Agriculture Equipment Market worth over $230bn by 2026

Agriculture Equipment Market size is set to surpass USD 230 billion by 2026, according to a new research report by Global Market Insights, Inc. The global shipments will grow at 4% CAGR during the forecast period.
 

Agriculture equipment is used in harvesting, cultivating, or planting farm products or used in connection with the production of agricultural goods. Mechanization is replacing traditional farming techniques that involve human labor. The rapid growth in population has stressed the significance of agriculture equipment in farming activities to cater to the growing demand with efficiency.

 

Request Sample Buy NowInquiry Before Buying

 

Traditional agriculture techniques are time-consuming and prone to errors due to human fatigue. The high precision and reduced time to market leads to increasing productivity and is a key growth driver for the agriculture equipment market. Companies are incorporating advanced technologies such as IoT, machine learning, AI, and GPS in machinery to facilitate ease of information tracking that further aids in taking accurate decisions.
 

Sensors incorporated in the equipment can provide precise information about the weather & ground conditions. Incorporation of sensors in tractors can provide data on fuel consumption, thereby reducing the carbon footprint. For instance, John Deere, an equipment manufacturer, is implementing IoT to enhance the capabilities of its product offerings.
 

Increasing demand to improve the quality of agriculture yield will propel the demand for harvesting machinery

Harvesting machinery demand, driven by combine harvesters, is set to exceed USD 20 billion by 2026. Mechanized harvesting offers several advantages over manual methods, thereby increasing the throughput. Manual harvesting methods cause a lot of grain loss during transportation, manual cutting, and incomplete threshing.
 

Harvesting equipment also produces clearer grain as compared to manual processes. A combine harvester is a machine that concurrently cuts, threshes, and cleans a crop of grain. It offers several advantages by performing multiple operations in a single process, saving effort and time.
 

There is a rise in the demand for threshers that will facilitate a faster threshing process to produce superior-quality yield. Traditional threshing techniques require human or animal aid, making them time-consuming. Advancements in threshers such as the development of multi-crop threshers can also facilitate the threshing of a variety of crops simultaneously. The introduction of enhanced quality forage harvesters by companies such as John Deere will further propel the agriculture equipment market growth.
 

Browse key industry insights spread across 400 pages with 630 market data tables and 40 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, 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” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/agriculture-equipment-market
 

Rapid technology adoption in Europe will support the agriculture equipment market growth

European countries are on the forefront in incorporating state-of-the-art technologies in agriculture machinery. Stringent regulations on the operations of farming machinery in the region will support industry growth.
 

Introducing increasingly performant and safe farm machinery, owing to stringent regulations in the region, is at the core of the agriculture equipment market in Europe. Companies are focusing on expanding their regional presence in Europe to strengthen their position in the market. In October 2019, JCB announced the opening of its new headquarters in Germany with an investment worth around USD 65 million to increase its sales growth in the coming years.
 

Over the last few years, emissions from agriculture equipment have reduced to a considerable extent in line with the EU legislation. The focus of several companies on implementing advanced technologies in their machinery will boost the market growth. Smart farming is increasingly being adopted across several regions in Europe to increase yield. The stable growing demand for high-quality food products will drive the regional market shipments to over 1.8 million units by 2026.
 

Strengthening products remain as a key growth strategy for key market players

Prominent players operating in the agriculture equipment market include Escorts Group, CNH Industrial N.V., Valmont Industries Incorporated, Mahindra & Mahindra Ltd., Bucher Industries AG, ARGO SpA, AGCO Corp., JCB Limited, Yanmar Company Limited, Claas KGaA mbH, Kubota Tractor Corp, Tractors and Farm Equipment Ltd., Deere & Company, Foton Lovol International Heavy Industries Company Ltd., Alamo Group Incorporated, and Kuhn Group. Companies are putting in a lot of effort to enhance and expand their existing product landscape.
 

New product launches are other key strategies adopted by companies active in the market. For instance, in January 2020, the global agriculture equipment manufacturer, AGCO Corporation launched a Fendt Momentum planter for row crop producers in North America. The product sets a unique standard by providing accuracy in seed placement and offering technologies to overcome production challenges and optimize productivity.
 

We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X