Global Agricultural Equipment Market | Latest Trends, Industry Size and Competitive Landscape Amid COVID-19

According to the latest research from SkyQuest Technology, the Global agricultural equipment market was valued at 151.2 Billion US$ in 2021 and is projected to reach a market size of 245.88 Billion US$ by 2028, growing at a CAGR of 7.2% over the forecast period 2022-2028. The research provides an up-to-date Agricultural Equipment Market analysis of the current market landscape, latest trends, drivers, and overall market environment.

Agricultural equipment is any object, part of an object or accessory to an object that is primarily designed for use in agriculture. Agricultural equipment includes tools used in horticulture and floriculture, as well as tools related to animal husbandry or the cultivation of crops. The sudden increase in demand for tractors, harvesters and seeders has led to lower inventory levels for OEMs and their dealers. OEMs are now facing a shortage of semiconductors as well as rising costs for raw materials like steel and aluminum globally.

In North America, nearly 360,000 tractors and combines will be sold out of dealer lots by 2021, the Association of Equipment Manufacturers (AEM) predicts. In the United States and Canada, unit sales of agricultural tractors and combines peaked in 2021, with double-digit growth across virtually every industry. Self-propelled combine sales increased 25.3%, while total agricultural tractor sales in the United States increased 0.3% from December 2020. The combined increases in tractors and combines were 10.3% and 24.7%, respectively, in 2021. The only market segment in either the United States or Canada to have less than 10% growth is tractors under 40 horsepower, which increased by 8.9% in the United States.

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Government subsidies are essential for a country’s agricultural sector. For example, the United States Farm Service Agency (FSA) offers guaranteed and direct farm property and farm loans to family-sized farmers who are unable to obtain commercial financing through from a bank, an institution of the agricultural credit system or other lenders. Additionally, FSA loans can be used to purchase supplies, machinery, feed, animals and land. The maximum loan amount has increased from $250,000 to $300,000 and the percentage of secured conservation loans has increased from 75% to 80%. This has significantly contributed to the growth of the agricultural equipment market.

Read Market Research Report, “Global Agricultural Equipment Market by Product (Tractors, Land Preparation and Cultivation, Harvesting, Crop Treatment and Irrigation, Spraying and Material Handling Equipment, etc.), Application (Land Development , Threshing and Harvesting, Plant Protection and Post Agro-Processing), and Region — Forecast and Analysis 2022-2028 » By Skyquest

The land development industry accounted for the largest portion of the global agricultural equipment market in 2021. The land development industry is predicted to witness considerable growth owing to the shortage of agricultural workers. Tractors and combination tractors were used most often to improve the land. This leads to faster and more efficient land development. The threshing and harvesting industry is expected to see a slight increase throughout the forecast period due to improvements in irrigation and harvesting technologies.

John Deere now offers a new AutoTrac Ready option for many full-size Gator utility vehicles to give farmers and ranchers the flexibility to steer without using their hands and increased mobility. The wiring harness and brackets needed for John Deere technology components are now included in AutoTrac Ready Gator utility vehicles, which are available directly from the manufacturer. Customers have the choice of upgrading their Gators’ current components or adding a 4640 Universal Display and StarFireTM 7000 Receiver. After activating their subscription, farmers can use hands-free steering to reduce overlap, improve operator and input efficiency and reduce operator fatigue. These types of developments are expected to accelerate the growth of the segment and further fuel the expansion of the global agricultural equipment market.

Agricultural tractor is a key player in the global agricultural equipment market with the highest CAGR. This is linked to the continuous product development that underpins the sharp increase in food production. Moreover, even in high ground, self-contained agricultural tractors and combines, i.e. tractors for harvesting and tractors with plant protection equipment, are widely used to prepare more area for harvesting. ‘agriculture. AEM reports for 2021 indicate that 4WD articulated tractors saw the largest increase of 18.3%, followed by 2WD tractors over 100 horsepower, which climbed 24.1%. A total of 317,897 tractors and 6,272 harvesters have found new homes across the country.

