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Agriculture Equipment Market to Expand at 7.3% CAGR from 2023 to 2030; John Deere Rolled out 341R High-Density Large Square Baler to Strengthen Industry Footing

June 29, 2023 | Machinery & Equipment

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/agriculture-equipment-market-102665


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:



  • AGCO Corporation (U.S.)

  • Alamo Group Inc. (U.S.)

  • China National Machinery Industry Corporation (China)

  • CNH Industrial N.V. (U.K.)

  • CLAAS KGaA GmbH (Japan)

  • Deere & Company (U.S.)

  • Kubota Corporation (Japan)

  • Mahindra & Mahindra (India)

  • SDF S.p.A. (Italy)

  • Valmont Industries Inc. (U.S.)


Notable Industry Development



  • March 2023 – CNH Industrial acquired the GNSS Hemisphere. The deal played a vital role in advancing autonomous and automated solution offerings across the construction and agricultural sectors.


Further Report Findings



  • The Asia Pacific agriculture equipment market share is anticipated to depict appreciable growth throughout the study period. The escalation is driven by the presence of numerous agro-based nations and the economic stability offered by them.

  • The Middle East & Africa market is poised to grow at a substantial rate over the analysis period. The rise is attributed to government policies favoring the incorporation of modern farming techniques.

  • Based on equipment type, the market for agriculture equipment is classified into harvesting equipment, agriculture tractors, soil preparation & cultivation equipment, irrigation & crop processing equipment, agriculture spraying & handling equipment, and others. The agriculture tractors segment is anticipated to exhibit commendable growth over the forecast period.

  • By application, the market is categorized into plant protection, threshing and harvesting, after agro processing, and land development. The land development segment is estimated to record considerable expansion throughout the study period.


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 7.3% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Equipment Type, Application, and Region



By Equipment Type




  • Agriculture Tractors

  • Harvesting Equipment

  • Irrigation & Crop Processing Equipment

  • Agriculture Spraying & Handling Equipment

  • Soil Preparation & Cultivation Equipment

  • Others (Hay & Forage Equipment, Trailers)



By Application




  • Land Development

  • Threshing and Harvesting

  • Plant Protection

  • After Agro Processing



By Region




  • North America (By Equipment Type, Application, and Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Equipment Type, Application, and Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Belgium (By Application)

    • Russia (By Application)

    • Rest of Europe



  • Asia Pacific (By Equipment Type, Application, and Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific



  • Middle East & Africa (By Equipment Type, Application, and Country)

    • South Africa (By Application)

    • GCC Countries (By Application)

    • Rest of Middle East and Africa



  • Latin America (By Equipment Type, Application, and Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America




Agriculture Equipment Market
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  • 2022
  • 2019-2021
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