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The global agriculture equipment market size was valued at USD 157.89 billion in 2021. The market is projected to grow from USD 168.30 billion in 2022 to USD 272.36 billion by 2029, exhibiting a CAGR of 7.1% during the forecast period.
This information is stated by Fortune Business Insights, 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, Others (Hay & Forage Equipment, Trailers)), By Application (Land Development, Threshing and Harvesting, Plant Protection, After Agro Processing), and Regional Forecast, 2022-202
Supply Demand Unevenness Provoked Pricing Instability and Short Term Disturbance in Market
The interrupted influence of the COVID-19 pandemic on the global agricultural sector has been expansive and flexible. Additionally, due to the substantial loss of life and scarcity of fundamental goods during the countrywide shutdown, the global economy has experienced severe poverty. This has triggered a novel type of disaster in the agricultural sector, impacting not only the agriculture equipment as well as several other industries across the globe.
CNH Industrial Engages in a Contract with Electric Specialist Monarch Tractor
CNH Industrial N.V. has declared that it has engaged in a special, multi-year certifying contract for electrification technologies with Monarch Tractor, a U.S.-located AgTech corporation focusing on completely electric autonomous tractors.
The authorization contract anticipates the unveiling of an accessible, modular electrification platform concentrating on low horsepower tractors. These will be manufactured across various product families in the impending years, utilizing an agile procedure that uninterruptedly collects farmers’ contribution to safeguard the company’s industry-pioneering, distinguished solutions as per client requirements.
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Smart Farming and Agriculture Industry 4.0 to Offer Lucrative Business Opportunity
The agriculture industry is set to become more notable in the next few decades, as per an estimation report by the UN, by 2050. The global population is likely to reach 9.7 billion, which will eventually affect the global agricultural production to grow around 69% in between 2010 to 2050. Consequently, to fulfil this demand, agricultural players & farmers are rooting toward the Internet of Things (IoT) for analytics and more industrial & manufacturing competencies. This is expected to boost the agriculture equipment market growth during the forecast period.
Collaborations among Corporations to Reinforce their Brand Values in the Global Market
Prominent agriculture equipment players are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
Notable Industry Development:
List of Key Players Mentioned in the Report:
Further Report Findings
On the basis of application, the market is divided into land development, threshing and harvesting, plant protection, and after agro processing. The constant increment in the requirements of farmlands across multiple regions is the critical factor behind the increment of the land development segment on the global landscape.
Asia Pacific held the largest agriculture equipment market share and was valued at USD 59.23 billion in 2021 and is projected to witness the impressive CAGR of 8.3% over the forecast period. Development in the market is owed to the swift and streamlined economic development of China, India, and numerous countries within the geographical region of ASEAN countries, thereby providing collective development of Asia Pacific.
Table of Segmentation
Value (USD billion)
By Equipment Type, Application, and Region
By Equipment Type