foundation (IBEF), the Indian government has announced to allocate more than $ 551 million as part of an initiative named Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-2022. Such initiatives are believed to create high income generation opportunities for market players.
Among the vertical product types, the tractor is expected to remain the most preferred agricultural machine in the segment. The growth of the segment is attributed to the versatile nature of tractors such as field preparation, plowing, harvesting and others.
“Manufacturers focus on launching new automated agricultural equipment with integrated advanced technologies such as Internet of Things (IoT), telematics and artificial intelligence (AI) to capitalize on the trend in agriculture intelligent “ said the IMF analyst.
Key takeaways from Market research on agricultural equipment
- The growing attention to mechanization in the agricultural sector to address the labor shortage in the United States is expected to lead to the North America walked to a 3.9% CAGR over the evaluation period.
- Europe the agricultural equipment market is expected to grow at a CAGR of 4.4% through 2031, with UK and Germany at the head of growth thanks to the easy availability of agricultural equipment for hire.
- India is expected to become one of the most lucrative markets in Asia Pacific, favored by the growing number of favorable government policies in the country.
- South Korea and Japan are estimated to collectively represent nearly 11% of the global revenue share in 2021, supported by the presence of leading manufacturers such as Kubota Corporation and Dae Heung Engine Co., Ltd.
- In terms of category, self-propelled implements are expected to dominate the segment, due to lower cost, low accident risk and faster performance than towed implements.
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- Increase government agricultural mechanization initiatives to meet the demand for food in developing countries such as India, China, and Japan is the engine of agricultural equipment sales.
- The introduction of new agricultural machinery with Global Positioning System (GPS) and the increasing availability of agricultural equipment for hire and hire are driving the growth of the market.
- The high cost of agricultural equipment such as tractors and tillers is hampering the growth of the market.
- The growing demand for construction and the decrease in the area of arable land in countries such as the United States, Japan, China, Kuwait, and others hamper sales of farm equipment.
According to IMF, the top 5 manufacturers in the world market are Deere & Company, AGCO Corp, CNH Industrial NV, Kubota Corporation and CLAAS KGaA GmbH. These players are expected to represent nearly 44% of global sales in 2021.
Major manufacturers are focused on developing and launching advanced quality products. They aim to adopt various organic and inorganic expansion strategies such as mergers and acquisitions, partnerships, collaborations and advanced product development to gain competitive advantage in the market. For example,
- In August 2021, Deere and Company, an American agricultural machinery maker, announced the acquisition of Silicon Valley-based agricultural technology startup, Bear Flag Robotics, to $ 250 million. Acquisition will help company create smarter machines with advanced technology
- In 2021, XAG Co., Ltd., a leader in agricultural technology company announced launch of a new jet spray system for pollinating fruit trees, the XAG R150. It sprays a specially mixed solution of pollen which is sent on a predetermined route around the orchards.
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Some of the major players operating in the market presented by IMF are:
- Bucher Industries SA
- AGCO Corp
- Deere & Company
- EXEL Industries
- CLAAS KGaA mbH
- ISEKI & CO. LTD.
- CNH Industrial SA
- Krone Group United Kingdom
- Kubota Company
- LEMKEN GmbH & Co. KG
- Mahindra & Mahindra Ltée.
- Mitsubishi Mahindra Agricultural Machinery Co. Ltd
- SDF SpA
- Tractor and Limited Farm Equipment (TAFE)
More valuable information on Agricultural equipment Marlet
IMF, in its new report, offers an unbiased analysis of the global agricultural equipment market, analyzing forecast statistics up to 2021 and beyond. The survey reveals growth projections in the agricultural equipment market with detailed segmentation:
By product type:
- Threshers and hullers
- Electric weed burner
- Seed drill
- Tractor pulled / Attachment
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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