Agriculture Equipment Market Research Report: Information by Product Type (tractor, harvester, planting and crop processing equipment, cultivation & soil separation equipment, hay & forage equipment, spraying equipment, and others), by Function (harvesting, planting & fertilizing, haying, plowing & cultivation, and post-harvest & Agro processing), and by Region (North America, Europe, Asia Pacific, and Rest of World) –Industry Forecast Till 2032
The global agriculture equipment market is expected to expand at a compound yearly growth rate (CAGR) of 5.3% from USD 2,38,044 million in 2024 to USD 3,62,958 million by 2032.
The market for agricultural equipment has grown significantly in recent years, and due to ongoing technological advancements in the field and growing demand for agricultural output, it is expected to see significant sales increase in the near future. The continent-wide market expansion is being further accelerated by leading agriculture equipment manufacturers' regular innovation at the product level. Growing advanced farming and increased industrial mechanization are two factors that are giving manufacturers of agricultural equipment a chance to maximize their financial profits from their products.
Throughout the predicted period, there will likely be a significant increase in the demand for food. The need for food rises as a result of the world population's exponential growth. The Food and Agriculture Organization of the United Nations reports that since 1960, agricultural output per person has increased by 50%. Numerous governments worldwide are implementing various measures to achieve specific increases in productivity within predetermined timeframes. In order to fulfill the increasing demand, it is predicted that by 2050, the output per unit of all resources used in production would double, notwithstanding the restricted supply of labor and land.
Insights on Market SegmentsThe tractor, harvester, planting and crop processing equipment, cultivation & soil separation equipment, hay & forage equipment, spraying equipment, and others are the sectors of the agriculture equipment market that are divided based on product type.
The Agriculture Equipment Market is divided into the following segments according to the end user industry: harvesting, planting & fertilizing, haying, plowing & cultivation, and post-harvest & arro processing.
Regional PerspectivesThe market for agricultural equipment has been segmented into four regions: North America, Europe, Asia Pacific, and Rest of the World.
There is a growing need for agricultural tractors in the area, which can be attributed to activities like farming fields' cultivation, irrigation, seed sowing, and harvesting. Asia-Pacific is a great place to find veggies and agricultural sprayers, as well as low labor prices and supportive government policies in nations like South Korea, China, Japan, and India. Since these nations place a high priority on agriculture, there will likely be a significant need for agricultural equipment from this industry.
One of the major markets for agricultural tractors is Europe. Europe has a long history of farming, but its varied terrain calls for a variety of agricultural tools that are suited to different climates and farming techniques.
It is anticipated that growing investments in the agriculture sector will propel the expansion of the agricultural equipment market in North America. Moreover, during the research period, the agricultural equipment market is anticipated to present profitable prospects due to the growing demand for contemporary farming equipment.
Key PlayersAGCO Corporation, Deere & Company, JC Bamford Excavators Limited, Daedong Industrial Co., Escorts Limited, Claas KGAA MBH, SDF S.P.A., Yanmar Holdings Co., Ltd., Alamo Group Inc., Bucher Industries, and Lovol Heavy Industry Co., Ltd. are some of the major players in the agriculture equipment market.