The Agricultural Equipment Market Growth was valued at USD 160.99 billion in 2022 and is projected to reach USD 234.80 billion by 2030, with a compound annual growth rate (CAGR) of 4.83% during the forecast period from 2023 to 2030.
In recent years, the Agricultural Equipment Market has witnessed substantial growth, and this trend is expected to continue in the coming years. The market's value, which stood at USD 160.99 billion in 2022, is anticipated to surge to USD 234.80 billion by 2030. This growth can be attributed to various factors, including technological advancements, increasing demand for efficient farming practices, and the need to enhance agricultural productivity.
One of the key drivers behind this growth is the continuous development and adoption of advanced agricultural equipment. Farmers and agricultural businesses are increasingly recognizing the benefits of utilizing modern machinery to streamline their operations and improve overall efficiency. These advancements include the integration of precision farming technologies, such as GPS and remote sensing, which enable farmers to optimize their resource utilization and minimize waste.
Furthermore, the rising global population and the subsequent increase in food demand have put significant pressure on the agricultural sector. To meet these demands, farmers are increasingly turning to mechanization and automation to enhance productivity and output. This shift towards mechanized farming practices has led to a surge in the demand for agricultural equipment, further fueling market growth.
Moreover, governments across the globe are implementing favorable policies and initiatives to support the agricultural sector. These measures aim to promote sustainable farming practices, enhance food security, and boost rural development. Such initiatives often include subsidies and incentives for farmers to invest in modern agricultural equipment, thereby driving market growth.
In conclusion, the Agricultural Equipment Market is poised for substantial growth in the coming years. With technological advancements, increasing demand for efficient farming practices, and supportive government policies, the market is expected to reach USD 234.80 billion by 2030.
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KEY MARKET SEGMENTATION
On The Basis of Product
- Tractors
- Harvesters
- Planting Equipment
- Row Crop Planters
- Air Seeders
- Grain Drills
- irrigation & Crop Processing Equipment
- Spraying Equipment
- Hay & Forage Equipment
- Others
On The Basis of Application
- Land Development & Seed Bed Preparation
- Sowing & Planting
- Weed Cultivation
- Plant Protection
- Harvesting & Threshing
- Post-harvest & Agro-Processing
Key Players
The major key players of these sectors are AGCO Corporation, FlieglAgro-Center GmbH, Agromaster, Amazone Inc., APV GmbH, Bellota Agrisolutions, CLAAS KGaAmbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co., Ltd., J C Bamford Excavators Ltd Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA Corporation, KUHN SASLEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd., MascarSpA, MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries, Inc and Other Players
Driving Factors
- Developing countries
- Increasing farm equipment production and sales
- Globally, online and offline food service establishments are rapidly expanding.
- Mechanical power and modern technology deployment
Opportunities
- Farmers are under-informed on the advantages of agricultural equipment.
- Illiteracy and a lack of appropriate resources, as well as monetary metrics.
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Table of Contents
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Agricultural Equipment Market Segmentation, by Product
- Agricultural equipment market, by Application
- Regional Analysis
- Company Profile
- Competitive Landscape
- Conclusion
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