Agricultural Equipment Market Sales to Exceed 6.7 Mn Units by 2031-end, as Adoption of Smart-Modern Farm Machinery within Agriculture Sector Rises: Future Market Insights
A comprehensive agricultural equipment market analysis conduction by FMI, uncovers critical trend and opportunities facilitating the growth trajectory of the market. It studies the market based on taxonomy including product type, category, and ownership during the assessment period. The report profiles some of the leading players in in the global market and also examines the impact of their growth strategies
DUBAI, UAE, Oct. 18, 2021 /PRNewswire/ -- As per a recent survey by FMI, the global agricultural equipment market is expected to total US$ 65 Bn in 2021. In response to surging demand for advanced and automated technologies in the agricultural sector, the market is anticipated to register steady demand.
As per FMI, the global agricultural equipment market will expand at 4.8% CAGR between 2021and 2031 in comparison to 2.8% CAGR registered from 2016 to 2020.
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Advent of novel electrical technologies has rapidly transitioned traditional farming methodologies to modern agricultural machinery over the past few years. As these equipment minimizes manual labor, increases production, and reduces turnaround time, they are extensively being adopted by framers.
Further, favorable initiatives undertaken by governments of several countries are mechanizing the agricultural sector to address the increasing demand for food. For instance, according to the India Brand Equity Foundation (IBEF), the Indian Government has announced to allocate more than US$ 551 million under an initiative named Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-22. Such initiatives are estimated to create high revenue-generation opportunities for the market players.
Among product type verticals, tractor is projected to remain the most preferred farming machine in the segment. The growth in the segment is attributed to the multipurpose nature of tractors such as preparing fields, plowing, harvesting, and others.
"Manufacturers are emphasizing on launching novel automated farming equipment with integrated advanced technologies such as internet of things (IoT), telematics, and artificial intelligence (AI) to capitalize on the trend of smart farming," says the FMI analyst.
Key Takeaways from the Agricultural Equipment Market Study
- Growing focus on mechanization in agricultural sector to counter labor scarcity in the U.S. is expected to drive the North America market at a CAGR of 3.9% over the assessment period.
- Europe agricultural equipment market is forecast to rise at a 4.4% CAGR through 2031, with the U.K. and Germany leading the growth owing to the easy availability of agricultural equipment on rentals.
- India is projected to emerge as one of the most lucrative markets in Asia Pacific, favored by the increasing number of favorable governmental policies in the country.
- South Korea and Japan are estimated to collectively account for nearly 11% of global revenue share in 2021, supported by presence of leading manufacturers such as Kubota Corporation and Dae Heung Engine Co., Ltd.
- In terms of category, self-propelled equipment is anticipated to dominate the segment, on the back of lesser cost, low risk of accident, and faster performance than tractor-pulled equipment.
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Key Drivers
- Increasing government initiatives for farm mechanization to address the demand for food in developing countries such as India, China, and Japan is driving the sales of agricultural equipment.
- Introduction of novel farming machinery with global positioning system (GPS) and growing availability of agricultural equipment on lease and rentals is driving the growth in the market.
Key Restraints
- High cost of agricultural equipment such as tractors and rotavators is hampering the growth of the market.
- Growing demand for construction and declining area of arable land across countries such as the U.S., Japan, China, Kuwait, and others is hindering the sales of agricultural equipment.
Competitive Landscape
As per FMI, top 5 manufacturers in the global market are Deere & Company, AGCO Corp, CNH Industrial N.V., Kubota Corporation, and CLAAS KGaA GmbH. These players are expected to account for nearly 44% of the overall sales in 2021.
Key manufacturers are focusing on developing and launching advanced quality products. They are aiming at adopting various organic and inorganic expansion strategies such as mergers and acquisitions, partnerships, collaborations, and advanced product development to gain a competitive edge in the market. For instance,
- In August 2021, Deere and Company, an American manufacturer of agricultural machinery, announced acquiring an agricultural technology startup based in Silicon Valley, Bear Flag Robotics, for US$ 250 million. The acquisition will assist the company to create smarter machines with advanced technology
- In 2021, XAG Co., Ltd., a leading agri-tech company, announced launching a new a jet sprayer system to pollinate fruit trees, XAG R150. Its sprays a specially mixed solution of pollen which is sent on a predetermined route around orchards.
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Some of the key players operating in the market profiled by FMI are:
- Bucher Industries AG
- AGCO Corp
- Deere & Company
- EXEL Industries
- CLAAS KGaA mbH
- ISEKI & CO. LTD.
- CNH Industrial N.V.
- Krone UK Group
- Kubota Corporation
- LEMKEN GmbH & Co. KG
- Mahindra & Mahindra Ltd.
- Mitsubishi Mahindra Agricultural Machinery Co. Ltd
- SDF S.p.A.
- Tractor and Farm Equipment Limited (TAFE)
More Valuable Insights on Agricultural Equipment Market
FMI, in its new report, offers an unbiased analysis of the global agricultural equipment market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in agricultural equipment market with detailed segmentation:
By Product type:
- Tractors
- Rotavators
- Wheel Type
- Crawler Type
- Threshers & Dehuskers
- Wheel Type
- Crawler Type
- Power Tillers
- Wheel Type
- Crawler Type
- Power Weeder
- Wheel Type
- Crawler Type
- Plough
- Baler
- Seed Drill
By Category:
- Tractor Pulled / Attachment
- Self-Propelled
By Ownership:
- Individual
- Rental
By Regions:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle east & Africa
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Key Questions Covered in the Agricultural Equipment Market Report
- The market survey also highlights projected sales growth of the agricultural equipment market between 2021 and 2031
- The report offers insight into agricultural equipment demand outlook for 2021-2031
- Agricultural equipment market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Agricultural equipment market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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