Market Insights
The agricultural equipment market is expanding rapidly all across the globe owing to the automation of the farming segments and the introduction of new innovative techniques in farming. Agricultural equipment is a kind of machine used for farming. It supplements the agricultural functions and activities, thereby enhancing the output and quality of crops. Subsidies offered by the government to mechanize farming techniques and modernization techniques of farming are stimulating the growth and expansion of the global agricultural equipment market.
In addition to this, the growing population across the globe is boosting the demand for food grains. Also increase in per capita intake of calories has resulted in enhanced stress on the agriculture industry to produce more and take more crops or cereals. This has led to an increase in demand for the global agricultural equipment market.
Agricultural equipment comprises a broad range of tools and equipment that assist in different farming procedures in order to enhance the productivity and quality of the crops. Different devices used in agriculture or farming include threshing machines, seed drillers, harvesters, plows, tractors, sprayers, transplanters, tillers, rotavators, balers, and reapers. Tractors used in farms are the biggest and rapidly developing products section in the global agricultural equipment industry. The global agricultural equipment market is expanding at a rapid pace, and it plays a significant part in the growth and development of the global economy.
Growing utilization of modern technology in the agricultural equipment industry has resulted in a reduction in farming costs. Further increased use of advanced farming techniques in the global agricultural equipment market along with large-scale investment in research & development activities taking place in the agriculture sector plays a key part in the development and expansion of the worldwide agricultural equipment market sector.
The global agricultural equipment market is bifurcated into four market sections based on the geographical locations: the subcontinent of North America, the continent of Europe, the APAC zone, and the region of the Rest of the World.
APAC zone was the largest contributor to the global agricultural equipment market. India and China are the two rapidly expanding regions of this Asia Pacific Zone. The reason for the market growth of these regions can be attributed to their growing population enhancing /increasing the demand for food in these regions. China alone contributes a one-third market share of the worldwide agricultural equipment market. The demand for agricultural/ farm harvesting equipment is rising in India as this equipment is efficient and produces a large amount of food to meet the food requirements of this densely populated region.
In addition to this, emerging economies all across the globe get significant funds, loans, guidance, and help from government organizations as well as international organizations to improve their agricultural production by using advanced, automated, and modern methods of farming. This assists in the global growth, development, and expansion of the agricultural equipment market.
Key firms functioning in the global agricultural equipment market include:
- CNH Global NV
- GROUPE EXEL INDUSTRIES SA
- Caterpillar Incorporated
- AGCO Corporation
- Alamo Group
- Iseki & Company
- John Deere
- CLAAS KGAA MBH
- MTD PRODUCTS AG
- Bucher Industries
- Daedong Industrial Company
- Escorts Limited
- Mitsubishi Heavy Industries
- Kubota Corporation
- Fiat SpA
- Kverneland ASA
- YTO Group
