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The Global Agricultural Machinery Market is Segmented by Type (Tractors, Ploughing and Cultivating Machinery, Planting Machinery, Irrigation Machinery, Harvesting Machinery, and Other Types). The Report is also Segmented by Geography Covering over 16 Countries across the Regions (North America, Europe, Asia Pacific, South America, and Africa).
Study Period:
2016 - 2026
Base Year:
2020
Fastest Growing Market:
Asia Pacific
Largest Market:
Asia Pacific
CAGR:
7.8 %
The global agricultural machinery market is valued at USD 154.44 million in 2019. The market is estimated to register a CAGR of 8.0% during the forecast period.
The global agricultural machinery market is estimated to grow remarkably during the forecast period. All types of agricultural machinery used on fields, including harvesting machinery, haying and forage machinery, irrigation machinery, and other types, are considered in the research scope. Also, the market under study involves machinery segmented by geographical regions across the world. The review period considered for the report is 2016-2019, and the forecast period is 2020-2025.
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The global market for agricultural machinery in general and tractors is driven by the increasing rates of mechanization in developing countries. Tractors accounted for over half of the market share in the global agricultural machinery market in 2019. Due to the increase in farm mechanization in China and India, investments in agriculture and the government's push toward farm mechanization increased. The government of China provides both direct and indirect subsidies on the purchase of agriculture equipment and machinery to farmers. The investments in farm mechanization is a result of the increase in the number of large agricultural producers and new rural organizations engaged in farming. The farm mechanization rate in India was 54.80% in 2011 and 59% in 2013. In India, the trend of the emergence of large-scale custom hiring service businesses in agricultural machinery is fuelling the increase in farm mechanization.
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The Asia-Pacific region is expected to grow rapidly due to the high demand for agricultural products, particularly from India and China, over the forecast period. Within Asian, China dominates in terms of production and sale of agriculture equipment, while India, Japan, and Australia, are expected to contribute a significant share in the global market in the coming years, thereby surpassing Europe as the largest market. The population in the region is rising, driving the need for mechanization of agriculture. Owing to the high demand and increasing labor costs, the tractor market in the region is estimated to register a CAGR of 6.1% during the forecast period. According to the World Bank database, the total population in the Asia-Pacific region is set to reach 4.17 billion in 2030.This further signifies that the demand for food and other agricultural products will continue to grow, thereby surging the demand for agricultural machinery to achieve optimal efficiency in production.
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The market is highly competitive, owing to the presence of few prominent players, accounting for more than half of the market. The key players in the market include Deere and Company, AGCO Corporation, CNH Industrial NV, Iseki & Co. Ltd., and Kubota Corporation. The main strategy adopted by the key players is to invest in R&D to encourage innovation and maintain a strong market base. The advent of advanced technologies, like artificial intelligence, robotics, Google Earth, and the growing number of government initiatives are driving the demand for agricultural machinery.
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.4 Market Restraints
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Tractors
5.1.1.1 By Horsepower
5.1.1.1.1 Less than 40 HP
5.1.1.1.2 40 HP to 99 HP
5.1.1.1.3 Greater than 100 HP
5.1.1.2 By Type
5.1.1.2.1 Compact Utility Tractors
5.1.1.2.2 Utility Tractors
5.1.1.2.3 Row Crop Tractors
5.1.2 Ploughing and Cultivating Machinery
5.1.2.1 Ploughs
5.1.2.2 Harrows
5.1.2.3 Cultivators and Tillers
5.1.2.4 Other Ploughing and Cultivating Machinery
5.1.3 Planting Machinery
5.1.3.1 Seed Drills
5.1.3.2 Planters
5.1.3.3 Spreaders
5.1.3.4 Other Planting Machinery
5.1.4 Harvesting Machinery
5.1.4.1 Combine Harvesters- Threshers
5.1.4.2 Forage Harvesters
5.1.4.3 Other Harvesting Machinery
5.1.5 Haying and Forage Machinery
5.1.5.1 Mower- Conditioners
5.1.5.2 Balers
5.1.5.3 Other Haying and Forage Machinery
5.1.6 Irrigation Machinery
5.1.6.1 Sprinkler Irrigation
5.1.6.2 Drip Irrigation
5.1.6.3 Other Irrigation Machinery
5.1.7 Other Types
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.1.4 Rest of North America
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 Australia
5.2.3.5 Rest of Asia-Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of Latin America
5.2.5 Africa
5.2.5.1 South Africa
5.2.5.2 Rest of Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Deere & Company
6.3.2 CNH Industrial NV
6.3.3 AGCO Corporation
6.3.4 Mahindra & Mahindra Limited
6.3.5 Kubota Corporation
6.3.6 Iseki & Co. Ltd
6.3.7 Escorts Limited
6.3.8 Daedong Industrial Co. Ltd
6.3.9 JC Bamford Excavators Limited
6.3.10 Lindsay Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS