A considerable increase in the size of agricultural land across the globe is influencing the adoption of innovative agricultural equipment to boost productivity while simultaneously enabling to lower the overall cost. According to the report published by Census of Agriculture in 2017, although there had been a decrease in the number of farm lands (from 2.11 million in 2012 to 2.04 million in 2017) in United States, a substantial increase in the average farm size (from 434 acres in 2012 to 441 acres in 2017) was witnessed in the duration. A similar trend is observed in Europe, where according to the data published by European Commission in October 2018, an increase of 15% of agriculture land is projected within 2015 to 2030 across Southern and South-Eastern European countries including Italy, Portugal, Spain and France amongst others. Thus, the rising size of agricultural land across regions like North America and Europe is supplementing the growth of global agriculture equipment market. The rising investment by agricultural equipment manufacturers across the globe to increase their production capacity is anticipated to contribute towards the growth of agriculture equipment market over the forecast period. For instance, according to the data published by Clean Energy Manufacturing Analysis Center, in 2019, 70%-80% of the total agricultural equipment demand in United States was catered by domestic production of farming equipment. Simultaneously, the agriculture machinery production in Europe experienced an increase of 6.4% in 2019 as compared to the productions in 2016, according to the report published by European Agricultural Machinery Industry Association, CEMA aisbl. Hence, similar initiatives by market participants in the agriculture sector is projected to accelerate the growth of agriculture equipment market over the period of next eight years.
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Specific product categories within the global agriculture equipment market experienced faster recovery in terms of sales amidst the outbreak of novel coronavirus. Various companies including Escorts Limited, an automotive engineering company, experienced an increase in their tractor sales by 23.8% year-on-year growth rate during the period of April 2020 to June 2020. Government bodies across the globe are also extending support to farmers in the form of subsidies and funding. U.S. Department of Agriculture, for instance, have continued extension of their funding services to the farmers and ranchers of the United States amidst the pandemic situation. Similar initiatives by institutions and regulatory authorities across the globe is anticipated to aid the growth of agriculture equipment market over the forecast period.
In terms of revenue, global agriculture equipment market was valued at US$ 146.43 Bn in 2019 and is anticipated to grow at a CAGR of 6.1% over the forecast period. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
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The detailed research study provides qualitative and quantitative analysis of global agriculture equipment market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- Combine harvesters held a reasonable share in the global agriculture equipment market. This growth is attributed to the rising adoption of the same in large size farms in order to reduce grain wastage during harvesting.
- The demand for direct distribution of agricultural equipment through online channels experienced a surge owing to increasing initiatives undertaken by manufacturers to diversify distribution channels and cater to a larger consumer base.
- Asia Pacific is expected to register highest CAGR over the forecast period. Increasing population along with the pressing concern pertaining to labor shortages in the Asian countries is anticipated to showcase growth opportunities for the agricultural equipment market in the region.
- Some of the players operating in the global agriculture equipment market are AGCO Corporation, CHANGFA IMP&EXP CO ., LTD., Changzhou Dongfeng Agricultural Machinery Group Co., Ltd., CLAAS KGaA GmbH, CNH Industrial, Deere & Company, Dewulf BV, ISEKI & CO.,LTD., KUBOTA Corporation, KUHN S.A, Lovol Heavy Industry CO.,LTD., Mahindra & Mahindra Ltd, PÖTTINGER Landtechnik GmbH, SDF S.p.A., Shandong Yuntai Machinery Co., Ltd., Tractors and Farm Equipment Limited, YANMAR HOLDINGS CO., LTD, and YTO Group Corporation amongst others.
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Global Agriculture Equipment Market:
- By Offering
- Products
- Tractors and Loaders
- Compact Tractors
- Specialty Tractors
- Utility Tractors
- Wheeled Tractors
- Front End Loaders
- Others
- Tractors and Loaders
- Combine Harvester
- Self-Powered Combine Harvesters
- Tractor Pulled/Mounted Combine Harvesters
- Transplanter
- Hay & Forage Equipment
- Planting & Seeding Equipment
- Air Drills
- Seeders
- Spreaders
- Others
- Tillage Equipment
- Sprayers & Application Equipment
- Others
- Services
- Training and Consulting Services
- Repair and Maintenance Services
- Others
- Products
- By Application
- Harvesting and Threshing
- Land Development and Seed Bed Preparation
- Plant Protection
- Sowing and Planting
- Transplanting
- Weed Cultivation
- Others
- By Type
- New
- Pre-Owned
- By Farm Size
- Small and Medium Farms
- Large Farms
- By Distribution Channel
- Direct
- Indirect
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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