The Agriculture Equipment Market Has Garnered a Market Value of US$ 160.16 Bn In 2022

UNITED STATES, July 12, 2022 /EINPresswire.com/ -- A recently published Fact.MR study foresees that the demand for agriculture equipment is projected to expand at a CAGR of 4% in terms of value during the period of assessment. Moreover, the report estimates that the market for agriculture equipment is likely to surpass US$ 237.08 Bn by end of 2032.

From 2015 to 2021, agriculture equipment sales flourished at a CAGR of 4.9%, with market reaching a value of US$ 154 Bn. During the COVID-19 pandemic, prospects somewhat declined, as curbs on manufacturing activity due to lockdowns disrupted the demand-supply equation. Eventually, the recession was overcome, thanks to lifting of restrictions amid reducing infection intensity.

Shortage of labor worldwide particularly in Western Europe and the U.S. will play a key role in driving the adoption of agriculture equipment over the forecast period. Apart from advancements in the agriculture equipment space and shortage of labor shortage, the growing population to meet the global food requirements will also be a major factor, increasing demand in the long term.

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Key Takeaways from the Market Study
• Tractors captured a sizeable portion of the overall market in 2020, with the market size expected to surpass US$ 80 Bn by 2032.
• Harvesting and threshing are important farming processes, owing to which the segment holds over 20% revenue share.
• U.S to flourish at a CAGR of 5% with respect to agriculture equipment sales through 2032
• MEA to accrue a value of over US$ 10 Bn in 2022 and beyond, surging at a CAGR of 2%
• Global market value of agriculture equipment to reach US$ 160.16 Bn by 2022-end

Competitive Landscape
Some prominent manufacturers of agriculture equipment are AGCO Corporation, Agrocenter Ltd., Agromaster, AMAZONE Ltd., AMAZONE Ltd., APV– Technische Produkte GmbH, CLAAS KGaA mbH, CNH Industrial N.V, Escorts Group, Horsch Maschinen GmbH, and ISEKI & Co., Ltd. Frontrunners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:

• In May 2021, CLAAS KGaAmbH acquired a minority stake in Dutch start-up AgXeed B.V. The acquisition was intended for the development and commercialization of autonomous agriculture machines.
• In August 2021, John Deere introduced the new 6155MH Tractor, which delivers reliability and all the field-proven performance like the M series, envisaging the company to attract a new customer base.

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Key Market Segments in Agriculture Equipment Industry Research
By Product Outlook
• Agriculture Tractors
• Agriculture Harvesters
• Agriculture Planting Equipment
o Row Crop Planters
o Air Seeders
o Grain Drills
o Others
• Irrigation & Crop Processing Equipment
• Agriculture Spraying Equipment
• Hay & Forage Equipment
• Other Agriculture Equipment

By Application
• Agriculture Equipment for Land Development & Seed Bed Preparation
• Agriculture Equipment for Sowing & Planting
• Agriculture Equipment for Weed Cultivation
• Agriculture Equipment for Plant Protection
• Agriculture Equipment for Harvesting & Threshing
• Agriculture Equipment for Post-Harvest & Agro-Processing

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How opportunistic is the U.S agriculture equipment market?

According to Fact.MR, the US was valued at US$ 35.1 Bn in 2021 and is expected to register a CAGR of over 5% during the forecast period. Growth is primarily driven by the abundance of large farmland, which has led to high demand for farm mechanization. Moreover, the region is witnessing increased adoption of intelligent combine harvesters equipped with monitoring tools to increase farm yield.

Factors such as rising labor costs, the amalgamation of robotic systems and Global Positioning Systems (GPS) in tractors and harvesters, increasing demand for high-capacity machinery due to large farms, and the rising popularity of self-propelled machines are all expected to drive the regional market growth over the forecast period.

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