The global agricultural equipment market size is expected to reach USD 232.20 billion by 2028, registering a CAGR of 4.8% from 2022 to 2028. Labor shortage in the world, especially in Western Europe and in the United States, will play a key role in the adoption of agricultural equipment. over the forecast period. Additionally, shortage of manpower in agricultural equipment and telematics to monitor tractor performance and improve agricultural yield is also expected to propel the market growth. Besides advances in agricultural equipment space and labor shortage, growing population to meet global food needs will also be a major factor, increasing demand in the long run.
COVID-19 pandemic hampered the growth of the agricultural equipment market in the first half of 2020. Government imposed lockdown and stringent regulations hampered business activities across the globe including the agricultural equipment industry, this which had an impact on sales. Several key market players, including AGCO Corporation, Deere & Company and KUBOTA Corporation, reported a decline in sales from the first quarter of 2020 to the second quarter of 2020. Although the year 2020 saw a slight decline, it was offset by the economic recovery after the second quarter of 2020. .
In 2021, the market saw double-digit growth due to pent-up demand and backlog resulting from the pandemic. This trend will continue in the near term to fill 2020 backlogs and replace aging equipment over the forecast period. Although overall market statistics paint a rosy picture in the near term, supply chain disruptions could still pose a threat due to low inventory levels at OEMs.
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Agricultural equipment refers to all machinery that facilitates the production and processing of agricultural crops and agricultural livestock. All farmland requires a wide range of equipment such as tractor, harvester, grader and others for a wide range of agricultural practices such as planting, harvesting, irrigation and others.
This report details the market size, market characteristics and market growth of the Agricultural Equipment industry, and breaks down based on type, application and consumption area of the Agricultural Equipment. The report also conducted a PESTEL analysis of the industry to study the major influencing factors and barriers to entry of the industry.
Global Agriculture Equipment Market Key Players Covered in Chapter 13:
Daedong Industrial Corporation
GROUP EXEL INDUSTRIES SA
MTD PRODUCTS SA
CNH Global SA
Iseki & Company
Mitsubishi Heavy Industries
CLAAS KGAA MBH
In Chapter 6, on the basis of Types, the Agricultural Equipment Market from 2015 to 2025 is majorly split into:
Cultivation and Soil Separation Equipment
In Chapter 7, on the basis of applications, the Agriculture Equipment Market from 2015 to 2025 covers:
North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Other)
Asia-Pacific (China, Japan, India, Korea, Southeast Asia)
Europe (Germany, UK, France, Spain, Italy)
Middle East and Africa (Middle East, Africa)
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1 Scope of the Agricultural Equipment Market Research
2 Agriculture Equipment Market Research Methodology
3 Agricultural Equipment Market Forces
4 Agricultural Equipment Market by Geography
5 Agriculture Equipment Market by Trade Statistics
6 Agriculture Equipment Market by Type
7 Agriculture Equipment Market by Application
8 North America Agriculture Equipment Market
9 Europe Agriculture Equipment Market Analysis
10 Asia-Pacific Agriculture Equipment Market Analysis
11 Middle East & Africa Agriculture Equipment Market Analysis
12 South America Agriculture Equipment Market Analysis
13 company profiles
14 Market Forecast by Regions
15 Market Forecast by Type and Applications
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