Agriculture Equipment Market Detailed Analysis of Current Industry Figures with Forecasts Growth
Category: #business  By Rahul Varpe  Date: 2022-11-24
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Agriculture Equipment Market Detailed Analysis of Current Industry Figures with Forecasts Growth

The global agriculture equipment market is anticipated to register significant growth through 2028 due to the introduction of modern and advanced machinery that is both resilient and cost-efficient.

Tractors, harvesting, and plantation machines are some of the most important farm equipment that every farmer needs. Increasing adoption of advanced machinery used for cultivation, harvesting, plowing, etc., has bolstered the sales of efficient tractors over the past few years.

Notably, in North America, almost 360,000 tractors and combines were sold from the dealer’s shelves in 2021. Moreover, according to the latest figures from the Association of Equipment Manufacturers, unit sales of agricultural tractors combined in the United States and Canada finished 2021 with more than 10% rise in practically every segment in both countries. As a result, escalating product demand across key regions has been favorable for business growth in recent years.

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The agriculture equipment market has been segmented in terms of machinery type and region. Based on machinery type, the market has been bifurcated further into harvesting machinery, farm tractor, planting & fertilizing machinery, haying machinery, plowing & cultivation machinery, and others.

The farm tractor segment has been divided by type into three segments viz., compact utility tractor, specialty tractor, and sub-compact utility tractor. The sub-compact utility tractor segment is set to grow over the review timeline owing to the launch of new models with optimum turning radius lift capacity, and range of available implements.

The farm tractor segment has been segregated by horsepower into 30 – 100 HP, < 30 HP, > 200 HP, and 101 – 200 HP. The < 30 HP segment is anticipated to witness notable growth through 2028. Increasing demand for low horsepower tractors among small-scale farmers in India due to their compact size and lower cost compared to traditional tractors is supporting regional market demand, which is likely to facilitate the expansion of the < 30 HP segment.

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Under harvesting machinery, the agriculture equipment market has been segmented in terms of the combine harvester, thresher, forage harvester, and reaper. The thresher segment is projected to observe robust growth over the study timeframe. Threshers equipped with hydraulics are in high demand because they provide excellent efficiency through torque stability, low maintenance, and power transmission, which is estimated to drive segmental progress.

Under plowing & cultivation machinery, the agriculture equipment industry has been categorized into harrows, ploughs, and cultivators & tillers. The harrows segment is poised to amass substantial gains through 2028 as a result of a growing focus on effective heavy residue management in farms. Harrows are made for harrowing and heavy cutting in harsh residue conditions, which is also speculated to boost product uptake in the upcoming years.

Under planting & fertilizing machinery, the industry has been segmented into seed drills, planters, spreaders, and sprayers. The sprayers segment is primed to attain a sizable share in the agriculture equipment market by 2028. Surging utilization of precision farming techniques has increased sprayer manufacturers’ ability to make agricultural procedures more efficient and precise. Sprayers provide excellent spray efficiency, high safety, and minimal crop and environmental damage, which is likely to propel segmental growth in the forthcoming years.

Under haying machinery, the agriculture equipment market has been divided into balers, mowers-conditioners, and tedders & rakes. The balers segment is slated to expand at a significant pace over the analysis time period due to mounting demand for balers that produce high-weather-resistant bales. Prevalent product usage by farmers for storing bales for long periods of time is calculated to further contribute to segmental development through the forecast timeframe.

In the regional landscape, the Latin America agriculture equipment market is poised to experience exponential growth over the review timeline driven by soaring agricultural commodity exports in the region. Moreover, farmers are employing advanced agricultural equipment that aid in the production of high-quality crops, which is expected to foster market outlook in LATAM in the future.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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