Agriculture Equipment Market Overview

The Global Agriculture Equipment Market size is projected to register a CAGR of 5.55% and reach a value of USD 3,24,306.18 million by 2030.

Agriculture equipment is the machinery used by farmers at various stages of agriculture such as planting, harvesting and agro-processing. Traditional tools are now replaced by Farm equipment, such as crop processing equipment, drip irrigation equipment and others. The major driver for the growth of agriculture equipment market is the emergence of the concept of contract farming and the increase in agricultural production targets. The rapid increase in population is generating the demand for food and thereby seeking even better agricultural equipment. Though farmers benefit from the use of agricultural equipment, the huge cost involved in the acquisition of such agricultural equipment is restraining the growth of this market.

Generally, agriculture needs numerous types of equipment like tractors, harvesters, seeding, hay and forage, cutters and shredders, and land leveler. Using these types of equipment, several agricultural tasks similar as plowing, tilling, planting, disking, harrowing, and spraying the pesticide use are performed.
The tractor segment is considered for the largest revenue share of over 30% in 2021, attributed to the labor scarcity and the rising population to meet the global food requirements, which has formed tractors a prerequisite for increasing productivity in the agriculture industry.
The harvester segment is expected to reach around USD 58.0 billion by 2030, registering a CAGR of over 6% over the forecast period. Innovations in harvesting equipment are expected to accommodate the growth of the segment over the following few years.

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Regional Analysis
The agriculture equipment market is segmented into four main geographies similar as Asia- Pacific, Europe, North America, and the rest of the world. Asia- Pacific holds the largest market share among other regions because this region includes massive population countries like India and China which require high production of food and cereals. Apart from this, the rise in government support and encouragement of agriculture equipment, growing sales of tractors, lack of labor, and contract farming in India are accelerating the growth rate in this region.
During the evaluation period, North America is also anticipated to grow at a substantial rate for regions embracing the growth of wine industries and the rise in demand for tractors from the US and Canada. Due to the shortage of farm labor and the productivity enhanced through mechanization; Europe is the other substantial market for global market trends.
As the rising population is boosting in India and China, they require additional food and growing export of cereals, hence the Asia- Pacific region leads the topmost market share during the review period.

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Market Segmentation
Market Research Future Research has segmented the global agriculture equipment market report based on product, application, and Sales.

By Product Type
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

By Sales channel
The global agriculture equipment market trends based on the sales channel are segmented into OEM and aftermarket. Due to the rising number of agriculture equipment aftermarket centers in emerging countries like India, China, Brazil, and Argentina for its presence of a big agricultural base, the aftermarket segment is expected the highest growth rate in the forecast period.

Key Players
Some of the key players in the agriculture equipment market AGGCO Corp. (US), JC Bamford Excavators Limited (UK), Deere & Company (US), CNH Industrial NV (UK), Kubota Corporation (Japan), Iseki &Co., Ltd (Japan), Daedong Industrial Co. Ltd (US), CLAAS KGaA mbH (Germany), Mahindra & Mahindra Limited (India) and Escorts Limited (India).

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