Agricultural machinery is a term that refers to the mechanical systems and devices that are engaged in farming and other farming methods. Power tools and tools, as well as tractors and the myriad sorts of farm implements that they operate or tow, are all examples of such equipment. Both organic and non-organic farming requires a wide range of equipment. Agricultural technology has become an integral aspect of how the world gets fed, especially since the advent of agricultural technology.
The global agriculture equipment market is booming with the advent of agricultural machinery. Farmers around the world are more aware of the importance of advanced technology in the field and with the benefits of ease of work & quicker working rate farmers in rural areas are shifting toward advanced agricultural equipment. In addition to this, several subsidies offered by governments to purchase agricultural equipment is also supporting the market growth in developing region. For instance, the ‘Farm Mechanization Scheme’ proposed by the Indian government encourages the use of modern machinery by offering 35% subsidy for tractors and 50% for other equipment. On the other hand, high prices of the equipment in developing countries are the major hurdle in the growth of the market. However, endless pressure to yield more agricultural products to feed the growing population will support the adoption of modern technologies and equipment over the forecast period.
The global agriculture equipment market is segregated based on tractor power output, equipment type, and region. Based on tractor power output, the market is bifurcated into <30 HP, 31–70 HP, 71–130 HP, 131–250 HP, and >250 HP. The equipment type segment comprises cereal combines, non-cereal combines, balers, sprayers, and others.
Asia Pacific is expected to hold the largest share in the global agriculture equipment market. The constant development in the agricultural field in developing countries such as India and China promise rapid growth of the market over the projected years. Whereas, continuous adoption of advanced farming tools in North America and Europe is anticipated to contribute significant revenue in the global agricultural equipment market.
Some of the major players functioning in the market include ISEKI & CO. LTD., Yanmar Holdings Co. Ltd., LEMKEN, Kverneland Group, New Holland Agriculture, Samedeutz-fahr, KUHN, Lamborghini, Mccormick, Kioti Tractor, Buhler Industries, Blount International Woods, Bison, MX, CASE IH, CLAAS Group, Agco, Westendorf, Manip SAS, John Deere, LS Tractors, Quicke, KUBOTA Corporation, A.M. di Argnani & Monti SRL.
To cite, in July 2020, John Deere introduced its latest CP24E, CP18E, and CP30E cold planers. Personnel who work on pavement repairs, leveling uneven surfaces, cleaning, and texturing pavement around larger milling machines would benefit from these additional accessories.
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