Agriculture Equipment Market size worth over $165 BN by 2027
Agriculture Equipment Market size is slated to exceed USD 165 billion by 2027, according to a new research report by Global Market Insights Inc.
Global Market Insights Inc. has recently added a new report on the agriculture equipment market which estimates the market valuation for farm equipment will cross USD 165 billion by 2027. The integration of advanced technologies, such as IoT, AI, and machine learning, into agriculture machines will boost industry growth.
The increasing adoption of Big Data and AI technologies in the agriculture sector has transformed the market over the past few years. Leading players are developing advanced machinery to attract farmers and remain competitive in the market. For instance, in October 2020, Kubota Corporation partnered with NVIDIA Corporation to develop sophisticated self-driving farm tractors. The new tractors are equipped with NVIDIA Graphics Processing Units (GPUs), AI technology, and cameras to instantly process collected data.
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The planting & fertilizing machinery is projected to witness growth in the agriculture equipment market. The machinery enables farmers to easily sow seeds for crop production and spread fertilizers. Factors, such as increased labor overheads, government subsidies, technological innovations, scarcity of labor, and credit availability, are encouraging farmers to adopt advanced machinery. The planting & fertilizing machinery is gradually witnessing adoption in the agriculture sector to reduce manual intervention and increase efficiency in the planting process. The farmers are replacing conventional machinery and shifting toward advanced machinery, driving the adoption of planting and fertilizing machinery.
The Asia Pacific agriculture equipment market is estimated to witness strong growth through 2027 due to the growing government focus on providing financial support to farmers in developing countries. For instance, National Bank for Agriculture and Rural Development (NABARD) scheme by the Indian government provides a 30% subsidy on the actual cost of tractors, offering farmers the opportunity to purchase tractors at a low cost. Similarly, the Chinese government subsidizes rural farmers to bolster the production of crops and reduce reliance on foreign produce. The government authorities are also encouraging farm mechanization to boost production and increase domestic consumption.
Some major findings of the agriculture equipment market report are:
- The market players are developing IoT-integrated agriculture machines, enabling farmers to improve the efficiency of several operations including prepping, plantation, and feeding & harvesting, and improving crop yields. For instance, Hello Tractor, an agricultural technology company based in India, is offering advanced tractors equipped with IoT technology that simplifies complex data, ensuring accountability and profitability across the entire agriculture ecosystem.
- The increasing implementation of Industry 4.0 in the agriculture sector is a major factor supporting the industry growth. Several government authorities are promoting the concept of Agriculture 4.0 that aims at implementing advanced technologies, such as sensors, robots, aerial images, and GPS, in agriculture machines for allowing farmers to be more efficient, safe, profitable, and environmentally friendly.
- The agriculture industry is transitioning from traditional labor-intensive production to automatic processes. The increasing cost of farm labor and declining labor supply have encouraged farmers to purchase combine harvesters for cutting and thrashing purposes in agricultural land. Farmers are adopting self-propelled combine harvesters as they use less fuel and offer improved traction over the tractor-mounted harvesters.
- Key participants operating in the agriculture equipment market are Alamo Group Incorporated, Escorts Group, CNH Industrial N.V., ARGO SpA, Deere & Company, Bucher Industries AG, JCB Limited, Kubota Tractor Corporation, Mahindra & Mahindra Ltd., Kuhn Group, Yanmar Company Limited, Tractors and Farm Equipment Ltd., Claas KGaA mbH, Valmont Industries Incorporated, and AGCO Corporation.
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Partial chapters of report table of contents (TOC):
Chapter 3 Agriculture Equipment Industry Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Raw material and component suppliers
3.2.3.3 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.3 Manufacturers
3.3.4 Service providers
3.3.5 System integrators
3.3.6 Distributors
3.3.7 End-use landscape
3.3.8 Vendor matrix
3.3.8.1 Raw material suppliers
3.3.8.2 Component suppliers
3.3.8.3 Manufacturers
3.3.8.4 Service providers
3.3.8.5 System integrators
3.3.8.6 Distributors
3.4 Technology & innovation landscape
3.4.1 Impact of IoT and digitization
3.4.2 Industry 4.0
3.4.3 Robotics & automation
3.4.4 Telematics & GPS technology
3.4.5 Autonomous tractors
3.4.5.1 Autopilot technology
3.4.5.2 Swath control
3.4.5.3 Variable Rate Technology (VRT)
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing labor costs in the U and Europe
3.6.1.2 Growing demand for high-capacity machinery globally
3.6.1.3 Increasing demand for self-propelled machines globally
3.6.1.4 Focus on productivity to maximize ROI from agriculture in Asian countries
3.6.1.5 Emergence of contract farming and dedicated sourcing with corporate partnership in Europe and Asia Pacific
3.6.1.6 Increased focus on mechanization in agriculture in North America
3.6.1.7 Improved availability of credit in Asian countries
3.6.1.8 Growing trend of drip irrigation techniques in Latin America and MEA
3.6.1.9 Increasing sustainable agricultural practices in Latin America and MEA
3.6.2 Industry pitfalls & challenges
3.6.2.1 High costs of agricultural machinery
3.6.2.2 Volatility of commodity prices
3.6.2.3 Need for high capital investment for setting up plants in developing markets
3.6.2.4 Fluctuating raw material prices
3.7 Growth potential analysis
3.8 Price trend analysis, 2020
3.8.1 Farm tractors
3.8.2 Harvesting machinery
3.8.3 Plowing & cultivation machinery
3.8.4 Planting & fertilizing machinery
3.8.5 Haying machinery
3.8.6 Others
3.9 Porter's analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
3.10.1 Political
3.10.2 Economical
3.10.3 Social
3.10.4 Technological
3.10.5 Environmental
3.10.6 Legal
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Original Source: Agriculture Equipment Market to Hit US$ 165 Bn by 2027; Global Market Insights Inc.