The major market players are constantly adopting various innovation and growth strategies to capture more market share. Major market players are Deere & Company, AGCO Corporation, Alamo Group Inc., Kubota Corporation, Mahindra & Mahindra Ltd., CNH Industrial NV, Iseki & Co., Ltd., Claas KGaA mbH, China National Machinery Industry Corporation, Valmont Industries. , Inc., Sonalika Group – Sonalika International Tractor, SDF SpA, Escort Limited, Agrostroj Pelhrimov As, Weifang Euroking Machinery, Concern Tractor Plants, Agromaster among others.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data and verifiable projections of the Agriculture Equipment market revenue. The projections presented in the report have been derived using proven research methodologies and assumptions.

Report results
● Drivers– Governments around the world have put in place various initiatives, such as low import tariffs, low financing rates and other measures, to speed up and streamline the process of land preparation and cultivation. In order to facilitate obtaining credit for the acquisition of agricultural machinery, several banks and microfinance institutions have been set up in the regions.
Detention– In both developed and developing countries, rapid urbanization has resulted in the loss of land that could be used for agriculture or efficient tillage. Diminishing agricultural land and the high cost of employee retention have hampered the growth of this industry. According to World Bank data, the proportion of land suitable for agriculture fell from 38.9% in 1989 to 36.9% in 2018.

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What does this report bring?
• Market estimate for more than 20 countries
• Agricultural Equipment Market Demand by Region, Sub-Region and Country
• Customization of segments, regions and business profiles
• More than 100 tables, more than 150 figures
• Global, regional and national agricultural equipment market trends
• Complete mapping of agricultural equipment industry parameters
• Attractive investment proposition in the global agricultural equipment industry
• Competitive strategies adopted by key players in the agricultural equipment market
• Drivers, Restraints, Opportunities, Challenges and Impact on Agricultural Equipment Market Size
Market growth rate until 2028
• Regulatory scenario, regional dynamics and Agricultural Equipment market insights of major countries in each region
• Detailed market information by region and country
• Analysis of market segmentation trends, opportunities and growth
• Porter’s five forces analysis to know the state of the market
• Analysis of prices and sales of the agricultural equipment market
• Parent market analysis
• Comparative analysis of the product portfolio

SkyQuest has segmented the global agricultural equipment market on the basis of product, application, industry vertical, and region:
● Global Agricultural Equipment Market by Product (Revenue, Billion US$, 2021-2028)
o Agricultural tractors
o Harvesting equipment
o Crop irrigation and treatment equipment
o Agricultural spraying and handling equipment
o Land preparation and cultivation equipment
o Other (hay and forage equipment, trailers, etc.)
● Global Agricultural Equipment Market by Application (Revenue, Billion US$, 2021-2028)
o Land use planning
o Threshing and harvesting
o Plant protection
o After Agro-Processing
● Global Agriculture Equipment Market by Vertical (Revenue, USD Billion, 2021-2028)
o Health
o IT & Telecommunications
o BFSI
o Manufacturing
Retail
o Aerospace & Defense
o Others
● Global Agricultural Equipment Market by Region (Revenue, Billion US$, 2021-2028)
o North America
WE
▪ Canada
o Europe
▪ Germany
▪ France
▪ UK
▪ Italy
▪ Spain
▪ The rest of Europe
o Asia-Pacific
▪ China
▪ India
▪ Japan
▪ Rest of Asia-Pacific
o Central and South America
▪ Brazil
▪ Rest of CSA
o Middle East and Africa
▪ GCC countries
▪ South Africa
▪ Rest of MEA

Key players in the global agricultural equipment market
• Deere & Company (Illinois, USA)
• AGCO Corporation (Georgia, United States)
• Alamo Group Inc. (Texas, United States)
• Kubota Corporation (Osaka, Japan)
• Mahindra & Mahindra Ltd. (Maharashtra, India)
• CNH Industrial NV (Amsterdam, Netherlands)
• Iseki & Co., Ltd. (Ehime-ken, Japan)
• Claas KGaA mbH (Westphalia, Germany)
• China National Machinery Industry Corporation (Beijing, People’s Republic of China)
• Valmont Industries, Inc. (Nebraska, USA)
• Sonalika Group – Sonalika International Tractor (Punjab, India)
• SDF SpA (Treviglio, Italy)
• Escort Limited (Haryana, India)
• Agrostroj Pelhrimov As (Czechia)
• Weifang Euroking Machinery (Shandong Province, China)
• Concern Tractor Plants (Cheboksary, Russia)
• Agromaster (Konya, Turkey)

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