iCrowd Newswire – Jul 17, 2020
The Global Agriculture Equipment Market is estimated to grow at a CAGR of 6% during the forecast period 2020-2027. As per the detailed market study, the global agriculture equipment industry was valued $105 billion in the year 2019 and is anticipated to reach $166.49 billion by the end of the year 2027.
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The market is flourished with various agricultural equipment such as harvesters, cultivators, tractors and plows. Agricultural equipment supports in various agricultural operations to minimize time and efforts by reducing the work of human labour on farms and obtain high crop productivity. Farms are leveraged with implementation of automatic and semi-automatic machineries to boost the crop production with precise operational activities and lower downtimes.
The global agriculture equipment market is driven by various growth factors such as increasing usage of precision farming technique for sustainable crop production and increase in mechanization and profitability of agricultural activities including planting, harrowing, harvesting and plowing. Whereas, lack of awareness activities related to usage and benefits of using agricultural equipment and unavailability of necessary resources may hamper the market growth. On the contrary, technological advancements due to supportive government policies and emergence of automatic and semi-automatic equipment offer lucrative opportunities for the market players operating in the global agriculture equipment market.
Segmentation Overview of the Global Agriculture Equipment Market
The global agriculture equipment market is categorized on the basis of various market segments such as type segment, automation and business segment. These major market segments are further categorized into various sub-segments.
The Type Segment of the Global Agriculture Equipment Market is Sub-Segmented into:
- Hay & forage machines
- Agriculture spraying equipment
- Irrigation & crop processing
- Soil preparation & cultivation
- Other agriculture equipment
The Automation Segment of the Global Agriculture Equipment Market is Sub-Segmented into:
The Business Segment of the Global Agriculture Equipment Market is Sub-Segmented into:
- Original Equipment Manufacturers (OEM)
Competitive Insights of the Global Agriculture Equipment Market
Kubota Corporation, J C Bamford Excavators Ltd., China National Machinery Industry Corporation Ltd. (Sinomach), AGROSTROJ Pelh?imov, a.s., SDF S.p.A., AGCO Corporation, Deere & Company, CNH Industrial N.V., Escorts Limited and Mahindra & Mahindra Ltd. are some major players included in the research study of the global agriculture equipment market.
Geographical Overview of the Global Agriculture Equipment Market
The Asia-Pacific agriculture equipment market holds the dominant position with 2/5th of the market share in the global marketplace in the year 2019 and is estimated to maintain the dominance over the forecast period. The regional dominance is attributed to increase in awareness in usage of advanced agricultural machinery and economic development in the region. On contrary, the North America agriculture equipment market accounted for ~1/4th of the market share in the global marketplace in the year 2019 and is anticipated to grow steadily during the forecast period. However, the LAMEA agriculture equipment market is estimated to grow at the fastest growth rate with a CAGR of 8.4% during the forecast period 2020-2027; the regional growth is attributed to surge in manufacturing facilities and better economic background of farmers.
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Keywords: Agriculture Equipment Market