Agriculture Equipment Market Overview, Trends, Drivers And Restraints By 2030

Posted on 2022-07-19 by researchinsights in Agriculture // 0 Comments

Agriculture Equipment Industry Overview

The global agriculture equipment market size is projected to reach USD 236.04 billion by 2030, registering a CAGR of 5.0% from 2022 to 2030, according to a new study by Grand View Research Inc. Shortage of labor worldwide particularly in Western Europe and the U.S. will play a key role in driving the adoption of agriculture equipment over the forecast period. Furthermore, shortage of labor in the field of agriculture equipment and telematics to monitor tractor performance and improve farm yield is also anticipated to propel the growth of the market. Apart from advancements in the agriculture equipment space and shortage of labor shortage, the growing population to meet the global food requirements will also be a major factor, increasing demand in the long term.

Agriculture Equipment Market Segmentation

Grand View Research has segmented the global agriculture equipment market based on product, application, and region:

Based on the Product Type Insights, the market is segmented into Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, and Others.

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 harvester segment is anticipated to reach around USD 58.0 billion by 2030, recording a CAGR of over 6.0% over the forecast period. Innovations in harvesting equipment are anticipated to favor the growth of the segment over the next few years. The rising popularity of smart combine harvesters and the integration of smart actuators into existing combine harvesters also contribute to market growth.

Based on the Application Insights, the market is segmented into Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro-processing.

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.
The preference for smart agriculture equipment is gradually picking up pace in countries such as India, Australia, and Southeast Asia, which is currently an emerging market. Moreover, the region is witnessing substantial investments from agricultural OEMs and governments to promote smart agriculture initiatives.

Agriculture Equipment Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Key Companies Profile & Market Share Insights

The market is highly competitive due to the presence of a few prominent players and several medium or small-scale players worldwide. OEMs compete on parameters such as technological advancements, availability, price, and quality of products.

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