Pune, March 13, 2023 (GLOBE NEWSWIRE) — As per SNS Insider, the Agricultural Equipment Market was assessed at USD 160.99 billion in 2022 and is projected to attain USD 234.80 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.83% during the forecast period from 2023 to 2030.
Agricultural equipment plays a crucial role in modern agriculture. These tools and machines have revolutionized the way farmers cultivate crops, manage livestock, and optimize their land. From tractors and harvesters to seed drills and irrigation systems, agricultural equipment has made farming more efficient, productive, and sustainable. Modern agricultural equipment has transformed the way we cultivate crops and raise livestock.
The agricultural equipment market is expected to grow due to several key factors, including the increasing global population leading to higher demand for food production, adoption of modern farming techniques, advancements in technology resulting in more efficient and productive equipment, and government support for agriculture and related industries. Additionally, the growing trend of precision farming, which involves the use of technology to optimize crop yields and reduce waste, is expected to boost the demand for agricultural equipment in the coming years.
Major Company Profiles Covered in this Report Are:
The major key players of these sectors are AGCO Corporation, FlieglAgro-Center GmbH, Agromaster, Amazone Inc., APV GmbH, Bellota Agrisolutions, CLAAS KGaAmbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co., Ltd., J C Bamford Excavators Ltd Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA CorporationKUHN SASLEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd., MascarSpA, MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries, Inc.
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Impact of Recession on Agricultural Equipment Market Growth
A recession can have a significant impact on the agricultural equipment market. It can lead to a decrease in demand, a decrease in the availability of credit, and an increase in the cost of manufacturing. To mitigate these effects, manufacturers may need to adjust their production, pricing, and financing strategies to remain competitive in a challenging economic environment.
Key Regional Developments
The market has been witnessing significant growth, with North America leading the way. The primary driving force behind this growth is the vast expanse of farmland in the region, which has created a high demand for farm mechanization. The Middle East and Africa region have also witnessed substantial growth in the market. The arid and semiarid countries in the Middle East face low and variable rainfall, which has led to an increased demand for irrigated farming and crop processing equipment.
Agricultural Equipment Market Report Scope:
|Market Size in 2022||US$ 160.99 Bn|
|Market Size by 2030||US$ 234.80 Bn|
|Key Market Segments||• By-product (Tractors, Harvesters, Planting Equipment, Row Crop Planters, Air Seeders, Grain Drills, Others, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, Others)
• By Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro-Processing)
|Key Regional Coverage||North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)|
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Key Takeaway from Agricultural Equipment Market Study
- The demand for tractors is on the rise due to a shortage of labor in the agriculture industry and the growing global population, which requires increased food production. As a result, the tractor segment is expected to experience rapid growth in the coming years.
- With growing concerns about climate change and environmental impact, many farmers are turning to sustainable farming practices. This includes the use of precision agriculture to reduce fertilizer and pesticide use, as well as the use of renewable energy sources.
Recent Developments Related to Agricultural Equipment Market
- AGCO Corp., a leading agricultural machinery and precision-ag company based in Georgia has announced a significant investment in Parkland College to train its future technicians. With AGCO’s investment, the college will be able to expand its curriculum to include the latest advancements in agricultural technology and precision-ag systems. GCO will have access to a highly trained and skilled workforce to support its customers, while Parkland College will be able to offer its students valuable real-world experience and career opportunities in the agricultural industry.
- Solis Tractors, a subsidiary of ITL, has acquired Germany-based Thaler GmbH for INR 200 crore. This acquisition is expected to strengthen Solis Tractors’ position in the European market and expand its range of products and services. This move by Solis Tractors is part of its strategy to become a major player in the global agricultural machinery market. The company has been expanding rapidly in recent years, with a focus on developing innovative products and services that meet the needs of farmers and other customers around the world.
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