According to the report published by Allied Market Research, the global agriculture equipment market generated $105.00 billion in 2019, and is estimated to reach $166.49 billion by 2027, witnessing a CAGR of 6.0 percent from 2020 to 2027. The report offers a detailed analysis of changing market trends, market size & estimations, key investment pockets, major segments, Porter's Five Forces analysis and competitive scenario.
Mechanization of agricultural activities, emergence of precision farming and economic stability drive the growth of the global agriculture equipment market. However, lack of awareness regarding efficient agriculture equipment and less arable land hinder the market growth. On the other hand, supportive government policies and technological advancement create new opportunities in coming years.
Based on type, the tractors segment accounted for nearly one-third of the total market share in 2019, and is estimated to maintain its highest contribution based on revenue throughout the forecast period. However, the harvesters segment is expected to portray the highest CAGR of 7.9 percent from 2019 to 2026.
Based on automation, the manual segment held the largest market share with nearly two-thirds of the total market share in 2019, and is estimated to maintain its lead during the forecast period. Moreover, the automatic segment is estimated to register the highest CAGR of 7.3 percent from 2020 to 2027. The report also analyzes the semi-automatic segment.
Based on business type, the OEM segment held the largest market share with more four-fifths of the total share in 2019, and is expected to maintain its lead status by 2027. However, the aftersales segment is projected to portray the fastest CAGR of 8.5 percent from 2020 to 2027.
Based on region, Asia-Pacific accounted for the highest share in terms of revenue, accounting for nearly two-fifths of the total market share in 2019, and is expected to contribute its dominant share during the forecast period. However, LAMEA is expected to witness the largest CAGR of 8.4 percent from 2020 to 2027. The research also analyzes North America and Europe.
Leading market players of the global agriculture equipment market analyzed in the research include Mahindra & Mahindra Ltd., CNH Industrial N.V., Escorts Limited, AGCO Corporation, Deere & Company, AGROSTROJ Pelhřimov, a.s., SDF S.p.A., J C Bamford Excavators Ltd., China National Machinery Industry Corporation Ltd. (Sinomach), and Kubota Corporation.
For more information, visit www.alliedmarketresearch.com.
This story also appears on Agricultural Equipment Guide.