Agriculture Equipment Market, 31% of Growth to Originate from North America, Technavio

NEW YORK, May 22, 2024 /PRNewswire/ -- The global agriculture equipment market size is estimated to grow by USD 66.53 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 6.05% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. APAC
4. South America
5. Middle East and Africa

1. North America - North America is projected to contribute 31% to market growth by 2028. Key players like AGCO and Deere and Co. dominate the US and Canada. Government support for mechanization and farm labor shortages drive market demand. USDA financial aid boosts tool adoption, while Deere and Co.'s new technology enhances operations.

As a major milk producer, the US sees increased hay production and exports, raising equipment demand. Innovation in autonomous tractors offers growth opportunities. Government support, technological advancements, and changing agricultural needs are shaping the market's growth during the forecast period.

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Segmentation Overview

1. Type 
• 1.1 Tractors
• 1.2 Harvesters machinery
• 1.3 Planting equipment
• 1.4 Others
2. Product Type
• 2.1 Manual
• 2.2 Automatic
• 2.3 Semi-automatic
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Fastest growing segment: The tractors segment is set to grow significantly during the forecast period, driven by a preference for more advanced and powerful models featuring new technologies. Despite this, the rising demand for smaller, specialized tractors will slightly limit value gains.

Valued at USD 58.92 billion in 2018, this segment includes both wheeled and crawler tractors, with wheeled models gaining popularity due to their simpler design and lower costs. Tractors are classified by horsepower: small (<35 HP), medium (35-50 HP), and large (>50 HP). The shift toward mechanization and reduced agricultural workforce are key factors boosting tractor adoption.

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Research Analysis

The Agriculture Equipment Market encompasses a wide range of machinery and fabricated elements essential for optimizing land yield in agro-based economies. Automation technologies have significantly transformed traditional farming practices, reducing the reliance on human workforce for maintenance. Machines such as Tractors, Combine harvesters, Irrigation systems, Mowers, and Backhoes are integral components of modern farming.

These equipments facilitate various farming activities including Seeding, Tilling fields, Harvesting crops, Spraying fields, and Breeding cattle. Commodity prices and weather patterns influence the demand for these equipments. Rice, Wheat, Maize, Sugarcane, and Oilseeds are some of the major crops cultivated using these advanced farming solutions. Farmers rely on these equipments to ensure efficient farming operations and maximize productivity.

Market Overview

The Agriculture Equipment Market encompasses a variety of machinery and tools designed to enhance farming productivity and efficiency. These equipment include tractors, cultivators, harvesters, plows, fertilizers, irrigation systems, and sprayers. The market is driven by several factors such as increasing agricultural productivity, technological advancements, and government initiatives to promote modern farming practices.

Farmers are constantly seeking innovative solutions to address challenges like soil health, water management, and labor shortages. The market is expected to grow significantly in the coming years due to the rising demand for food and agricultural products worldwide. Additionally, the adoption of precision farming and automation technologies is expected to revolutionize the agriculture sector, offering new opportunities for market participants.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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