U.S to Flourish At A CAGR Of 5% With Respect To Agriculture Equipment Sales Through 2032
According to
a recent Fact.MR report, demand for
agricultural equipment is expected to grow at a CAGR of 4% in terms of
value over the assessment period. Additionally, the survey predicts that by the
end of 2032, the market for agricultural equipment will likely surpass US$
237.08 Bn.
Agriculture
equipment sales grew at a CAGR of 4.9% from 2015 to 2021, reaching a market
value of US$ 154 billion. Prospects slightly worsened during the COVID-19
epidemic because lockdowns and restrictions on manufacturing activities threw
off the demand-supply equilibrium. The removal of limitations and a decrease in
the severity of the infection helped to eventually end the recession.
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Over the
forecast period, a lack of workers will be a major factor in driving the use of
agricultural equipment, notably in Western Europe and the United States. The
growing population to fulfil the world's food needs will also be a major
driver, driving up demand in the long run, in addition to developments in the
agricultural equipment space and manpower shortages.
Report Attributes
Details
Agriculture
Equipment Market Size (2022)
US$ 160.16
Bn
Sales
Forecast for Agriculture Equipment (2032)
US$ 237.08
Bn
Global
Market Growth Rate (2022 to 2032)
4% CAGR
Important conclusions from the market study
·
In 2020, tractors accounted for a sizable share
of the entire market, which is anticipated to grow to more than US$ 80 Bn by
2032.
·
Due to the significance of harvesting and
threshing in farming, the segment accounts for nearly 20% of total revenue.
·
Agriculture equipment sales in the U.S. will
grow at a CAGR of 5% through 2032, while sales in MEA will soar at a CAGR of 2%
to reach over US$ 10 Bn in 2022 and beyond.
·
By the end of 2022, the global market for
agricultural equipment will be worth US$ 160.16 billion.
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Competitive Environment
Product
innovation and strategic mergers and acquisitions have transformed the
competitive environment of the market for agriculture equipment. To take
advantage of lucrative opportunities in developing nations, front-runners are
focusing capacity improvements and global footprint development.
·
CLAAS KGaAmbH purchased a minority share in the
Dutch startup AgXeed B.V. in May 2021. The transaction was made with the goal
of creating and marketing autonomous farming equipment.
·
In an effort to expand its client base, John
Deere unveiled the new 6155MH Tractor in August 2021. This tractor offers
dependability and all the performance that has been field-tested like the M
series.
Key Companies Profiled
·
AGCO Corporation
·
Escorts Group
·
Agromaster
·
ISEKI & Co. Ltd.
·
APV GmbH
·
Bellota Agrisolutions
·
CLAAS KGaAmbH
·
CNH Industrial N.V
·
Deere & Company
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Key Market Segments in the Research of
Agriculture Equipment
By
Product Outlook
Agriculture Tractors
Agriculture Harvesters
Agriculture Planting
Equipment
Row Crop Planters
Air Seeders
Grain Drills
Others
Irrigation & Crop
Processing Equipment
Agriculture Spraying
Equipment
Hay & Forage Equipment
Other Agriculture
Equipment
By
Application
Agriculture Equipment for
Land Development & Seed Bed Preparation
Agriculture Equipment for
Sowing & Planting
Agriculture Equipment for
Weed Cultivation
Agriculture Equipment for
Plant Protection
Agriculture Equipment for
Harvesting & Threshing
Agriculture Equipment for
Post-Harvest & Agro-Processing
* This article was originally published here
* This article was originally published here
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