The scope of the study of agriculture equipment market deals with the manufacturing and supply of agriculture machinery or equipment across the globe. The agriculture equipment include variety of products such as power tools, tractors, drills, and others. The industrial revolution and the development of heavy & complex machineries for the farming activities has modified the traditional farming trends since last few years. The market for agriculture equipment in emerging economies is expected to witness considerable growth during the forecast period, owing to rapidly growing population, which leads to higher demand for food.
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The global agriculture equipment market size is expected to increase at the moderate rate during the forecast period. This growth is majorly attributed to high technology adoption in machinery development, rising costs of farm labors, and inclination of focus among farmers towards high productivity. Furthermore, availability of wide range of products launched by key vendors in the market such as harvesters, planters, drills, pumps, and others has given farmers an edge to choose and implement advanced machineries in farming. Furthermore, emergence of concepts such as precision farming or satellite farming, which helps farmers to observe, analyze, and respond to intra- and inter-field variability in crops has further fueled the demand for agriculture equipment. However, lack of awareness about the technological advancements in the industry and high-costs of heavy equipment is expected to hinder the growth of agriculture equipment, especially in the emerging economies.
Increasing government initiatives to support agricultural industry is driving market growth
Constantly increasing population is propelling demand for steady supply of food, which is major challenge for government of various economies. To overcome this challenge, government offers subsidiaries schemes and easy availability of advanced agricultural equipment at low cost. For instance, in India, Department of Agriculture, Cooperation and Farmers Welfare started Sub-Mission on Agricultural Mechanization schemes in 2014 to provide subsidiary to farmers on machinery.
The tractor segment held the dominant position in 2017
On the basis of product type, market is segmented into Tractors, Combine Harvesters, Rotavators, Power Tillers, Seed Drill, Thresher, Power Weeder, and Others. The tractor segment held the dominant position in the agriculture equipment market and is projected to retain its dominance throughout the forecast period. In 2017, the tractor segment generated the revenue of US$ 80,396.8 million and is expected to reach US$ 105,732.9 million by 2025 with a CAGR of 3.48%. The tractors are essential farming equipment’s used for various activities, both as standalone equipment and with other implements. Moreover, rising mechanization trend in agriculture is a major factor for the growth of segment in the agriculture equipment market.
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