Press release
Agriculture Equipment Market Revolutionary Trends in Industry Statistics by 2020-2027
The global agriculture equipment market size is expected to reach $166,491.6million in 2027, from $105,000.0 million in 2019, growing at a CAGR of 6.0% from 2020 to 2027. In 2019, Asia-Pacificdominated the market, in terms of revenue, accounting for 38.6% share of the global agriculture equipment industry.Mechanization of different activities in agriculture, economic stability, and the advent of precision farming drive the growth of the global agriculture equipment market. However, the lack of information about efficient agriculture equipment and scarcity of arable land restrain the market growth. On the other hand, supportive government policies create new opportunities in the market.
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Leading Players:
The major players operating in the agriculture equipment market include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelhřimov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.
Agricultural equipment aid in increasing agricultural productivity with less time consumption. In addition, agricultural equipment require lower effort inputs, thereby reducing the demand for human labor on farms. This not only saves time of operations but also saves costs incurred on manpower. Furthermore, advancements in machine technologies promote the growth of the agricultural equipment market. This is attributed to the fact that implementation of automatic and semi-automatic machinery increases the crop production, owing to lower downtimes and highly precise operations.
The agriculture equipment market analysis is conducted across four regions that include North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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Global Agriculture Equipment Market Segments
By Type
• Tractors
• Harvesters
• Soil Preparation & Cultivation
• Irrigation &Crop Processing
• Agriculture Spraying Equipment
• Hay &Forage Machines
• Others
By Automation
• Automatic
• Semiautomatic
• Manual
Key Findings Of The Study
• By type, the tractorssegment dominated the global agriculture equipment market in 2019, in terms of revenue.
• On the basis of automation, the manualsegment is expected to generate significant revenue in the agriculture equipmentmarket globally.
• Considering business, the OEM segment accounted for the highest market share of the global agriculture equipment market in 2019.
• Region wise, Asia-Pacificis projected to be one of the most dominant regions, and LAMEA is expected to witness a high growth rate during the forecast period.
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