Agriculture equipment is the machine used for the purpose of farming. They comprise of a broad range of tools & equipment that assist in different farming procedures in order to increase the productivity & quality of crops. Various equipment is used in the agriculture industry including seed drillers, threshing machines, plows, transplanters, rotavators, harvesters, sprayers, tractors, balers, and reapers.
Some of the key companies operating in the global Agriculture Equipment Market are Groupe Exel Industries SA, Daedong Industrial Company, Caterpillar Inc., CNH Global NV, AGCO Corp., John Deere, Alamo Corp., CLAAS KGAA MBH, Fiat SPA, YTO Group, Kubota Corp., Iseki & Company, Bucher Industries, MTD Products AG, Mitsubishi Heavy Industries, Kverneland ASA, Escorts Ltd. Key players are focusing on integrating advanced technologies in their equipment for strengthening their market position. Players are also focusing on increasing their distributor network to boost their regional presence. The strategic association is a key growth strategy adopted by players operating in the industry.
Based on type, Agriculture Equipment Market is segmented as agriculture spraying equipment, tractors, irrigation & crop processing, hay & forage machines, soil preparation & cultivation, harvesters, and others. The tractors segment holds the major share in the global market owing to the rise in the adoption of tractors in small-sized, medium-sized, and large-sized farms. The harvester segment is projected to witness a higher growth rate due to constant technological advancements in the harvesting equipment during the forecast period. Based on the business, the market is segmented as after-sales and Original Equipment Manufacturers (OEMs). In addition, based on automation, the market is segmented as manual, automatic, and semi-automatic. The use of automatic & semiautomatic agriculture equipment reduces the requirement of human labor on farms, which in turn, reduces the expenses incurred on manpower. This further boosts crop production by reducing the downtimes & allowing vastly precise operations.
The Agriculture Equipment is driven by an increase in production & sales of farm equipment, followed by rapidly growing online & offline food service centers, rise in demand for tractors equipped with cutting-edge technology, increase in deployment of mechanical power & advanced technologies into the agricultural production system, developing agricultural infrastructure in developed and developing regions, and government support towards farm mechanization and subsidies on agriculture equipment. However, a lack of information about efficient agriculture equipment among farmers may impact the market. Moreover, innovations in the field of autonomous tractors and the increase in deployment of advanced technologies such as Artificial Intelligence (AI), Internet-of-Things (IoT), and big data in agricultural equipment are key opportunities for the market.
Based on geography, the Asian-pacific region dominates the global Agriculture Farm Equipment Market Analysis owing to increase in population, growth in export of cereals, increase in government support & incentives on farming equipment, the emergence of contract farming in India, lack of farm labor, and growth in the sale of tractors in the region. The North-American and European regions are estimated to exhibit a substantial growth rate due to growth in the wine industry coupled with labor shortage over the forecast period. It is expected that the global Agriculture Equipment Market will be reached at a rapid pace on account of growth in the utilization of modern technology in the agriculture equipment industry during the forecast period.
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