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Agricultural machinery refers to the mechanical instrument or vehicles used in agricultural activities such as farming. There are several types of agricultural machinery equipment, some of them are power tools and hand tools such as tractors, harvesters, hay and forage machines, and numerous other kinds of farm equipment that help to operate easily.
The increased mechanization of several farming activities such as harrowing, plowing, harvesting, planting, and tilling is anticipated to drive the demand for agriculture equipment, which eventually influences the growth of the global agriculture machinery industry. Some of the benefits due to the adoption of mechanical equipment such as harvesters, tractors, and several other instruments such as increased efficiency, less human interaction, and less time consumed in the process are expected to boost the demand for agricultural machinery.
Further, the increased demand in food cultivation which is further sustained by the use of semiautomatic and automatic agricultural machinery is expected to drive the growth of the market. However, the lack of awareness about the benefits and advantages of using agricultural machinery among small-scale farmers is one of the major factors hampering the growth of the market.
Key Market Driver -
The increase in implementation of farm loan waiver schemes and the support of government for farm loans, are some key drivers of the market.
Key Market Restraint -
The increase in cost of the agricultural equipment in the budding economies is one of the major restraint for the market.
The global agricultural machinery market is segmented by type, by automation, by end-user, and by region. Based on type the market is further sub-segmented into tractors, harvesters, soil preparation and cultivation, irrigation and crop processing, agriculture spraying equipment, hay and forage machines, and others. Among these, the harvesters segment accounted for the largest market share in the year 2020 and it is anticipated to dominate the market over the forecast period with a rapid CAGR. Harvesters allow large-scale farmers to rapidly breakup the soil, clear the large tracts, remove grass and finally prepare the ground for cultivation. These machines have fewer human interactions and it provides more efficiency, these are some of the major factors driving the growth of the market.
Based on automation the market is sub-segmented into automatic, semi-automatic, and manual. Among these, the manual sub-segment is anticipated to account for the largest market share over the forecast period. Factors such as the use of natural forces, availability of cheap labour, and accuracy in work especially in the sub-continent countries such as China and India are expected to drive the growth of the market.
Based on end-users the market is further sub-segmented into OEMs and aftersales. The OEM segment accounted for the largest share in the year 2020 and it is anticipated to dominate the market over the forecast period with rapid CAGR. Some of the major factor driving the growth of the market is increased manufacturing of agricultural equipment globally, manufacturing of tractors and harvesters due to the increase in demand is estimated to drive the market growth in the coming years.
Major players operating in the global agricultural machinery market include Deere and company, Class KGaAmbH, CNH Industrial NV, AGCO Corporation, Kubota Corporation, Kuhn Group, Mahindra and Mahindra, Escort limited, SDF s.p.a China National machinery industry corporation, J C Bamford Excavators Ltd., among others.
Geographically, the global agricultural machinery market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific held the largest share of the market in 2020 and it is expected to dominate the market during the forecast period with the highest CAGR the major factor for the growth Is increased demand for agricultural products especially in the countries such as China and India. Within Asia, China leads the market in terms of sale and production of agriculture equipment followed by India, Australia, and Japan. Moreover, India is anticipated to account for a considerable share in the global market during the forecast period. Factors such as Increased labour cost and rise in population in the region is expected to drive the growth of the market.
Further, Europe accounted for a considerable market share during the forecast period favourable government policies and the presence of several market players in the market is expected to boost the growth of the market. North America region is expected to grow steadily over the forecast period with a steady CAGR, the increased labour cost and increased awareness of agricultural machinery among the farmers are projected to drive the growth of the market in the coming years.
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