Agriculture Equipment Industry Data Book - Agriculture Tractors & Tractors Implements, Agriculture Equipment Market Size, Share, Trends Analysis, and Segment Forecasts, 2022 - 2030
The global Agriculture Equipment Industry was valued at USD 286.03 billion in 2022 and is anticipated to increase at a significant CAGR of 6.2% from 2023 to 2030.
Grand View Research’s agriculture equipment industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Agriculture Equipment Market Insights
The global agriculture equipment market size was valued at USD 155.7 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030. Increasing mechanization in agriculture sector coupled with surge in farmers’ income is expected to be a primary factor driving the growth. Favorable climatic conditions for food production and government support with loan waiver schemes for farmers of all income categories are also presumed to favor the market growth. Technologically advanced agricultural robotics, such as autonomous tractors and flying drones to help farmers produce food at low costs to fulfill the growing demand for food, are anticipated to be better prospects for market growth over the forecast period.
Favorable government initiatives are anticipated to drive the growth of the market during the forecast period. For instance, the Russian government is attempting to trigger investment in capital purchases by proposing several subsidies for strategically significant sub-sectors including meat and milk production. The Ministry of Agriculture sanctioned 464 projects worth USD 4 billion, expected to receive government support food security and reduce livestock imports. Moreover, factors such as lack of human resources and availability of easy credit and funds are projected to spur the demand for tractors and other farm equipment in other emerging countries over the forecast period.
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Agriculture Tractor Market Insights
The global agricultural tractor market demand was valued at USD 88.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2022 to 2030. The increase in demand for compact tractors on small farms and technical developments such as the integration of telematics with agricultural tractors are expected to drive growth. Furthermore, the quick adoption of mechanization is expected to be favorable for the market's expansion during the following eight years. Additionally, it is anticipated that the market will witness growth due to the migration of farm workers to cities, which would result in a labor shortage. Due to the brief production halt and supply chain disruption caused by the COVID-19 outbreak, product demand was impeded.
However, in H1 2022, the demand for tractors bounced back significantly with double-digit growth in major economies, such as the U.S., Canada, the U.K., Germany, China, and India. Also, strong crop production in these markets, along with the need to replace aging equipment, increased product sales in H1 2022. However, a sudden increase in demand led to lower inventory levels of tractors in H2 2022, a trend expected to continue over the next few quarters of 2022. In 2022, OEMs are presumed to increase agricultural tractor prices from 4% to 22%, which is anticipated to slow down the market growth. It is attributed to low inventory levels of tractors experienced by dealers.
Also, OEMs are currently experiencing a shortage of semiconductors coupled with supply chain disruptions and market uncertainty due to the growing COVID-19 cases, which may delay production. Furthermore, a hike in steel and aluminum prices is expected to increase tractor prices, which is further anticipated to hinder market growth over the next few quarters. Favorable government policies are likely to boost market growth over the forecast period. For instance, on September 15, 2022, the U.S. Department of Agriculture (USDA) introduced a Precision Agriculture Loan (PAL) Act to allow farmers and ranchers to avail of loans to purchase precision agriculture equipment.
Go through the table of content of Agriculture Equipment Industry Data Book to get a better understanding of the Coverage & Scope of the study
Agriculture Equipment Industry Data Book Competitive Landscape
Companies are engaging in several growth strategies, such as partnerships, mergers & acquisitions, and product launches, to stay afloat in the competitive industry.
Key players operating in the Agriculture Equipment Industry are:
- Escorts Ltd.
- International Tractors Ltd.
- Yanmar Co., Ltd.
- Kubota Corp.
- Mahindra & Mahindra Ltd.
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