Agriculture Equipment Market Size By Product (Farm Tractor [By Product {Sub-Compact Utility Tractor, Compact Utility Tractor, Specialty Tractor}, By Horsepower {< 30 HP, 31-100 HP, 101-200 HP, > 200 HP}], Harvesting Machinery [Combine Harvester, Forage Harvester, Thresher, Reaper], Plowing & Cultivation Machinery [Ploughs, Harrows, Cultivators & Tillers], Planting & Fertilizing Machinery [Seed Drills, Planters, Spreaders, Sprayers], Haying Machinery [Balers, Mower-Conditioner, Tedders & Rakes]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Agriculture Equipment Market size exceeded USD 150 billion in 2019 and is projected to grow at over 6% CAGR between 2020 and 2026. The market growth is attributed to growing demand for processed foods, packaged foods, high energy foods, and meats.
 

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The exponential rise in population in recent years is a major contributor to the growing industry demand. The sector is facing the challenge of feeding a rapidly expanding worldwide population while preserving the environment & global biodiversity and enhancing & protecting human health.
 

The agriculture industry is required to operate in a dynamic production environment with variability in several natural and socio-economic factors. Changing consumer demands and evolving government regulations are the other variable factors that will cause demand fluctuations in the agriculture sector. Traditional agriculture techniques that use human & animal labor were time-consuming and lack efficiency. The introduction of innovative agriculture equipment is anticipated to reduce production time, enhance product quality, and improve production efficiency for farmers.
 

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Integration of advanced technology in agriculture equipment will propel the agriculture equipment market expansion

The incorporation of advanced technology in agriculture equipment has provided growth opportunities for the industry. Sophisticated technologies such as GPS and robotics are improving equipment efficiency to a great extent. The technology enables remote handling of the equipment, increasing the accuracy of farming. Sensors help in providing precise data about the soil conditions and weather, helping farmers to boost the yield.
 

AI-based equipment has also gained popularity in recent years. John Deere, a company known for its green tractors, focuses on implementing machine learning and AI into machinery to enhance functionality. The advent of digitalization and connected technology is further fueling the market revenue.
 

The integration of IoT with machinery is revolutionizing the agriculture sector. Remote equipment that can be controlled from wireless devices and smartphones are reducing travel time and related costs. The incorporation of robotics in agriculture is also helping farmers in enhancing productivity.
 

Farm tractors to remain the largest product segment

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The farm tractor segment revenue is predicted to cross USD 3 billion by 2026. A farm tractor mechanizes several agricultural tasks such as planting, plowing, and tilling in fields. The use of farm tractors in agriculture offers several advantages such as ease of operation & transmission and ease of installing gardening & farming elements. Tractors facilitate ease of work on rough terrains.
 

Market players are focusing on enhancing their product features to improve strength and durability to work in robust conditions. For instance, in January 2020, Kubota, an agriculture machinery manufacturer, developed a fully electric driverless tractor. Incorporation of advanced technologies in tractors is further driving the market growth.
 

Telematics has gained importance in the agriculture equipment market. Fleet telematics is a technology that captures data from equipment and vehicles. Tracking agriculture & farm equipment is providing a number of advantages such as ease of maintaining the vehicle’s daily data, reducing the amount of fuel, and facilitating asset monitoring.
 

Fast-growing economies in Asia Pacific will boost the regional market demand

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The Asia Pacific agriculture equipment market shipments surpassed 3 million units in 2019. An exponential increase in population coupled with the presence of fast-growing economies in the region is driving the demand for agricultural products. The agricultural sector across the region is adopting equipment to boost productivity, enhance product quality, and improve supply chain transparency.
 

Supportive government initiatives and product awareness among farmers will impel the market size. The Government of Japan is focusing on modernizing and mechanizing farming activities. The sector is witnessing acute labor shortages in the country, in turn, stressing the need for advanced machines. Society 5.0 an agenda for future technological development put forth by the Japanese government. The initiative will focus on implementing advanced technology such as Artificial Intelligence (AI), big data, and IoT in the agriculture sector to boost agricultural productivity.
 

Strategic product launch remains the key growth strategy for market players

Major agriculture equipment manufacturers include Escorts Group, ARGO SpA, CNH Industrial N.V., JCB Limited, Mahindra & Mahindra Ltd, Yanmar Company Limited, Bucher Industries AG, AGCO Corp., Claas KGaA mbH, Deere & Company, Kubota Tractor Corp, Tractors and Farm Equipment Ltd., Valmont Industries Incorporated, Foton Lovol International Heavy Industries Company Ltd., Alamo Group Incorporated, and Kuhn Group.
 

Industry players are focusing on incorporating advanced technologies in their equipment to strengthen their market position. Companies are also focusing on expanding their distributor network to increase their regional presence.
 

The agriculture equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and volume in unit shipments from 2015 to 2026, for the following segments:

Market, By Product

• Farm tractor
  • By product
    • Sub-compact utility tractor
    • Compact utility tractor
    • Specialty tractor
  • By horsepower
    • < 30 HP
    • 30-100 HP
    • 101-200 HP
    • > 200 HP
• Harvesting machinery
  • Combine harvester
  • Forage harvester
  • Thresher
  • Reaper
• Plowing & cultivation machinery
  • Ploughs
  • Harrows
  • Cultivators & tillers
• Planting & fertilizing machinery
  • Seed Drills
  • Planters
  • Spreaders
  • Sprayers
• Haying machinery
  • Balers
  • Mowers-Conditioners
  • Tedders & rakes
• Others

The above market information has been provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa (MEA)
  • Saudi Arabia
  • UAE
  • South Africa