The global agricultural machinery market size is estimated to register a significant CAGR of 7.8% during the forecast period, 2021–2028. The growth of the market is attributed to as the world’s population increases, so does the demand for agricultural equipment.
Agricultural machinery is any machine that is utilized in agriculture or farming generally. Agricultural machinery refers to a diverse variety of equipment used at various phases of the agricultural process. Power tools and hand tools, as well as tractors and the endless sorts of agricultural machinery that they tow or control, are all examples of such equipment. Furthermore, both chemical and organic farming employs a wide range of equipment.
Market Trends, Drivers, Restraints, and Opportunities
- Improved technology is integrated into agricultural equipment which is anticipated to spur the market expansion in the coming years.
- Farmers are increasingly adopting contemporary technologies to boost farm yields and fulfill growing food demand is estimated to boost the market growth during the forecast period.
- Increasing agriculture production on arable land and increasing the export of agricultural products aimed at the global market is the key factor fueling the market expansion in the coming years.
- Availability of untrained agricultural labor acts as the key challenge that can restrict the market expansion in the coming years.
- Rising agricultural equipment costs, high equipment maintenance costs, and a lack of understanding of current practices in certain locations are some of the principal reasons that are expected to hinder the market growth.
- Government help for the expansion of farming operations, including subsidies for the purchase of seeds, fertilizers, and agricultural equipment are projected to offer significant opportunities for the market players.
Scope of the Report
The report on the global agricultural machinery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Agricultural Machinery Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Plowing and Cultivating Machinery [Cultivators and Tillers, Plows, Harrows, and Others], Tractors [Types {Row Crop Tractors, Compact Utility Tractors, and Utility Tractors}, Horsepower {40 HP to 99 HP, Less than 40 HP, and Greater than 100 HP}], Planting Machinery [Planters, Spreaders, Seed Drills, and Others], Harvesting Machinery [Forage Harvesters, Combine Harvesters-Threshers, and Others], Irrigation Machinery Irrigation [Drip Irrigation, Sprinkler Irrigation, and Others], Haying and Forage Machinery [Balers, Mower-conditioners, and Others])
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Mahindra & Mahindra Limited; Lindsay Corporation; Kubota Corporation; JC Bamford Excavators Limited; Iseki & Co. Ltd; Escorts Limited; Deere & Company; Daedong Industrial Co. Ltd; CNH Industrial NV; and AGCO Corporation
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Global Agricultural Machinery Market Segment Insights
Tractors segment is projected to account for a key market share
Based on types, the global agricultural machinery market is divided into Plowing and Cultivating Machinery [Cultivators and Tillers, Plows, Harrows, and Others], Tractors [Types {Row Crop Tractors, Compact Utility Tractors, and Utility Tractors}, Horsepower {40 HP to 99 HP, Less than 40 HP, and Greater than 100 HP}], Planting Machinery [Planters, Spreaders, Seed Drills, and Others], Harvesting Machinery [Forage Harvesters, Combine Harvesters-Threshers, and Others], Irrigation Machinery [Drip Irrigation, Sprinkler Irrigation, and Others], Haying and Forage Machinery [Balers, Mower-conditioners, and Others]. The tractors segment is expected to hold a key share of the market in the coming years due to agricultural tractor performs agricultural activities including plowing, and tilling, field planting. Agricultural tractors have numerous benefits in agriculture, including easy operation and transfer, as well as easy installation of horticulture and agricultural equipment. Tractors make working in hilly terrain much easier.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to rising agricultural output, mainly from China and India. China leads Asia in terms of agricultural machinery production and distribution, but India, Japan, and Australia are projected to take a considerable portion of the worldwide market in the next few years, surpassing Europe as the largest market. The region's population is growing, requiring the mechanization of agriculture. This also means that demand for food as well as other agricultural goods can keep rising, resulting in increased demand for agricultural equipment to attain maximum production efficiency.
Segments
Segments Covered in the Report
The global agricultural machinery market has been segmented based on
Types
- Plowing and Cultivating Machinery
- Cultivators and Tillers
- Plows
- Harrows
- Others
- Tractors
- Types
- Row Crop Tractors
- Compact Utility Tractors
- Utility Tractors
- Horsepower
- 40 HP to 99 HP
- Less than 40 HP
- Greater than 100 HP
- Planting Machinery
- Planters
- Spreaders
- Seed Drills
- Others
- Harvesting Machinery
- Forage Harvesters
- Combine Harvesters-Threshers
- Others
- Irrigation Machinery
- Drip Irrigation
- Sprinkler Irrigation
- Others
- Haying and Forage Machinery
- Balers
- Mower-conditioners
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Mahindra & Mahindra Limited
- Lindsay Corporation
- Kubota Corporation
- JC Bamford Excavators Limited
- Iseki & Co. Ltd
- Escorts Limited
- Deere & Company
- Daedong Industrial Co. Ltd
- CNH Industrial NV
- AGCO Corporation
Competitive Landscape
Key players competing in the global agricultural machinery market are Mahindra & Mahindra Limited; Lindsay Corporation; Kubota Corporation; JC Bamford Excavators Limited; Iseki & Co. Ltd; Escorts Limited; Deere & Company; Daedong Industrial Co. Ltd; CNH Industrial NV; and AGCO Corporation. Some of these players are adopting several business strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.
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