The Global Agriculture Equipment Market Growth Accelerated By Increased Mechanization Of Agriculture Processes

 

Agriculture equipment including tractors, harvesters, spraying machines and tillage equipment play a vital role in carrying out agriculture processes efficiently on farms. These equipment facilitate fast seeding, planting, fertilizing, spraying of pesticides, harvesting and help in leveling and preparing fields. 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:
Increased mechanization of agriculture processes has been a key trend driving the growth of the global agriculture equipment market. widespread deployment of advanced agriculture machinery such as tractors equipped with GPS and auto-steering systems have significantly increased efficiency and productivity of agriculture operations. Modern equipment perform agriculture tasks much faster and with higher accuracy compared to manual labor. This has promoted higher adoption of agriculture equipment across farms worldwide. Manufacturers are also focusing on development of autonomous and precision agriculture equipment integrated with latest technologies to further enhance efficiency of agriculture processes. Such trends of increased mechanization are expected to continue driving demand for advanced agriculture equipment during the forecast period.
Segment Analysis
The global agriculture equipment market is divided into sub-segments such as tractors, harvesting machinery, planting equipment, irrigation & crop processing equipment and others. Among these, the tractors segment accounts for the largest share in the market. Tractors find wide applications in plowing, cultivating, sowing, fertilizing and harvesting. They are highly utilized to carry out heavy agricultural tasks and improve efficiency. Further, technological advancements in tractors like engine power, fuel efficiency and driver comfort have boosted their demand over other machinery segments.

Key Takeaways
The Global Agriculture Equipment Market Size is expected to witness high growth over the forecast period of 2023-2030.

Regional analysis
The Asia Pacific region currently dominates the global market and is projected to continue its dominance in the coming years. This is attributed to factors such as growing population, rising food demand and government initiatives to enhance farm mechanization in developing countries like India and China. Europe and North America are also significant regional markets however their growth is anticipated to be slower compared to the Asia Pacific.

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. The key players are focusing on new product launches and partnerships to gain a competitive edge in the market.

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