Agriculture Equipment Market size worth over $165 BN by 2027

Agriculture Equipment Market size is slated to exceed USD 165 billion by 2027, according to a new research report by Global Market Insights Inc.
 

The increasing number of farmers replacing outdated machines and tools with advanced equipment will fuel the industry growth. Special types of agriculture equipment are being introduced in the market to protect plants from pests and diseases. For instance, in May 2019, Agrifac Machinery B.V. launched AICPlus revolutionary camera spraying technology in Australia. The technology uses an array of cameras combined with AI to recognize weed species for spraying only unwanted plants.
 

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The agriculture equipment market is witnessing an increased demand for energy-efficient and green machines due to rising awareness about carbon emissions and their environmental impacts. Governments and private organizations across various regions are developing initiatives and schemes to reform the agriculture sector and make a transition in production-related activities. For instance, KfW, a German state-owned investment and development bank, is supporting the promotion of energy-efficiency measures and low carbon technologies in the agriculture sector.
 

Global Agriculture Equipment Market Size, By Product

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The ongoing COVID-19 pandemic severely impacted the agriculture equipment industry in FY2020 owing to decline in manufacturing in several economies. Several leading manufacturers, such as John Deere, China National Machinery Industry Corporation, and CLAAS KGaA mbH, shutdown their manufacturing plants impelled by the coronavirus pandemic. The decline in demand, supply chain disruption, and stringent regulations severely impacted the agriculture equipment market revenue.
 

Browse key industry insights spread across 400 pages with 1016 market data tables and 31 figures & charts from the report, “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, and Reaper], Plowing & Cultivation Machinery [Ploughs, Harrows, Cultivators, and Tillers], Planting & Fertilizing Machinery [Seed Drills, Planters, Spreaders, and Sprayers], Haying Machinery [Balers, Mower-conditioner, Tedders, and Rakes]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/agriculture-equipment-market
 

Increase in labor shortage is driving the adoption of harvesting machinery among farmers

The harvesting machinery market demand is attributed to increasing labor shortage in Western Europe, which is contributing to the reduction in yield. The COVID-19 pandemic led to 75% shortage in labor supply due to restrictions on travel across the country. This has encouraged farmers to invest in harvesting machinery for maximizing profitability and production. Also, increasing development of advanced agriculture equipment is augmenting the market growth. Industry players are launching combine harvesters with onboard GPS systems that provide information about engine status, location, and speed of the harvester, propelling their popularity. It reduces fuel consumption and allows farmers to perform harvesting operations with more accuracy and precision.
 

Rise in consumption of processed food coupled with adoption of innovative technologies in the agriculture sector will drive the North America market growth

North America accounted for around 20% of the agriculture equipment market revenue share in 2020 and is likely to witness steady growth through 2027 propelled by the increased usage of advanced technologies. More than 70% of the U.S. adults consumed ultra-processed food in 2019. This has encouraged farmers to adopt modern agriculture equipment to improve the production of crops. Moreover, several organizations are supporting the research in engineering and computing to promote advancements in robotics.
 

Investment in research & development for introducing advanced agriculture equipment remains the key strategy among market players

The key players operating in the agriculture equipment market include Deere & Company, Escorts Group, Alamo Group Incorporated, AGCO Corporation, Foton Lovol International Heavy Industries Company Ltd., Mahindra & Mahindra Ltd, Tractors and Farm Equipment Ltd., Yanmar Company Limited, Claas KGaA mbH, JCB Limited, Kubota Tractor Corporation, Bucher Industries AG, Valmont Industries Incorporated, CNH Industrial N.V., Kuhn Group, and ARGO SpA. Industry participants are investing highly in R&D activities to launch new products and attract a large customer base. For instance, Deere & Company invested USD 1,644 million in R&D activities in FY2020 to launch innovative products and remain competitive in the market.
 

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