Agricultural Equipment Market Is Projected To Grow At A CAGR Of 4.8% From 2022 And 2032 | Says FMI
The global agricultural equipment market is expected to be valued at US$ 68.12 Billion in 2022. With the increasing growth of the farm mechanization, coupled with the increase in investments by OEMs for Agricultural Equipment, the overall demand for agricultural equipment is projected to grow at a CAGR of 4.8% between 2022 and 2032, totaling around US$ 108.86 Billion by 2032.
The demand for agriculture tools is growing year on year. The governmental bodies provide the appropriate interest schemes to farmers by investing in their farm tools business. Also, the materialization of contract farming has also boosted market growth.
Key players are concerned about endorsing gears approved by international standards such as ISO 25119 Series. It was developed by ISO technical committee ‘ISO/TC 23, Tractors and Machinery for agriculture and forestry, subcommittee SC19. These standards are acknowledged by a run for a longer time period and do not need any recovery time.
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The adoption of technologies including mechanized IoT implementation, AI-based equipment, GPS-enabled equipment, flying drones is aiding the market growth opportunities. Modern agriculture equipment is influencing the manufacturers to develop products that could meet the end-users’ demand. The mechanized equipment are controlled by remote devices through the integration of IoT, which helps to reduce the operational cost and relative operational time.
Additionally, A.I. technology has advent robotics by implementing agriculture robotics, including autonomous tractors, ground-based sensors, and others that help produce food at reasonable costs. This technology has immensely boosted digitalization in the agriculture sector. The primary factor contributing to the growth of this market is advancement in technology and the increasing adoption of advanced equipment in agriculture furthermore the increasing usage of cost-cutting methodologies for designing farm equipment is contributing to the growth of this market, in addition to this, the growing population has to lead to increased demand for food this is also a major factor driving the growth of Agricultural Equipment Market.
Moreover, the initiatives taken by the government to provide subsidies are having a positive impact on this market. In addition, companies are educating farmers about the loan policies, credit financing and other benefits of contract farming is another factor boosting the market growth. A shift in agriculture activities from animals or manual operations to the automated method is the major factor propelling the growth of the agricultural equipment market.
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Key Takeaways from the Market Study
- Agricultural equipment market value surged at a 1.9% CAGR from 2017 to 2021, reaching US$ 65 Billion
- North America to emerge as the kingpin, expected to accumulate 54% revenue in 2022
- Asia Pacific to be a significant contributor, yielding over 2/5th of market revenue
- Middle East & Africa attracting major investments, generating 36.7% revenue in 2022
- Agricultural tractors to be most sought after equipment, capturing a market share of 32%
- By ownership, rental-based equipment to amount to under one-third of overall revenue
The adoption of technologies including mechanized IoT implementation, AI-based equipment, GPS-enabled equipment, flying drones is aiding the growth opportunities for the Agricultural Equipment Market, remarks an FMI analyst.
Players in the global Agricultural Equipment Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In January 2022, John Deere revealed a fully autonomous 8R tractor. The new tractor features with TruSet-enabled chisel plow, GPS guidance system, and new advanced technologies including six pairs of stereo cameras enabling 360-degree obstacle detection and calculation of distance, and a deep neural network that classifies each pixel of each image in 100 milliseconds.
- In December 2021, New Holland Agriculture designed a Straddle Tractor to meet the demanding requirements of the narrow vineyards typical of the premium wine growing regions such as Champagne, Médoc, and Burgundy.
- In November 2021, John Deere developed new material collection systems and mechanical grappleS for compact utility tractors. The New Frontier MG20F Mechanical Grapple offers a quick-attach solution for fast installation and features a 1,200-pound (544 kg) lift capacity.
Know More About What the Agricultural Equipment Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Agricultural Equipment Market, providing historical data for 2017-2021 and forecast statistics from 2022-2032.
To understand opportunities in the Agricultural Equipment Market, the market is segmented on the basis of product type, category, and ownership across six major regions.