USD 151.2 Billion
Report ID: SQSG20H2003 | Region: Global | Published Date: July, 2022 | Pages: 157
Global agriculture equipment market was valued at USD 151.2 Billion in 2021, and it is expected to reach a value of USD 245.98 Billion by 2028, at a CAGR of more than 7.2% over the forecast period (2022- 2028).
A device, component of a device, or attachment to a device that is primarily intended to be used for agricultural purposes is referred to as agricultural equipment. Equipment related to raising animals or growing crops, as well as equipment used in horticulture or floriculture, is referred to as agricultural equipment. Lower inventory levels for OEMs and their dealers were the result of the rapid spike in demand for tractors, harvesters, and planters. Additionally, OEMs throughout the world are now dealing with a scarcity of semiconductors as well as rising commodity costs for raw materials like steel and aluminum.
According to the Association of Equipment Manufacturers (AEM), in North America, close to 360,000 tractors and combines will be sold off dealer lots by the year 2021. Unit sales of agricultural tractors and combines in the United States and Canada ended in 2021 with increases of over 10% in almost every sector in both nations. Compared to December 2020, U.S. overall farm tractor sales increased by 0.3 percent, while sales of self-propelled combines increased by 25.3 percent. Overall gains for tractors and combines in 2021 were 10.3 percent and 24.7 percent, respectively. Sub-40 horsepower tractors, which increased by 8.9 percent in the United States, were the only market sector in either the United States or Canada to have growth below 10 percent.
Global Market Size
USD 151.2 Billion
more than 7.2% CAGR
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The global agriculture equipment market is segmented based on the product, application, and region. Based on the product, the global agriculture equipment market is segmented as tractors, soil preparation & cultivation, harvesting, crop processing & irrigation, spraying & handling equipment, and others. Based on application, the global agriculture equipment market is segmented as land development, threshing and harvesting, plant protection, and after agro-processing. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
The segment in the global agriculture equipment market with the greatest CAGR includes the agricultural tractor as a significant player. It is related to ongoing product development, which supports the rapid increase in food production. Additionally, even in steep places, autonomous farm tractors and combines—that is, tractors with plant protection gear and tractors for harvesting—are primarily used to prepare more land for farming. According to AEM reports 2021, 100+ horsepower 2WD tractors led the total U.S. growth for tractors, increasing 24.1 percent, followed by articulated 4WD tractors, which increased 18.3 percent. 6272 combined harvesters and 317,897 tractors in total found new homes throughout the country. Tractor sales in Canada increased 10.5% in December 2021, but combines sales decreased 17.6% year over year. Tractor and combined sales combined for 2021 increased by 19.4% and 23.1%, respectively.
Due to farmers' rising demand for harvesters to boost agricultural productivity, the harvesting equipment market is predicted to rise at a significant rate. The market for harvesters is also being driven by their great fuel efficiency throughout the anticipated period. To meet this increase in demand the prominent players in the market are constantly working on R&D to fulfill the needs of the farmers. For example, the new, small-size H423 harvester head and the large-size H425 and H425HD are both offered by John Deere. The H423 harvester head is perfect for thinnings and other fellings when the tree diameter at chest height (BHD) is between 150 and 350 mm. It is compatible with the 1070G, 1170G, and 1270G wheeled harvester-based machines. With adjustments to the frame, this attachment provides enhanced durability, simple hose replacement, and improved hose protection with improved hose routing from the boom to the harvester head and from the valve block to feed motors.
Analysis by Application
In 2021, the land development segment held the largest share in the global agriculture equipment market. Due to a lack of agricultural employees, it is projected that the land development sector would experience significant expansion. The majority of the land has been developed using machineries like tractors and combination tractors. It quickly and more effectively results in land development. Due to advancements in irrigation and harvesting technologies, the threshing and harvesting sector is predicted to rise modestly throughout the projected period.
For example, in order to give farmers and ranchers the ability to steer without using their hands and greater mobility, John Deere now provides a new AutoTrac Ready option for a number of full-size Gator Utility Vehicles. Now available from the manufacturer, AutoTrac Ready Gator Utility Vehicles have the required wire harness and mounts for John Deere technological components. Customers have the option of adding a 4640 Universal Display and StarFireTM 7000 Receiver to their Gators or repurposing existing components. Farmers may employ hands-free steering after activating their subscription to cut down on overlap, increase operator and input efficiency, and lessen operator fatigue. Innovations like these are expected to boost the growth of the segment and further fuel the growth of the global agriculture equipment market.
Due to the ongoing advancement of the agricultural solutions offered by major manufacturers, the plant protection and post-agro-processing application segment is anticipated to expand gradually. For instance, John Deere has unveiled See & SprayTM Ultimate, a technology that comes pre-installed and is available for the 2023 model year. Sprayers made by John Deere, model numbers 410R, 412R, and 612R, allow for precise application of non-residual herbicide to weeds growing amid maize, soybean, and cotton plants. With the use of cameras and processors installed on a new carbon-fiber truss-style boom from John Deere, weeds may be distinguished from agricultural plants.
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In 2021, the Asia-Pacific region dominated the global agricultural equipment market. Due to the region's robust economic growth in nations like China, India, Taiwan, and others, the Asia Pacific region has the highest chance of dominating the worldwide market. For the important players, this opens up the investing options. Additionally, farm gear demand is expected to increase throughout the projection period due to the gradual automation of farming equipment. In India, there were 1,10,442 domestic tractor dispatches in June 2021 compared to 92,884 in June 2020. In June 21 compared to June 20, there was an 18.9 percent rise in tractor dispatches. Domestic Wholesale dispatches by Mahindra & Mahindra were 46,875 units in June 2021 compared to 35,844 units in June 2020. In any case, it had the biggest increase in market share between June 20 and June 21.
Despite the fact that mechanisation of farming equipment has been accepted in North America for almost 20 years, the region is predicted to see considerable development. It is attributed to the use of equipment with increased fuel economy and new features, such as robotic systems and GPS. For instance, John Deere unveiled a tractor capable of mass manufacturing that is entirely driverless. The device combines the 8R tractor from Deere, a chisel plough with TruSet functionality, a GPS navigation system, and new, cutting-edge technology. Later this year, farmers will be able to purchase the driverless tractor.
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The global agriculture equipment market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, a Memorandum of Understanding was signed today between the Maharashtra Agriculture Competitiveness Project (MACP), the government of Maharashtra, and Mahindra Agri Solutions Ltd., a wholly-owned subsidiary of Mahindra & Mahindra Ltd. (MoU). The MACP project, which is being carried out under the auspices of the World Bank, intends to improve the agricultural community in Maharashtra's productivity, profitability, and market access. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Agriculture Equipment Market
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According to our Global Agriculture Equipment Market Analysis, in terms of product, the agricultural tractor segment held the largest share in 2021 due to ongoing product development, which supports the rapid increase in food production. Additionally, even in steep places, autonomous farm tractors and combines—that is, tractors with plant protection gear and tractors for harvesting—are primarily used to prepare more land for farming. In terms of application, the land development segment held the largest share in the global agriculture equipment market, due to advancements in irrigation and harvesting technologies, the threshing and harvesting sector is predicted to rise modestly throughout the projected period. By region, the Asia-Pacific region held the largest share in the global agriculture equipment market, due to the region's robust economic growth in nations like China, India, Taiwan, and others.
|Market size value in 2021||USD 151.2 Billion|
|Market size value in 2028||USD 245.98 Billion|
|Growth Rate||more than 7.2%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Agriculture Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Agriculture Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG20H2003