Sales Of Agricultural Equipment Will Have Risen To 6.7 Million Units

Agriculture equipment sales are projected to reach about 6.7 Mn units by 2031 due to the growing use of modern farm machinery. The top 5 market players collectively held a 44 percent market share in 2021, as the Agricultural Equipment Market experienced year-over-year (YOY) growth of 3.7 per cent between 2020 and 2021. Between 2021 and 2031, the market for agricultural equipment will grow at a consistent CAGR of 4.8 per cent. By the end of 2021, the market value is anticipated to reach US$ 65 Bn.

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The growing popularity of precision farming is augmenting the demand for modern agricultural equipment. With the integration of artificial intelligence (AI) and internet of things (IoT), the sales of agriculture equipment are soaring. Smart farming is gaining traction.

The introduction of electric agricultural equipment has completely changed the market scenario. This equipment not only minimizes emissions but also reduces costs and improves efficiency.

New trends of agricultural robotics and driverless machines are attracting large number of farmers to upgrade their equipment systems.

As per FMI, the agricultural equipment market will surpass a valuation of US 65 Bn by 2021 end.

"Technological advancements in agricultural equipment and the availability of farm equipment rentals will offer lucrative growth opportunities for the manufacturers in the future" says the FMI analyst.

Key Takeaways from FMI's Agricultural Equipment Market Study

Europe dominates the ground support equipment market as a result of increasing agricultural mechanization and the presence of leading manufacturers. The market in the region is set to register steady growth at 4.4% CAGR between 2021 and 2031.
The U.S. is expected to register a strong CAGR during the forecast period as a result of rapid technological advancements and the availability of equipment leasing.
With the implementation of favourable governmental policies, China is anticipated to emerge as the leading market for agricultural equipment.
The top 5 players operating in the agricultural equipment market collectively account for 44% market share.
By product type, tractors dominate the agricultural equipment market with their multipurpose nature.

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Competitive Landscape

Key players operating in agricultural equipment market are investing heavily on research and development activities. They are adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market. For instance,

In August 2021, Precision Planting, LLC a subsidiary of AGCO Corporation announced an agreement to acquire the business and assets of Headsight, Inc., a leading precision agriculture harvesting solution company. The acquisition will help the company to offer farmers a range of industry-leading precision ag technologies across the crop cycle that will help them to maximize their value and output while minimizing inputs and impact.

In 2021, XAG Co., Ltd. Launched XAG R150, a jet sprayer system to pollinate fruit trees. A specially mixed solution of pollen is poured into the R150's liquid tank before it is sent on a predetermined route around an orchard to spray pollen.

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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

This release was published on openPR.