DUBLIN--(BUSINESS WIRE)--The "Agriculture Equipment Market by Type, Automation and Business and Aftersales: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global agriculture equipment market size is expected to reach $166,491.6 million in 2027, from $105,000.0 million in 2019, growing at a CAGR of 6.0% from 2020 to 2027.
Agricultural equipment assist in various agricultural operations to obtain high crop productivity with minimum effort and time. Agricultural equipment include diversified products such as plows, tractors, cultivators, and harvesters as per the requirement of various agricultural activities. Moreover, various implements are attached to the tractors for applications such as tilling, plowing, harrowing, planting, disking, and other operations.
In addition, agricultural equipment require lower effort inputs, thereby, reducing the demand of human labor on the farms. This not only saves time of operation, but also saves the costs incurred on manpower. The implementation of automatic and semi-automatic machinery also increases the crop production, owing to lower downtimes and highly precise operations.
Increase in mechanization in agricultural activities is a key factor driving the growth of the global agricultural equipment market. In addition, surge in population is propelling the need for crop cultivation. Thus, to sustain the demand of agricultural produce, farmers are switching toward the use of automated and semi-automated agricultural equipment on fields globally, which significantly contributes toward the global agriculture equipment market growth. In addition, surge in population increases the demand of food globally, which eventually pressurizes the agriculture sector for the cultivation of various grains and vegetables. The employment of agriculture equipment assists in cultivation of more crops in less time and effort, which increases the production of food for the growing population.
Thus, upsurge in global population boosts the demand for agriculture equipment, which, in turn, drives its agriculture equipment market industry growth. Furthermore, the implementation of precision farming enables sustainability in farming activities, increase profitability, and protects the land resources, which result in enhanced agricultural production. Various products offered by major players in the agriculture equipment industry assist farmers in different farming activities such as sowing and harvesting, which promotes the implementation of agriculture equipment, thereby augmenting the growth of agriculture equipment significantly.
However, lack of awareness and information regarding the use of agriculture equipment between farmers is a major restraining factor of the agriculture equipment market. Illiteracy and unavailability of proper resources as well as monetary measures negatively affect the implementation of agriculture equipment.
The global agriculture equipment market is segmented into type, automation, business, and region. By type, the market is categorized into tractors, harvesters, soil preparation & cultivation, irrigation & crop processing, agriculture spraying equipment, hay & forage machines, and other agriculture equipment. Depending on automation, it is classified into manual, semi-automatic, and automatic equipment. Considering business, the market is classified into original equipment manufacturers (OEMs) and aftersales.
Key Benefits
- The report provides an extensive analysis of the current and emerging global agriculture equipment market trends and dynamics.
- In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2019 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing agriculture equipment market opportunity.
- The global agriculture equipment market forecast analysis from 2020 to 2027 is included in the report.
- The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.
Key Players
- Mahindra & Mahindra Ltd.
- Escorts Limited
- CNH Industrial N.V.
- Deere & Company
- AGCO Corporation
- SDF S.p.A.
- AGROSTROJ Pelhimov, a.s.
- China National Machinery Industry Corporation Ltd. (Sinomach)
- J C Bamford Excavators Ltd.
- Kubota Corporation
Key Findings
- By type, the tractors segment dominated the global agriculture equipment market in 2019, in terms of revenue.
- On the basis of automation, the manual segment is expected to generate significant revenue in the agriculture equipment market globally.
- Considering business, the OEM segment accounted for the highest market share of the global agriculture equipment market in 2019.
- Region wise, Asia-Pacific is projected to be one of the most dominant regions, and LAMEA is expected to witness a high growth rate during the forecast period.
Market Dynamics
Drivers
- Mechanization of Activities in Agriculture
- Economic Stability and Growing Population
- Precision Farming
Restraints
- Lack of Information About the Efficient Agriculture Equipment Among Farmers
- Decreasing Arable Land
Opportunities
- Government Support
For more information about this report visit https://www.researchandmarkets.com/r/pn1ysc
