Agriculture Equipment Market Size (US$ 223.5 Billion): Industry Outlook, Share, Top Manufacturers, Report 2023-2028

The latest research study "Agriculture Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global agriculture equipment market size reached US$ 165.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 223.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.

Agricultural equipment refer to the mechanical structures and devices used in farming or other agribusiness applications. For carrying out various horticultural operations, one needs several kinds of tools and equipment, such as a harrow, spade, secateurs, hand trowel, garden fork, sprinklers, rake, pruning saw, hand cultivator, spray pumps, grass shear, budding and grafting knives, etc. Carefully selected machinery can ensure that the soil surface remains protected by an organic cover, allow crops to be grown and harvested with minimum-to-no soil disturbance, manage crop rotations to enhance soil health, and conserve crop nutrients. The type and size of the equipment available to the farmers is also crucial.

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Agriculture Equipment Market Trends and Drivers:

The emerging trend of mechanization in the agribusiness sector that saves time and labor, reduces drudgery, cuts down production cost, minimizes post-harvest losses, boosts crop output, etc., and the inflating income levels of the farmers are among the primary factors driving the agriculture equipment market. Besides this, the launch of various policies by the government bodies with loan waiver schemes for agriculturalists and the favorable climatic conditions for food production are further augmenting the market growth. Moreover, the introduction of technologically advanced agricultural robotics, such as autonomous tractors and flying drones, to assist farmers in producing crops at low costs is also catalyzing the global market. Apart from this, the installation of major high-tech farming and agrarian methods and techniques, including sensors to obtain detailed maps of resources and topography in fields, is acting as another significant growth-inducing factor. Furthermore, the growing popularity of innovative tools that enable farmers to remotely monitor crops and livestock through their smartphones is anticipated to propel the agriculture equipment market over the forecasted period.

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Agriculture Equipment Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• AGCO Corporation
• Agromaster Agricultural Machinery
• Argo Tractors S.p.A.
• Bellota Agrisolutions
• China National Machinery Industry Corporation
• CLAAS KGaA mbH
• CNH Industrial N.V.
• Deere & Company
• Escorts Limited
• Iseki & Co. Ltd.
• JC Bamford Excavators Ltd.
• Kubota Corporation
• Mahindra & Mahindra Limited
• SDF Group

The report has segmented the market on the basis of type, application and sales channel.

Breakup by Equipment Type:

• Agriculture Tractor
• Harvesting Equipment
• Irrigation and Crop Processing Equipment
• Agriculture Spraying and Handling Equipment
• Soil Preparation and Cultivation Equipment
• Others

Breakup by Application:

• Land Development
• Threshing and Harvesting
• Plant Protection
• After Agro Processing

Breakup by Sales Channel:

• Original Equipment Manufacturers (OEM)
• Aftermarket

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.