As per Market Research Future (MRFR)’s report, the global agriculture equipment market is projected to exhibit steady growth over the forecast period. The increasing demand in the agriculture sector is expected to drive market growth in the foreseeable future. The availability of advanced machinery supported by government subsidies is anticipated to revolutionize the future trajectory of the agriculture equipment market.
Replacement of old equipment with technologically advanced ones is anticipated to augment the market in the foreseeable future. Technological innovations are likely to dictate the growth of the agriculture equipment market over the next couple of years. For instance, the rising adoption of autonomous tractors is prognosticated to accelerate revenue creation for market participants.
Advanced equipment facilitates improvement in crop quality while reducing labor cost. This has catalyzed the deployment of innovative techniques and machinery for cultivation. It has opened new avenues of developmental opportunities for market players. This report suggests that the global agriculture equipment market is likely to remain highly attractive across the assessment period.
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Market Segmentation:
By product type, the global agriculture equipment market has been segmented into tractors, harvesters, cultivation & soil separation equipment, and others.
By function, the agriculture equipment market has been segmented into harvesting, planting & fertilizing, haying, plowing & cultivation and others.
Regional Insights:
The regional assessment of the global agriculture equipment market spans across North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is anticipated to dominate the global market in the forthcoming years. The region encompasses most populous countries in the world – India and China. The demand for food products is on the rise in the region which is projected to drive the growth of the agriculture equipment market. In addition, the rising demand for food has necessitated the adoption of scientific methods and advanced machinery in agriculture. This, in turn, is presumed to boost the growth trajectory of the agriculture equipment market over the next few years.
North America is an important regional market with a significant share of the global agriculture equipment market. It is forecasted to retain a substantial proportion of market share across the review period. The shift towards technologically advanced agriculture methods is primarily responsible for driving the expansion of the agriculture equipment market in the region. In addition, the replacement of old equipment with new ones is expected to expedite the expansion of the market in the forthcoming years.
Competitive Dashboard:
Some of the key players studied in this report for a lucid market share analysis are JC Bamford Excavators Limited (U.K.), Mahindra & Mahindra Limited (India), AGCO Corp. (U.S.), Deere & Company (U.S.), Kubota Corporation (Japan), Iseki & Co., Ltd. (Japan), CNH Industrial N.V. (U.K.), Daedong Industrial Co., Ltd. (U.S.), and Escorts Limited (India).
Industry News:
In March 2019, a global leader in the capital goods sector, CNH Industrial, has announced the introduction of the first 3D printed spare parts for agriculture equipment and buses.
In February 2019, New Holland Agriculture, which is a brand of CNH Industrial, has announced the launch of its latest TT3.50 tractor in Thailand.
In February 2019, Sweden-based Radonova Laboratories has announced the introduction of new Ecotrak® soil detector.
In January 2019, Azerbaijani state has introduced the preferential sale of agricultural equipment.
In December 2018, India’s second largest tractor manufacturer, Tractors and Farm Equipment Ltd (TAFE), has announced the launch of JFarm Services in some of the Indian states. It is the first free of cost tractor rental program of the nation.
In September 2018, leading farm equipment maker Escorts has unveiled the first autonomous smart tractor of India as a step towards agriculture innovation.
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