Agricultural Equipment Market Analysis, Size, Share, Growth, Trends & Forecast 2022 to 2032
The global agricultural equipment market is expected to be worth $68.12 billion in 2022. With increased farm mechanisation and OEM investments in agricultural equipment, overall demand for agricultural equipment is expected to grow at a CAGR of 4.8% between 2022 and 2032, reaching around US$ 108.86 billion by 2032.
Year after year, the demand for agricultural tools rises. In exchange for investing in their farm tools business, the government provides farmers with appropriate interest schemes. Furthermore, contract farming's commercialization has boosted market growth.
Key players are hesitant to endorse equipment that has been certified by international standards such as the ISO 25119 Series. It was developed by the ISO technical committee 'ISO/TC 23, Tractors and Machinery for Agriculture and Forestry, subcommittee SC19'. These standards are recognised by running for a longer period of time with no recovery time.
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The adoption of technologies such as automated IoT implementation, AI-based equipment, GPS-enabled equipment, and flying drones is assisting market growth opportunities. Modern agricultural equipment is influencing manufacturers to create products that can meet the needs of end users. Through the integration of IoT, mechanised equipment is controlled by remote devices, which helps to reduce operational costs and relative operational time.
Furthermore, A.I. technology has advanced robotics by implementing agriculture robotics, such as autonomous tractors, ground-based sensors, and others that aid in the production of food at a low cost. This technology has greatly accelerated digitalization in agriculture.
The primary factor driving the growth of this market is technological advancement and the increasing adoption of advanced equipment in agriculture, as well as the increasing use of cost-cutting methodologies for designing farm equipment. Additionally, the growing population must lead to increased demand for food, which is also a major factor driving the growth of the Agricultural Equipment Market.
Furthermore, the government's initiatives to provide subsidies are having a positive impact on this market. Another factor driving market growth is companies educating farmers about loan policies, credit financing, and other benefits of contract farming. The major factor driving the growth of the agricultural equipment market is a shift in agriculture activities from animals or manual operations to automated methods.
Key Takeaways from the Market Study
Agricultural equipment market value surged at a 1.9% CAGR from 2017 to 2021, reaching US$ 65 Billion North America to emerge as the kingpin, expected to accumulate 54% revenue in 2022 Asia Pacific to be a significant contributor, yielding over 2/5th of market revenue Middle East & Africa attracting major investments, generating 36.7% revenue in 2022 Agricultural tractors to be most sought after equipment, capturing a market share of 32% By ownership, rental-based equipment to amount to under one-third of overall revenue
The adoption of technologies including mechanized IoT implementation, AI-based equipment, GPS-enabled equipment, flying drones is aiding the growth opportunities for the Agricultural Equipment Market, remarks an FMI analyst.
Competitive Landscape
Players in the global Agricultural Equipment Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
In January 2022, John Deere revealed a fully autonomous 8R tractor. The new tractor features with TruSet-enabled chisel plow, GPS guidance system, and new advanced technologies including six pairs of stereo cameras enabling 360-degree obstacle detection and calculation of distance, and a deep neural network that classifies each pixel of each image in 100 milliseconds. In December 2021, New Holland Agriculture designed a Straddle Tractor to meet the demanding requirements of the narrow vineyards typical of the premium wine growing regions such as Champagne, Médoc, and Burgundy. In November 2021, John Deere developed new material collection systems and mechanical grappleS for compact utility tractors. The New Frontier MG20F Mechanical Grapple offers a quick-attach solution for fast installation and features a 1,200-pound (544 kg) lift capacity.
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Key Segments Covered in the Agricultural Equipment Industry Analysis
Agricultural Equipment Market by Product Type:
Tractors Rotavators
Threshers & Dehuskers
Power Tillers Power Weeder
Plough Baler Seed Drill
Agricultural Equipment Market by Category:
Tractor Pulled / Attachment Self-Propelled
Agricultural Equipment Market by Ownership:
Individual Rental
Agricultural Equipment Market by Region:
North America Latin America Europe East Asia South Asia & Pacific Middle East & Africa