The Global Agriculture Equipment Market is expected to reach USD 243.4 billion by 2025. A mechanical machine designed for advanced farming purposes is known as agriculture equipment. The agriculture equipment is useful for irrigation, planting, harvesting and so on. There are a wide range of equipment available right from hand tools and power tools to tractors. Agriculture equipment has several advantages such as enhanced uniformity and quality of the process, accuracy, substitute for labor, operation requires less time as compared to the conventional methods, and so on. The Agriculture Equipment Market is estimated to grow at a CAGR exceeding 7% over the forecast period as the scope and its applications are rising enormously across the globe.
Increasing population at a faster pace, rising demand from developing countries like India and China with a high population base, and developing enhanced agricultural equipment are documented as major factors of Insurance Analytics Market that are estimated to enhance the growth in the years to come. However, high cost of machinery and financial problems to replace the old machinery are the factors that may restrain overall market growth in the coming years. Agriculture Equipment Market is segmented based on product type, process, application, and region.
Fertilizing & Pest Control, Harvesting/Post-Harvest, Hay Making, Irrigation, Planting, Produce Sorter, Loading, Tractor and Power, Soil Cultivation, and other product types are explored in the forecast period. The processes may include harvesting & threshing, land development, tillage, seed-bed preparation, post-harvest & agro-processing, plant protection, sowing & planting, weed inter-cultivation, and others. The market may be categorized based on applications like wheat, corn, soybean, rice, and others that could be explored in the forecast period.
Globally, Asia Pacific accounts for the substantial market share of Agriculture Equipment and is estimated to lead the overall market in the coming years. The reason behind the overall market growth is high demand for food in India and China due to rising population, falling crop values, and rising use of enhanced technology. In India, National Agricultural Development Program (NADP) offers subsidies ranging from 30%-50% on the purchase of agriculture equipment like tillers, farm tractors, threshers, sprayers, and paddy transplanters.
India with its favorable rich natural resource base and agro-climatic surroundings has converted to the world's biggest manufacturer across a variety of goods. Europe and North America are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, North America is estimated to grow at the fastest pace with the highest CAGR in the forecast period.
The key players of Agriculture Equipment Market are AGCO, AgriArgo, CNH, China Northern, Challenger, Dongfeng, Double L, Farmers Equipment, Grimme, John Deere, JL Farm Equipment, Great Plains, JCB, Kverneland, Kinze, Kubota, Menoble, Modern Agriculture, Nonghaha, New Holland, Monosem, Oxbo, Rabe, Same Deutz-Fahr, Shifeng, Ten Square, Top Air, YTO, Woer, and ZhongJi Southern. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.