The global Agriculture Equipment Market is estimated to be valued at US$ 934.08 Mn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Agriculture equipment includes tractors, harvesters, irrigation equipment and soil preparation & cultivation equipment. Precision farming tools help farmers maximize crop yields with minimal wastage of inputs like water, fertilizers and pesticides. They provide site-specific analysis of fields to optimize crop management.
Market key trends:
Precision farming is gaining popularity among farmers as it helps improve farm productivity and profitability. Key precision farming tools like GPS/GNSS, sensors, software and cloud/IoT solutions help farmers monitor crop health, analyze soil conditions and apply optimal amounts of inputs only where required through variable rate technology. This minimizes input costs and reduces environmental impact. Precision farming aids sustainability in agriculture by improving resource use efficiency through tools like yield monitors, GPS-guided automated steering and sensor technology for site-specific scouting, planting and spraying. Growing use of precision farming will drive demand for advanced agriculture equipment compatible with these digital tools.
SWOT Analysis
Strength: The agriculture equipment market has strong presence of key global players with wide product portfolio. Varied climatic conditions and diverse crop patterns in various regions demand a wide range of innovative agriculture equipment.
Weakness: High initial investments required for agriculture mechanization. Seasonality of agriculture production leads to fluctuating demand and pricing pressures on equipment manufacturers.
Opportunity: Growth in global population and rising food demand present opportunity for farm mechanization and advanced agriculture equipment adoption. Government incentives and subsidies in developing nations promote agriculture mechanization.
Threats: Trade policies and tariff wars can disrupt supply chain and impact equipment exports. Rising raw material prices and component costs put pressure on equipment pricing.
Key Takeaways
The Global Agriculture Equipment Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1,377.23 Mn by 2030 from US$ 934.08 Mn in 2023, rising at a CAGR of 5% during the forecast period.
Regional analysis: Asia Pacific region currently dominates the global market and is expected to witness the fastest growth over the coming years. Countries like India, China, and Indonesia are rapidly mechanizing agriculture and witnessing increased demand for tractors and combines. The government initiatives to promote farm mechanization and subsidies on agriculture equipment purchase are propelling market growth.
Key players: Key players operating in the agriculture equipment market are AGCO Corporation, FlieglAgro-Center GmbH, Agromaster, Amazone Inc., APV GmbH, Bellota Agrisolutions, CLAAS KGaAmbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co., Ltd., J C Bamford Excavators Ltd, Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA Corporation, KUHN SAS, LEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd., MascarSpA, MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it