Agriculture Equipment Industry Data Book Covers Agriculture Tractors & Tractors Implements, Agriculture Equipment Markets.
The agriculture equipment industry was valued at USD 286.03 billion in 2022 and is expected to register a growth of 6.2% throughout the forecast period.
Grand View Research’s agriculture equipment industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Agriculture Equipment Market Insights
The global agriculture equipment market size was evaluated at USD 155.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030.
The tractor segment accounted for the largest revenue share of over 30% in 2021, attributed to the labor shortage and the growing population to meet the global food requirements, which has made tractors a prerequisite for increasing productivity in the agriculture industry. The promotion of farm mechanization and the increasing adoption of precision farming in regions such as the Asia Pacific and Latin America have also accelerated the growth.
The land development and seedbed preparation segment accounted for over 20% of the revenue share in 2021 and is expected to expand at a significant CAGR of over 5.0% during the forecast period. The segment is inclusive of tractors, levelers, and agriculture implements. The demand for agricultural tractors is gaining traction owing to numerous factors such as the increasing need for food propelling the need to mechanize farm work, availability of technologically advanced tractors, and increased urbanization causing a shortage in labor, forcing farmers to adopt machinery. This is anticipated to contribute to the growth of the overall market.
Access the Global Agriculture Equipment Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Agricultural Tractor Market Insights
The global agricultural tractor market demand was valued at 2,942.8 thousand units in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030.
The 2WD segment accounted for more than 79.5% market share in terms of volume in 2022. The segment is also estimated to register the fastest CAGR over the forecast period. Low upfront costs and better maneuverability are long-term factors that are expected to drive the demand in the 2WD segment, notably in the Asia Pacific market. The 2WDs are the most preferred tractors among middle-income farmers in India.
The less than 40 HP segment accounted for more than 62.14% market share in terms of volume in 2022. The high growth can be attributed to the low cost, compact size, and greater convenience offered by less than 40HP tractors to perform all basic farming operations. These equipment are adopted mainly in the Asia Pacific region, where approximately 85% of farmlands are below 10 hectares and are preferred by most farmers in the region.
Agriculture Equipment Market – Global Industry Segmentation
Agriculture Equipment Industry, By Product
- Planting Equipment
- Row Crop Planters
- Air Seeders
- Grain Drills
- Irrigation & Crop Processing Equipment
- Spraying Equipment
- Hay & Forage Equipment
Agriculture Equipment Industry, By Application
- Land Development & Seed Bed Preparation
- Sowing & Planting
- Weed Cultivation
- Plant Protection
- Harvesting & Threshing
- Post-harvest & Agro-processing
Agriculture Tractor Industry, By Engine Power
- Less than 40 HP
- 41 to 100 HP
- More than 100 HP
Agriculture Tractor Industry, By Driveline Type
Agriculture Implement Industry, By Products
- Cultivator &Tiller
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Agriculture Equipment Industry Data Book Regional Outlook
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- United Arab Emirates
- Saudi Arabia
- Rest of MEA
Agriculture Equipment Industry Data Book Competitive Landscape
Companies are engaging in several growth strategies, such as partnerships, mergers & acquisitions, and product launches, to stay afloat in the competitive industry.
Key players operating in the agriculture equipment industry are –
- AGCO Corp.
- CNH Industrial N.V.
- Deere & Company
- CLAAS KGaAmbH
- Escorts Ltd.
- International Tractors Ltd.
- YanmarCo., Ltd.
- Mahindra & Mahindra Ltd.
- Tractors and Farm Equipment Ltd.
Go through the table of content of agriculture equipment Industry Data Book to get a better understanding of the Coverage & Scope of the study
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