Agriculture equipment such as tractors, harvesters, and sprayers are used extensively for various agricultural activities like harvesting, soil preparation, and crop protection. These machinery help boost farm productivity and crop yields. The rising demand for food and higher farm mechanization levels are driving the need for agriculture equipment.

The global Agriculture Equipment Market is estimated to be valued at US$ 934.08 Mn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing adoption of mechanization in agriculture has accelerated the demand for advanced agriculture equipment over the recent past. Automation and precision farming equipment with technologies like GPS, GIS, and sensors are gaining popularity among farmers. Precision farming allows variable rate technology to optimize seeding, sampling, and input application based on field conditions. It helps maximize yields while minimizing production costs and environmental impact. Furthermore, the incorporation of robotics and AI is enhancing the functionalities of agriculture equipment. Self-driving tractors with autonomous operation and predictive analytics are being introduced. This trend towards smart and driverless equipment is expected to significantly boost the agriculture equipment market during the forecast period.

Segment Analysis

In the agriculture equipment market, tractors dominate the overall market by accounting for more than 30% share. Tractors find extensive application for plowing, harvesting and other farming activities. Rising mechanization in the agriculture sector, especially across developing nations has augmented demand for tractors. Additionally, tractors offer cost effective means for performing various agricultural operations as compared to other traditional methods.

Key Takeaways

The Global Agriculture Equipment Market Size is estimated to be valued at US$ 934.08 Mn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.

Regional analysis

The Asia Pacific region accounted for the largest share in the global agriculture equipment market in 2023 owing to rapid growth in mechanization across countries such as India and China. Government initiatives and easy availability of credit have boosted adoption of modern agriculture machineries in the region. The market is projected to witness fastest growth in Asia Pacific at a CAGR of around 25% during the forecast period. North America is also expected to offer lucrative opportunities owing to rising demand for higher yield and deployment of advanced technologies by farmers.

Key players

Key players operating in the agriculture equipment market are John Deere, CNH Industrial, AGCO Corporation, Kubota Corporation, Mahindra & Mahindra, and Claas. John Deere captured the largest market share in 2023 on account of its diversified product portfolio and strong brand presence worldwide. The company is focusing on development of autonomous tractors and precision farming solutions to gain competitive edge. CNH Industrial has established strong presence for tractors and harvesters. It aims to strengthen its position in Asia Pacific through expansion of local manufacturing units.

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