Farm equipment market to reach $ 253.28 billion by


Pune, India, January 7, 2022 (GLOBE NEWSWIRE) – The world Agricultural equipment market the size should reach $ 253.28 billion by 2028 and have a CAGR of 7.0% during the forecast period. The 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 market growth in the coming years. Fortune Business InsightsMT published this information in his report entitled “Agricultural equipment market, 2021-2028”. The size of the global market was $ 148.41 billion in 2020 and should reach $ 157.89 billion in 2021.
The increasing adoption of advanced technologies such as Internet of Things (IoT), artificial intelligence (AI), flying drones and others are expected to complement the market growth in the coming years.

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COVID-19 impact-

The rapid spread of the coronavirus pandemic has affected several markets. This market has experienced a limited negative impact of the pandemic and remains moderately affected. Factors such as favorable weather conditions, increased government investment in the agricultural industry, and strong agricultural production have contributed to the growth of the market. The market is expected to show strong growth during the forecast period.

List of key players in the global market:

  • Deere & Company (Illinois, United States)
  • AGCO Corporation (Georgia, United States)
  • Alamo Group Inc. (Texas, United States)
  • Kubota Corporation (Osaka, Japan)
  • Mahindra & Mahindra Ltd. (Maharashtra, India)
  • CNH Industrial NV (Amsterdam, The Netherlands)
  • Iseki & Co., Ltd. (Ehime-ken, Japan)
  • Claas KGaA mbH (Westphalia, Germany)
  • China National Machinery Industry Corporation (Beijing, People’s Republic of China)
  • Valmont Industries, Inc. (Nebraska, United States)
  • Sonalika Group – Sonalika International Tractor (Punjab, India)
  • SDF SpA (Treviglio, Italy)
  • Escort Limited (Haryana, India)
  • Agrostroj Pelhrimov As (Czechia)
  • Weifang Euroking Machinery (Shandong Province, China)
  • Concern Tractor Plants (Tcheboksary, Russia)
  • Agromaster (Konya, Turkey)

Segmentation-

Based on type of equipment, the market is categorized into soil tillage and cultivation equipment, crop spraying and handling equipment, crop irrigation and processing equipment, harvesting equipment, farm tractors, and others. On the basis of application, the market is segmented into after agro-industry, plant protection, threshing and harvesting, land development, etc. Geographically, the market is categorized into North America, Asia-Pacific, Europe, Latin America, Middle East, and Africa.

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Report Cover-

  • It offers valuable information on regulatory market scenarios.
  • It assimilates information on the latest market trends and industry developments.
  • It integrates SWOT analysis for accurate prediction.
  • It highlights the effect of the COVID-19 pandemic on the market.
  • It highlights the strategies adopted by the key players to acquire growth.

Conductors and constraints-

Supportive government initiatives to boost market growth

The increasing adoption of advanced technologies such as IoT, AI, flying drones and others is expected to dramatically amplify the global market. Advanced agricultural equipment enables manufacturers to develop products capable of meeting consumer demand, thus contributing to the growth of the market. In addition, the increasing adoption of AI-integrated robotics in the type of agricultural equipment complements the market growth.
Reduction in import duties and interest rates, favorable government initiatives and ease of financing are some of the factors that are expected to support the market growth in the coming years.
However, rapid urbanization and high migration of people from rural to urban areas are expected to constrain the growth of the agricultural equipment market.

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Regional Insights-

Raising acceptance of contract farming to drive growth in Asia-Pacific
Asia-Pacific is expected to achieve the largest share of the global agricultural equipment market in the coming years. India is considered to be a huge market for agricultural tractors in the world. The growing acceptance of contract farming and farm equipment rental services are expected to provide lucrative growth for the market.
North America is expected to experience robust growth due to the increasing mechanization of agricultural equipment and the increasing adoption of robotic systems.
Europe is expected to experience steady growth due to increased product production through optimization of supply chain processes. The increase in the use of agricultural equipment and labor shortages are expected to complement the growth of the market.

Competitive landscape-

The main players are launching new products to gain growth

Major players focus on technological advancements and equipment manufacturing standards to improve market positions globally. They adopt ingenious growth strategies including acquisitions, mergers, new product launches and more to strengthen their revenue and customer base. For example, in March 2021, Deere & Company launched the new self-propelled sprayer product line for 2022. 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 inevitable field conditions at several stages of the crop.

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