NEWARK, Del, July 26, 2022 (GLOBE NEWSWIRE) — The global agricultural equipment market was estimated to reach a valuation of US$ 65 Bn by the end of 2021, with sales growing at a moderate CAGR of 4.8% over the assessment period of 2021-2031. A drastic increase in the adoption of modern farming machinery is responsible for the significant growth in the agricultural equipment market. The market sales are predicted to reach around 6.7 Mn units by 2031.
Rising demand for automated and advanced technology in the farming sector is driving the market expansion of agricultural equipment. Rapid population growth, an upsurge in urbanization coupled with rocketing demand for food, and favorable government initiatives are responsible for the surging agricultural equipment market.
Government initiatives like low-interest loan schemes and subsidies are encouraging farmers to adopt modern agricultural equipment. The emergence of contract farming also has a positive impact on agricultural farming equipment. Additionally, advancements in automation and computing technologies have reinvented modern agriculture. AI-enabled farming equipment, GPS, and Internet of Things integrated agricultural equipment are expected to propel market growth over the forecast period.
Growing adoption of driverless and electrified equipment such as tractors and shifts in consumer preferences towards higher yield and cost-effective solutions are fueling market growth for agricultural equipment. With modern farming becoming highly mechanized, the agricultural equipment market is predicted to witness tremendous growth.
“Transitioning from conventional farming techniques to modern agricultural equipment provides benefits like saving time and raising efficiency. This will likely increase the growth in the market over the forecast period,” says an IMF analyst.
- Government initiatives will propel the market over the forecast period.
- Digital leasing is positively influencing market growth.
- The US market is anticipated to account for a strong CAGR through 2032.
- China is projected to emerge as an attractive market in the Asia Pacific region over the forecast period.
- India will emerge as a lucrative market over the forecast period.
- Based on product type, tractors will lead the market growth over the forecast period.
- Self-propelled equipment will gain preference over tractor-pulled ones.
Deere & Company, AGCO Corp, CNH Industrial NV, Kubota Corporation, KGaA GmbH, and others are some of the manufacturers of agricultural equipment profiled in the full version of the report.
Key players in the global agricultural equipment market are employing multiple organic and inorganic growth tactics like partnerships, mergers, collaborations, and acquisitions. These organizations are also focusing on expanding their product portfolios by developing and releasing advanced quality products which will give them a competitive advantage.
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Agricultural Equipment Market Segmentation Analysis
According to the recent report by IMF, based on product type, the tractor segment is expected to dominate the market over the forecast period. Tractors have multiple applications- both as standalone and paired with other equipment. Rising population, growing demand for food products, and rapid mechanization of the farming sector, especially in countries like India and China, are propelling the sales of this segment in the global market.
By category, self-propelled agricultural equipment is gaining preference over tractor-pulled ones. This is due to various cons associated with tractor-pulled machinery such as a rise in the risk of accidents. The self-propelled agricultural equipment is safer and faster than tractor-pulled ones’.
Based on ownership, the rental segment is garnering more traction due to high costs of most agricultural equipment. Small-scale farmers cannot afford the high costs involved in buying and maintaining most agricultural equipment. Thus the rental segment is more popular. It affords all-scales of farmers’ access to advanced farming machinery.
More Insights into the Agricultural Equipment Market Report
In its latest report, IMF offers an unbiased analysis of the global agricultural equipment, providing historical data from 2016 to 2020 and forecast statistics for the period 2021-to 2031. To understand the global market potential, growth, and range, the market is segmented based on product type (tractors, rotavators (wheel type, crawler type), threshers & dehuskers (wheel type, crawler type), power tillers (wheel type, crawler type), power weeder (wheel type, crawler type), plow, baler , seed drill), category (tractor pulled/attachment, self-propelled), ownership (individual, rental) and region.
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Agricultural Equipment Market by Category
By Product type:
- Threshers & Dehuskers
- power tillers
- power weeder
- Seed Drill
- Tractor Pulled / Attachment
- Self Propelled
Agricultural Equipment Market Regional Analysis
As per the latest report by IMF, the government initiatives and technological advancements in the US have transformed the regional farming sector. This has a profound impact on the agricultural equipment market. Heightened focus on mechanization in agriculture, scarcity of labor, rising farm labor charges and favorable government policies are propelling the agricultural equipment market to greater heights. Thus the US agricultural equipment market is expected to register a strong CAGR during the forecast period.
China is one of the leading manufacturers of agricultural equipment in the world. The agricultural equipment market is driven by the rising demand for digital agriculture in the country. Owing to food security challenges arising with the growing population in the region, farmers in China are increasingly adopting advanced farming machinery. This contributes to the regional agricultural equipment market growth. Plus, the Chinese government is keen on developing the agricultural sector. All these factors promote the growth of the agricultural equipment market in this region.
In India, about 58% of the population depends on agriculture for their livelihood. With rising food demands, the country is seen rapidly mechanizing its farming sector. Rising population coupled with growing food demands and government initiatives are driving the demand for agricultural equipment. Thus India is emerging as one of the most lucrative markets for agricultural equipment. Additionally, the presence of major market players like Mahindra and Mahindra also boosts the agricultural equipment market in this region.
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Table of Contents
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
4.1. Services Adoption / Usage Analysis
4.2. Services USPs / Features
4.3. Strategic Promotional Strategies
Click Here for Agricultural Equipment Market 280 pages TOC Report
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