Agriculture Equipment Market Size, Share, Growth Analysis, By Product (Tractors, Soil Preparation & Cultivation), By Application (Land Development & Seed Bed Preparation, Sowing & Planting), By Region - Industry Forecast 2024-2031


Report ID: SQSG20H2003 | Region: Global | Published Date: November, 2024
Pages: 242 |Tables: 69 |Figures: 75

Agriculture Equipment Market Insights

Global Agriculture Equipment Market size was valued at USD 155.68 billion in 2022 and is poised to grow from USD 163.46 billion in 2023 to USD 253.59 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

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 2019 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 2019 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.

US Agriculture Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 155.68 billion

Largest Segment

Land Development

Fastest Growth

Land Development

Growth Rate

5% CAGR

Global Agriculture Equipment Market 2021-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)

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Agriculture Equipment Market Segmental Analysis

Global Agriculture Equipment Market is segmented by Product, by Application, and by Region. Based on Product, the market is segmented into Tractors, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, and Others. Based on Application, the market is segmented into Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, and Post-harvest & Agro-processing. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. 

Agriculture Equipment Market 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.

Agriculture Equipment Market 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.

Global Agriculture Equipment Market by Application, 2021 (%)

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Agriculture Equipment Market Regional Insights

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.

Global Agriculture Equipment Market By Geography, 2021 - 2028
  • Largest
  • Fastest

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Agriculture Equipment Market Dynamics

Agriculture Equipment Market Driver

  • Governments all around the world have implemented a number of initiatives to speed up and streamline the soil preparation and cultivation process, including low import taxes, cheap lending rates, and other measures.  Additionally, a number of banks and microfinance organizations have been established throughout all the areas to make it simple to obtain loans to buy agricultural machines. For example, John Deere's "Own It" Low Monthly Payment program for 2022 gives consumers the ability to complete their fleet. For a variety of compact and mid-size equipment models, including the 317G compact track loader, 318G skid steer loaders, 35G compact excavator, 310L and 310SL backhoes, 75G and 85G mid-size excavators with specific factory-installed configurations, the program enables customers to take advantage of the low monthly payment offers to get on the path to equipment ownership.
  • Government subsidies are crucial to a nation's agriculture industry. For instance, the US Farm Service Agency (FSA) offers family-size farmers that are unable to receive commercial financing through a bank, farm credit system institution, or other lenders secured and direct farm ownership and operation loans. FSA loans can also be used to buy supplies, equipment, feed, animals, and land. Various lending initiatives, including direct farm ownership down payment program, were also introduced by the US Department of Agriculture. The maximum loan size rose from $250,000 to $300,000, while the guaranteed portion of conservation loans increased from 75% to 80%.

Agriculture Equipment Market Restraint

  • Rapid urbanization in both industrialized and developing nations has led to the loss of land that may be used for farming or for effective plowing. The expansion of this sector has been slowed down by the shrinking farming area and the high cost of personnel retention. The amount of land suitable for agriculture has decreased from 38.9% in 1989 to 36.9% in 2018, according to statistics from the World Bank. According to a forthcoming report by the United Nations Convention to fight Desertification, urbanization is expected to result in the loss of between 1.6 and 3.3 million hectares of the prime agricultural land year between 2000 and 2030.

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Agriculture Equipment Market Competitive Landscape

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

  • AGCO Corporation
  • FlieglAgro-Center 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

Agriculture Equipment Market Recent Developments

  • In June 2022, for 0-9 metric-ton excavators, John Deere announced an extended partnership with Wacker Neuson, a top producer of compact and construction machinery, to encompass North America. Wacker Neuson and John Deere will work together to create battery-operated and other excavators under 5 metric tonnes that will be produced by Wacker Neuson. In addition, John Deere will be in charge of production, technological innovation, and design for the 5–9 metric tonne models, building on a strong foundation created by Wacker Neuson.
  • In June 2022, updates to John Deere's 5 Series Utility Tractors have been made, and additional choices have been added to make it simpler for owners of rural land, farmers, ranchers, and fleet owners to match the appropriate tractor to the many tasks they require that tractor to perform on a daily basis. The three-cylinder variants of the 5E Series provide three new model numbers, a real third function mid-valve option, a new Premium Cab option, an engine that does not require an emission-related regen, bigger tire options, and more for the model year 2023.

Agriculture Equipment Key Market Trends

  • The market growth potential is being helped by the use of technologies such as automated Internet of Things deployment, AI-based equipment, GPS-enabled equipment, and flying drones. Manufacturers are being influenced by contemporary agricultural equipment to create goods that might satisfy end-user desires. Through the integration of IoT, the mechanized equipment is managed by remote devices, which helps to lower operating expenses and operational times.

Agriculture Equipment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

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.

Report Metric Details
Market size value in 2022 USD 155.68 billion
Market size value in 2031 USD 253.59 billion
Growth Rate 5.1%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Tractors (Less than 40 HP, 41 to 100 HP, More than 100 HP), Harvesters Machinery, Planting Equipment (Row Crop Planters, Air Seeders, Grain Drills, Others), Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, Others
  • Application
    • Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro-processing
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)
Companies covered
  • AGCO Corporation
  • FlieglAgro-Center 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
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Agriculture Equipment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Agriculture Equipment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Agriculture Equipment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Agriculture Equipment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Agriculture Equipment Market size was valued at USD 155.68 billion in 2022 and is poised to grow from USD 163.46 billion in 2023 to USD 253.59 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

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. 'AGCO Corporation', 'FlieglAgro-Center 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'

Governments all around the world have implemented a number of initiatives to speed up and streamline the soil preparation and cultivation process, including low import taxes, cheap lending rates, and other measures.  Additionally, a number of banks and microfinance organizations have been established throughout all the areas to make it simple to obtain loans to buy agricultural machines. For example, John Deere's "Own It" Low Monthly Payment program for 2022 gives consumers the ability to complete their fleet. For a variety of compact and mid-size equipment models, including the 317G compact track loader, 318G skid steer loaders, 35G compact excavator, 310L and 310SL backhoes, 75G and 85G mid-size excavators with specific factory-installed configurations, the program enables customers to take advantage of the low monthly payment offers to get on the path to equipment ownership.

The market growth potential is being helped by the use of technologies such as automated Internet of Things deployment, AI-based equipment, GPS-enabled equipment, and flying drones. Manufacturers are being influenced by contemporary agricultural equipment to create goods that might satisfy end-user desires. Through the integration of IoT, the mechanized equipment is managed by remote devices, which helps to lower operating expenses and operational times.

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.

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Agriculture Equipment Market

Report ID: SQSG20H2003

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