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The global agriculture equipment market size stood at USD 169.18 billion in 2022. The market value is slated to rise from USD 180.81 billion in 2023 to USD 296.61 billion by 2030 at a CAGR of 7.3% during 2023-2030. The expansion is on account of the soaring product demand across agro-based economies and the heavy expenditure on cattle maintenance. The expansion is further propelled by the growing demand for numerous equipment such as plant protection, threshing and harvesting, land development, and after agro-processing.
Fortune Business Insights™ presents this information in its report titled “Agriculture Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Agriculture Tractors, Harvesting Equipment, Irrigation & Crop Processing Equipment, Agriculture Spraying & Handling Equipment, Soil Preparation & Cultivation Equipment, and Others (Hay & Forage Equipment, Trailers)), By Application (Land Development, Sowing & Planting, Threshing and Harvesting, Plant Protection, and After Agro Processing), and Regional Forecast, 2023-2030”.
Supply Demand Imbalance Affected Industry Growth Amid COVID-19 Pandemic
The COVID-19 pandemic impacted industry expansion driven by the impact on labor-intensive agriculture countries such as India and China. This was mainly on account of the volatility of the prices of essential agro commodities. The market growth is expected to surge driven by the growing integration of wireless equipment models into product portfolios and surging IoT automation.
John Deere Launched 341R High-Density Large Square Baler to Expand Product Portfolio
In January 2023, John Deere launched the 341R High-Density Large Square Baler, expanding its product line. The solution can create huge bales of size 3x4 high density and can escalate bale weight by 30%.
High-density balers are deployed in crops exhibiting elastic characteristics. Some of the prominent features of the L341R comprise elevated tension panel pressure and plunger force.
Integration of Industry 4.0 and Smart Manufacturing to Propel Industry Expansion
One of the vital factors propelling the agriculture equipment market growth is the surging requirement for food along with increasing population across the globe. For meeting this need, farmers and manufacturers across globe are deploying internet of things (IoT) for obtaining more yield from agriculture.
However, the initial procurement of agriculture equipment involves high costs. This may hamper the industry expansion to a considerable extent.
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Leading Companies Launch New Solutions to Gain Competitive Edge
Major industry players are coming up with a series of initiatives such as merger agreements, acquisitions, and the launch of new solutions for strengthening the positions of their businesses. Additional steps include research and development activities.
Key Players Profiled:
Notable Industry Development
Further Report Findings
Table of Segmentation
CAGR of 7.3% from 2023 to 2030
Value (USD Billion)
By Equipment Type, Application, and Region
By Equipment Type