Agriculture Equipment Market Worth USD 253.28 Billion by 2028

Companies covered in the agricultural equipment market are Deere & Company, AGCO Corporation, Alamo Group Inc., Kubota Corporation, Mahindra & Mahindra Ltd., CNH Industrial NV, Iseki & Co., Ltd., Claas KGaA mbH, China National Machinery Industry Corporation, Valmont Industries, Inc., Sonalika Group – Sonalika International Tractor, SDF SpA, Escort Limited, Agrostroj Pelhrimov As, Weifang Euroking Machinery, Concern Tractor Plants, Agromaster.

Pune, India, April 25, 2022 (GLOBE NEWSWIRE) — The Global Agricultural Equipment Market the size should reach USD 253.28 billion by 2028 and expose a 7.0% CAGR during the forecast period. Increase in favorable government initiatives, reduction in import duties and interest rates, and ease of financing are some of the factors that are expected to support the growth of the market in the coming years. Fortune Business Insights has published this information in its report titled “Farm Equipment Market, 2021-2028”. The global market size stood at USD 148.41 billion in 2020 and is expected to reach USD 157.89 billion in 2021.

Growing adoption of advanced technologies such as Internet of Things (IoT), Artificial Intelligence (AI), flying drones and others is expected to supplement the market growth in the coming years.

Regional outlook-

Increasing Contract Farming Acceptance to Drive Growth in Asia-Pacific

Asia-Pacific is expected to achieve the largest global agricultural equipment market share in the coming years. India is considered as a huge market for agricultural tractors in the world. Growing acceptance of contract farming and farm equipment rental services is expected to offer lucrative growth for the market.

North America is expected to experience robust growth due to increasing mechanization of agricultural equipment and growing adoption of robotic systems.

Europe is expected to experience steady growth due to increased production of products through optimization of supply chain processes. Rising use of agricultural equipment and labor shortages are expected to complement market growth.

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Scope and Segmentation of the Agricultural Equipment Market Report:

Report cover

Details

Forecast period

2021 to 2028

Forecast Period 2021 to 2028 CAGR

7.0%

2028 value projection

$253.28 billion

base year

2020

Market size in 2020

$148.41 billion

Historical data for

2017 to 2019

Number of pages

120

Segments Covered

By equipment type, by application, by region

Agricultural Equipment Market Growth Drivers

Favorable government initiatives to amplify market growth

Increasing Contract Farming Acceptance to Drive Growth in Asia-Pacific

Key players are launching new products to gain growth

Segmentation-

Based on the type of equipment, the market is categorized into soil tillage and cultivation equipment, agricultural spraying and handling equipment, crop irrigation and treatment equipment, harvesting equipment, agricultural tractors and others. Based on application, the market is segmented into after agribusiness, plant protection, threshing and harvesting, land management, etc. Geographically, the market is categorized into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.

Report cover-

  • It offers valuable insights into the market regulatory scenarios.

  • It assimilates information on the latest market trends and industry developments.

  • It incorporates SWOT analysis for accurate prediction.

  • It sheds light on the effect of the COVID-19 pandemic on the market.

  • It highlights the strategies adopted by the key players to acquire growth.

An overview of the impact of COVID-19 on this market:

The emergence of COVID-19 has paralyzed the world. We understand that this health crisis has had an unprecedented impact on businesses in all sectors. However, this too will pass. Growing support from governments and several businesses can help fight this highly contagious disease. Some industries are struggling and others are thriving. Overall, almost every industry is expected to be impacted by the pandemic.

We are making ongoing efforts to help your business sustain and grow during the COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreaks across all sectors to help you prepare for the future.

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Drivers and Constraints-

Favorable government initiatives to amplify market growth

The increasing adoption of advanced technologies such as IoT, AI, flying drones and others is expected to amplify the global market significantly. Advanced agricultural equipment enables manufacturers to develop products that can meet consumer demand, thus contributing to the growth of the market. Also, increasing adoption of AI-integrated robotics in the type of agricultural equipment complements the growth of the market.

Reduced import duties and interest rates, favorable government initiatives, and ease of finance are some of the factors that are expected to support the growth of the market in the coming years.

However, rapid urbanization and high migration of people from rural to urban areas is expected to restrain the growth of the agricultural equipment market.

Competitive landscape-

Key players are launching new products to gain growth

Major players are emphasizing technological advancements and equipment manufacturing standards to improve their positions in the global market. They are adopting ingenious growth strategies including acquisitions, mergers, new product launches and others to strengthen their revenue and consumer bases. For example, in March 2021, Deere & Company launched the new 2022 self-propelled sprayer product line. HagieMT, the new self-propelled sprayers, includes the STS20, STS16 and STS12 product lines. The new launch aims to help farmers manage and control the field conditions that are unavoidable at several stages of cultivation.

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Contents

TOC Continued.

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