Agriculture Equipment Market is Projected to Grow at A CAGR of 8.9% During 2020-2026

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OVERVIEW

Agriculture Equipment Market was evaluated at USD 139 billion by the end of 2018.

Bizlytik analysts forecast the global Agriculture Equipment market to grow at a CAGR of 8.9% during the forecast period, according to their latest market research report.

Agriculture equipment is used in farming and crop processing activities in a bid to facilitate higher yield in quick time and less manual labor. The shift towards modern machinery from conventional tools have increased in recent times, with a consequent increase in acreage of land under cultivation and crop production.

The rapid technological advancement of machinery and equipment and rising need to increase crop production to cater to the growing world population are the influential primary factors that would propel the prospects of market growth during the forecast period. The high incorporation of advanced telematics devices into agriculture equipment would further generate consumer interest in products, ensuring continued product sales. The possibility of increasing cultivation acreage of land without employing an additional workforce would offer vendors with new opportunities for business expansion in the coming years.

Tractors, Combine Harvesters, Threshers, Cultivators & Tillers, and Others are covered in the Type segment of the market scope. In contrast, the application segment is categorized into Land Development and Seed Bed Preparation, Harvesting and Threshing, Weed Cultivation, and Sowing and Planting.
The Harvesting and Threshing segment by Application is estimated to witness substantial growth during the forecast period owing to the facility of higher crop processing in quick time, using less manual labor. Additionally, the use of harvesters has ensured smooth operational efficiency across several agricultural fields, which would likely increase the financial value of finished products and generate additional income for farmers.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

Asia Pacific is a prominent region and holds a substantial market share in terms of overall value owing to the high product demand from emerging economies such as China and Japan, and agriculture-friendly countries such as India. The growing regional population has increased demand for more food production. As such, the use of modern techniques of agriculture to increase the volume of crop production has also become influential factors of regional market growth.

The Agriculture Equipment market witnesses intensified competitiveness among its key players looking to cater to the product needs of remote areas through improved product performance. The expansion of business activities through manufacturing facilities and distribution centers in demand-rich areas and extensive technological innovation in product capabilities are the primary business strategies of top players.