Agriculture Equipment Market size worth $225 Bn by 2028

Agriculture Equipment Market size is anticipated to reach over USD 225 billion by 2028, according to a new research report by Global Market Insights Inc.
 

The positive outlook of institutional credit policies in various Asia Pacific countries is boosting the agriculture equipment industry growth. Banks and microfinance institutions have been set up across the region to provide farmers with easy availability of credit to purchase agriculture equipment. To support the farmers these institutions, offer flexible repayment options such as monthly, bi-monthly, quarterly, and half yearly plans. The financial institutions allow farmers to take advantage of cash discounts from the OEMs to purchase or procure new agriculture equipment.
 

In 2020, the COVID-19 pandemic had a negative impact on the agriculture equipment market. Restrictions imposed by governments to curb the spread of COVID-19 led to the temporary shutdown of manufacturing facilities, leading to production delays. The global supply chains of the agriculture industry were disrupted, leading to the limited availability of raw materials & components required to manufacture agriculture equipment.
 

The industry witnessed an increase in demand in the second half of 2020 owing to the growing industrial trend of farm mechanization that require minimum labor. Market players are offering agriculture equipment that allow farmers to improve their operational efficiency and increase production, with limited workers required to operate these machines.
 

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Rising adoption of combine harvesters in small-sized farm fields

OEMs in the agriculture equipment market are offering combine harvesters with threshing, separating & cleaning tools, enhanced drive systems, and advanced monitoring & control interface. The harvesters enable farmers to monitor the grain flow rate and control harvesting applications and ensure maximum efficiency, superior grain & straw quality, optimum up-time, a comfortable & intuitive operator environment, and advanced sensor technology for on-the-fly harvesting adjustments.
 

Industry participants such as AGCO Corporation, ARGO SpA, Claas KGaA mbH, and Deere & Company are offering advanced machinery to harvest rice, wheat, soyabean, and corn. Advanced torque drives and compact cutter bars enable harvesters to work in semi-moist & undulating fields with easy maneuverability. These factors are encouraging farmers to use combine harvesters as compared to the conventional ones. The increased adoption of intelligent combine harvesters equipped with monitoring tools to increase farm yield will fuel the agriculture equipment market growth.
 

Browse key industry insights spread across 400 pages with 924 market data tables and 31 figures & charts from the report, “Agriculture Equipment Market Size By Machinery Type (Farm Tractor [By Type {Sub-Compact Utility Tractors, Compact Utility Tractors, Specialty Tractors}, By Horsepower {< 30 HP, 31 - 100 HP, 101 - 200 HP, > 200 HP}], Harvesting Machinery [Combine Harvesters, Forage Harvesters, Threshers, Reapers], Plowing & Cultivation Machinery [Ploughs, Harrows, Cultivators, Tillers], Planting & Fertilizing Machinery [Seed Drills, Planters, Spreaders, Sprayers], Haying Machinery [Balers, Mower Conditioners, Tedders, Rakes]), COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential Analysis, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/agriculture-equipment-market
 

Increased focus on restoring the ideal soil structure by using plowing & cultivation machinery

The market is observing a high demand for plowing & cultivation machines that enable the residues of previous crops to become a source of nutrients for the new plant. Companies are offering ploughing & cultivation machines to reduce wind & water erosion risks during flooding and droughts by increasing the soil’s water-holding capacity.
 

Supportive government initiatives in the North American

North America agriculture equipment market revenue is poised to expand at a CAGR of 5% till 2028. Government administrations are strengthening and augmenting the agriculture & the agri-food sector through various schemes. For instance, in November 2021, the Agriculture and Agri-Food Canada (AAFC) announced a USD 8 million grant for over three years to assist initiatives that raise the awareness levels in Canada's agricultural industry capabilities. Increased government emphasis on adopting energy-efficient equipment will have a favorable effect on the regional market demand.
 

New product launches with enhanced features form a key strategy among market players

Manufacturers are introducing innovative agriculture equipment with advanced functionalities to enable smooth operations with minimum labor requirements. OEMs are striving to provide technologically advanced equipment that can automatically adjust to maximize grain harvesting under changing conditions while also minimizing grain losses.
 

The prominent players operating in the agriculture equipment market include Zetor Tractors, A.S.Yanmar Co., Ltd., Valmont Industries, Inc., SAME Deutz-Fahr Group S.p.A, Manitou Group, Mahindra & Mahindra Limited, Kuhn Group S.A., Kubota Corporation, Escorts Ltd., Deere & Company, CNH Industrial NV, CLAAS KGaA mbH, China National Machinery Industry Corporation, Changzhou Dongfeng Agricultural Machinery Group Company Limited, Bucher Industries AG, Argo Tractors SpA, Bamford (JC) Excavators Limited, Amazonen-Werke H. Dreyer GmbH & Company KG, Alamo Group Inc., and AGCO Corporation.