"Market Intelligence for High-Geared Performance"
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.
To gain extensive insights into the market, Request for Customization
By End Users
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry