Meticulous Research®—a leading global market research company, published a research report titled, ‘Agriculture Equipment Market by Type (Tractors, Harvesting Equipment, Irrigation & Crop Processing Equipment, Spraying & Handling Equipment), Mode of Operation (Manual, Automatic), Application (Land Development, Harvesting) - Forecast to 2029.’
According to this latest publication from Meticulous Research®, the agriculture equipment market is slated to register a CAGR of 5.6% from 2022–2029 to reach $242.9 billion by 2029. The growth of the agriculture equipment market is attributed to factors such as the rising need for mechanizing agricultural operations, progressive government initiatives supporting farmers, and the growing adoption of modern agricultural techniques. However, the high cost of advanced agriculture equipment and fluctuating raw material prices are expected to restrain the growth of this market.
The agriculture equipment market is segmented based on type (tractors, harvesting equipment, irrigation & crop processing equipment, spraying & handling equipment, soil preparation & cultivation equipment, and other equipment types), mode of operation (manual, semi-automatic, automatic), application (land development, harvesting, crop protection, plowing & cultivation, and other applications), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, in 2022, the tractors segment is expected to account for the largest share of the agriculture equipment market. The large market share of this segment is attributed to the introduction of new advanced tractors and the benefits offered by tractors, such as reduced manpower requirements for farming and greater production yield. Furthermore, the rising adoption of precision farming is expected to drive the demand for tractors.
Based on mode of operation, in 2022, the automatic segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the benefits offered by automated equipment, such as higher production capabilities, reduced labor costs, and improved operational precision & accuracy.
Based on application, in 2022, the land development segment is expected to account for the largest share of the agriculture equipment market. The large market share of this segment is attributed to the increasing adoption of advanced cultivation techniques, the rising demand for advanced farming technologies to reduce labor costs, and the benefits offered by advanced agricultural equipment during land development, such as high productivity and efficiency.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the agriculture equipment market. Asia-Pacific’s major market share is attributed to the rising demand for automated farming equipment and the rising per capita income in the region. Furthermore, the availability of loans and subsidies for purchasing agricultural equipment drives the growth of this regional market. However, North America is slated to register the highest CAGR during the forecast period.
The key players operating in the agriculture equipment market include Deere & Company (U.S.), AGCO Corporation (U.S.), KUBOTA Corporation (Japan), Mahindra & Mahindra Ltd. (India), HORSCH Maschinen GmbH (Germany), Valmont Industries, Inc. (U.S.), SDF S.p.A. (Italy), ISEKI & CO., LTD. (Japan), ROSTA AG (Switzerland), and Tractors and Farm Equipment Limited (TAFE) (India).
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