The global agriculture equipment market is predicted to grow remarkably during the forecast period (2017-2022), reports Market Research Future (MRFR). Various types of agricultural equipment such as tractor, harvester, land leveler, and others are used for agrarian practices such as planting, harvesting, irrigation, and others. These equipment facilitate the production and processing of crops and agricultural livestock. MRFR observes that the market for agricultural equipment is deemed to expand by leaps and bounds due to use of tools and machinery for agricultural activities.
Increasing adoption of latest technology in agricultural equipment and the steady increase in demand for food due to the growing global population are factors likely to spur market growth. The extensive research and development activities by market players for introduction of new and advanced technology can further the growth of the market. In addition, the introduction of government initiatives for increasing the production and making the cultivation process faster is also leading to increasing in adoption of latest tools by farmers. Apart from this, farm machinery manufacturers are focusing on integrating technologies such as Google Earth and robotic systems into the current equipment for enhanced productivity. Another key driver of the market are subsidies offered to farmers in emerging countries to adopt latest agricultural equipment and machinery.
However, fluctuations in the prices of raw materials make it difficult for manufacturers to deliver quality goods at reasonable prices, which can pose a challenge to the growth of agricultural machinery market. Despite the challenge, the market will expand at a substantial rate during the forecast period due to favorable government policies permitting the influx of foreign cash flow or foreign direct investment (FDI) in the agriculture sector in the developing countries.
Some of the popular trends in agricultural equipment market are increased use of drones, and specialized and autonomous robots. Cutting-edge technologies such as these can continue to develop further, providing an impetus to market growth.
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The agriculture equipment market is segmented on the basis of product type and function.
The product types are tractors, harvesters, cultivation & soil separation equipment, and others. The agricultural tractors segment has shown significant growth due to growth in demand for food produce. The shortage of labor and expanded government subsidies towards mechanization are also driving the tractors market growth.
Based on functions, the market is segmented on the basis of harvesting, planting & fertilizing, haying, plowing & cultivation and others. Harvesting machinery reduces dependence on labor, helps meet the growing demands of urban dwellers and help break up the soil efficiently. These factors accelerate the need for agricultural equipment for harvesting by farmers.
By regions, the global agricultural equipment market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
MRFR analyzes that the Asia Pacific region will lead the agriculture equipment market by 2022 due to growing demand for food in developing countries, namely China and India. This can lead to a spike in demand for agricultural machinery. There will be an inevitable need for agricultural equipment in the region due to these factors. Continuous adoption of technologically advanced devices due to supportive initiatives by various governments coupled with farmer awareness programs can drive the APAC agriculture equipment market. Emergence of vast number of startups has been noted in India can bode well for the market. For instance, Agribolo, founded in in Rajasthan, is a farming services platform with services such as information dissemination, quality input procurement, market linkages, irrigation facilities, and farming equipment.
With rapid technological development coupled with growing population, the North America agricultural equipment market is set to grow steadily during the forecast period. Moreover, there has been increase in use of advanced agricultural equipment for more effective, reliable and time-saving production in countries such as the United States (U.S.) and Canada.
Rapid introduction of advanced agricultural equipment in Europe can bolster the market growth in this region. Introduction of advanced equipment such as multi-purpose tractors will fuel the demand for agricultural equipment in Europe, thus positively impacting the market growth. For instance, in June 2018, SIWI Agriculture Ltd. Europe has developed an automated hitch system to boost agricultural productivity and promote safety on farms. This system enables the tractor driver to remain in his seating position on the tractor, instead of manually coupling and uncoupling between the implement, carriage, and the tractor.
The agricultural equipment market is highly competitive due to a vast consumer base and presence of well-diversified international, regional, and local players. Growing need for advanced technology and further investment on technological upgrades to increase yield per hectare can attract more players in the market. Numerous mergers & acquisitions and other business strategies conducted by market players augment their market share.
Roots Sustainable Agricultural Technologies Ltd., has ventured into the agricultural tech section and will supply its root zone temperature optimization (RZTO) plant growth technology to the US cannabis market. A pilot program will be conducted with American Farms Consulting LLC (AFC) using the RZTO technology. RZTO can boost plant growth, productivity, and quality by stabilizing the plant’s root zone temperature.
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