[280 Pages Report] The agriculture equipment market will expand at a steady CAGR of 4.8% between 2021 and 2031. The market valuation is set to reach US$ 65 Bn by 2021 end.
Owing to the increasing adoption of modern farm machinery, agriculture equipment sales are anticipated to reach around 6.7 Mn units by 2031.
The Agricultural Equipment Market witnessed a year-on-year (YOY) growth of 3.7% between 2020 and 2021, with top 5 market players collectively accounting for 44% market share in 2021.
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Agricultural Equipment Market Historic Sales Compared to 2021- 2031 Forecast Outlook
With increasing demand for automated and advanced technologies in the agricultural sector, the agricultural equipment market is set to register a CAGR of 4.8% between 2021 and 2031, surpassing a valuation of around US$ 65 Bn by 2021 end.
Rapidly growing population, urbanization, favorable government initiatives and soaring demand for food across the world are the prime factors driving the agricultural equipment market.
Transition from traditional farming techniques to modern agricultural machinery has thrown new life into agricultural equipment market. Agricultural equipment prove highly effective in saving time as well as in increasing the crop production.
According to Department of Economic and Social Affairs (United Nation), world population is expected to reach 9.7 billion in 2050. This in turn is expected to increase food demand by 70% through 2050. In order to sustain such enormous population, farmers are increasingly utilizing modern agricultural equipment.
Governments across the globe are encouraging farmers to adopt modern agricultural equipment by introducing low interest loan schemes and subsidies. As a result, the sales of agricultural equipment are soaring. Similarly, emergence of contract farming also impacts the demand for agricultural equipment.
New advancements in technologies ranging from robotics and drones to computer vision software have completely transformed modern agriculture. Introduction of electrical equipment along with integration of artificial intelligence (AI), global positioning systems (GPS) and internet of things (IoT) technology in farm equipment is likely to push the market growth further.
Advanced farming machinery such as spraying equipment, harvesters and crop processing equipment are being employed to enhance overall crop output and quality. With augmented reality (AR), farmers can visualize their entire farm in a single dashboard. It also enables new farmers to get familiar with agricultural equipment through immersive e-learning environments.
Adoption of driverless and electrified equipment’s such as tractors is gaining traction. The shifting consumer preference towards higher yield and cost-effective solutions is propelling the growth of the market.
With modern agriculture becoming highly mechanized, the market is set to bloom during the forecast period.
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Agricultural Equipment Market – Impact of Government Initiatives
Increasing focus of government authorities on developing farming sector is providing lucrative growth opportunities for agricultural equipment manufacturers. Various schemes and subsidies are being introduced to relieve farmers from economic burden and encourage farm mechanization. For instance, the U.S. Department of agriculture (USDA) offers various loans with favorable interest rates to help agricultural producers start or expand their farming operation, purchase equipment and storage structures.
Similarly various schemes implemented by governments and other private organizations across the world are positively impacting the demand for agricultural equipment.
How is Digital Leasing Affecting Sales of Agricultural Equipment?
With the advancement in agricultural technology, the cost of new equipment is skyrocketing. Small farmers cannot afford to purchase these high-cost machineries, although utilizing them has become need of the hour. As a result, farmers turn to leasing to keep up with technology.
Leasing is growing in popularity on account of the payment flexibility and technological adaptability. It is a hedge against inflation.
Companies are collaborating with application companies to market leasing business and encourage farmers to use farm equipment at affordable prices.
Digital leasing is attracting large number of farmers. Various mobile applications are being launched by government authorities to help farmers in choosing the best farm equipment rentals at low costs. For instance, in 2019 Union Minister for Agriculture and Farmers Welfare (INDIA) launched CHC Farm Machinery app for farmers to have easy access to high value and technical agricultural equipment at their doorstep.
Similarly, EM3 AgriServices, an agriculture Services Company launched a mobile app for farmers in the state of Madhya Pradesh. By using this app farmers can place orders for renting farm equipment and services through both online and offline payment methods.
The introduction of these digital mobile apps is bolstering the sales of agricultural equipment as more people are inclined to lease the advanced agricultural equipment for their farms.
Agricultural Equipment Market- Competitive Landscape
As per FMI’s analysis, top 5 players in the market which include
- Deere & Company
- AGCO Corp
- CNH Industrial N.V.
- Kubota Corporation
- CLAAS KGaA GmbH
account for 44% of the total market share.
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Leading manufacturers are emphasizing on developing and launching advanced quality products. They are adopting various organic and inorganic growth strategies such as partnerships, mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market. For instance
- In August 2021, Deere and Company acquired Bear Flag Robotics, an agriculture technology startup based in Silicon Valley, for US$ 250 million. The deal accelerates the development and delivery of automation and autonomy on the farm and supports John Deer’s long-term strategy to create smarter machines with advanced technology.
- In 2020, Kubota Corporation unveiled a “Dream Tractor” at a new product exhibition held in Kyoto City. Equipped with artificial intelligence (AI) and electrification technology, the “dream Tractor” is a completely autonomous tractor that represents the future of farming.
- Similarly in December 2020, Raven Industries announced the launch of its first commercially-available Driverless Ag Technology: AutoCart.