The global agriculture equipment market is presumed to register a remarkable CAGR during the forecast period (2017-2022) owing to the growing adoption of latest technology in agriculture equipment, asserts Market Research Future (MRFR). Agriculture equipment is the machines which facilitate the processing and production of agricultural livestock and crops. Agricultural lands require equipment such as harvester, tractor, land leveler, and others for farming practices like irrigation, planting, harvesting, and others.
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Global Agriculture Equipment Market: Segmental Analysis
The global agriculture equipment market has been segmented on the basis of product type, function, and region.
By mode of product type, the global agriculture equipment market has been segmented into cultivation & soil separation equipment, harvesters, tractors, and others. Among these, the tractors are presumed to register a significant growth rate during the assessment period. The growth is attributed to the growing demand for food produce. With the expanded government subsidies towards mechanization and shortage of labor, the segment is likely to foster.
By mode of function, the global agriculture equipment market has been segmented into planting & fertilizing, plowing & cultivation, harvesting, haying, and others. Among these, the harvesting machinery is likely to dominate the global market as it minimizes the dependence on labor, helps break up the soil efficiently, and enables to meet the increasing demand of the urban dwellers.
Competitive Dashboard
The noteworthy players operating the global market are CNH Industrial N.V. (U.K.), Mahindra & Mahindra Limited (India), JC Bamford Excavators Limited (U.K.), Kubota Corporation (Japan), Deere & Company (U.S.), Daedong Industrial Co. Ltd. (U.S.), Escorts Limited (India), AGCO Corp. (U.S.), Iseki & Co. Ltd. (Japan), and others.
Regional Insights
Geographically, the agricultural equipment market spans across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, Asia Pacific is considered to lead the global market owing to the increasing demand for food in developing economies such as India and China. High adoption of technologically advanced devices owing to the supportive initiatives by the government along with farmer awareness program is predicted to drive the global market in this region.
The North American region is presumed to expand steadily during the review period and is considered to maintain its dominance. The growth is attributed to the rapid technological development along with the increasing population. There also has been increasing use of advanced agricultural equipment for time-saving, reliable, and effective production, which is further driving the market in this region.
The European region is expected to register a significant growth rate due to the rapid introduction of advanced equipment such as multi-purpose tractors. For instance, SIWI Agriculture Ltd. in June 2018 had developed an automatic hitch system to boost productivity and promote safety on farms.
Industry Updates
October 29, 2018: The Shanghai Facilities and Agricultural Equipment Association will bring its members to participate in the 2nd HORTI CHINA which will be held at the Shanghai National Exhibition & Convention Center. The total exhibition area of HORTI CHINA is estimated to be around 27,000 square meters.
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