by Agriculture Equipment includes machinery that are used in farming activities like plowing, harvesting, pesticide spraying etc. This equipment helps increase agricultural productivity by efficiently utilizing resources like labor, seeds, fertilizers and water. Tractors are one of the most important equipment used for plowing, tilling and harvesting activities. Harvesters aid in cutting and threshing operations. Other key equipment includes seed drillers, rotavators, power tillers and weeders. The need for high yields and efficient utilization of resources is driving increased adoption of mechanized Agriculture Equipment globally. The market offers equipment for all farming activities from pre-planting to post-harvest handling and storage. Mechanization enables multi-tasking and reduced dependency on manual labor thus addressing issues of labor shortage. The global Agriculture Equipment Market is estimated to be valued at US$ 934.08 Mn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Agriculture Equipment Market is precision farming technologies. Precision farming utilizes technologies like GPS, GIS, variable rate application mechanisms and sensors to precisely analyze field conditions and optimize input application. This enables site specific crop management practices based on field characteristics like soil type, elevation etc. Precision farming aid in reducing costs through efficient utilization of inputs like seeds, fertilizers and water. It also protects the environment by avoiding over application of inputs. Growing acceptance of precision farming is expected to drive future growth of the Agriculture Equipment Market over the forecast period.
Porter’s Analysis
Threat of new entrants: The agriculture equipment market requires substantial investments and resources to run manufacturing facilities and deal with stringent regulations. This poses high entry barriers for new players.
Bargaining power of buyers: The agriculture equipment market has large buyers such as major farming operations and agricultural cooperatives. This gives buyers higher bargaining power over established brands.
Bargaining power of suppliers: Major components are sourced from a limited number of suppliers globally. This provides suppliers moderate bargaining power over OEMs.
Threat of new substitutes: There are limited substitutes for agriculture machinery currently. However, technological advancements can lead to new alternatives in the future.
Competitive rivalry: The market has the presence of numerous large and small established brands. This results in intense competition based on product pricing, innovation, quality, and brand strength.
Key Takeaways
The Global Agriculture Equipment Market Size is expected to witness high growth in the forecast period of 2023 to 2030.
Regional analysis: North America dominated the global market in 2023 due to high mechanization levels and larger farm sizes. Asia Pacific is expected to grow at the fastest pace due to rising farm mechanization in major countries like India and China.
Key players: Key players operating in the Agriculture Equipment Market are AGCO Corporation, FlieglAgro-Center GmbH, Agromaster, Amazone Inc., APV GmbH, Bellota Agrisolutions, CLAAS KGaAmbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co., Ltd., J C Bamford Excavators Ltd, Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA Corporation, KUHN SAS, LEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd., MascarSpA, MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
