Powered Agriculture Equipment Market by Product and Geography - Forecast and Analysis 2022-2026

Powered Agriculture Equipment Market Forecast 2022-2026

The powered agriculture equipment market share is estimated to increase by USD 36.58 billion from 2021 to 2026 at a CAGR of 7.08%. The market is influenced by various factors, including government initiatives promoting sustainable agricultural practices and the adoption of contract farming. Additionally, the market benefits from the availability of financing options for agriculture, facilitating the procurement of advanced equipment. The growing availability of rental agricultural machinery further propels market growth. However, challenges such as fluctuations in raw material prices and declining availability of arable land pose constraints on the market's expansion. The market report also offers information on several market players, including AGCO Corp., Alamo Group Inc., Autonomous Tractor Corp., CLAAS Group, CNH Industrial NV, Deere and Co., ecoRobotix Ltd., Escorts Ltd., Harvest Automation, and ISEKI and Co. Ltd. among others.

What will the Powered Agriculture Equipment Market Size be in 2022?

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The market encompasses a wide range of machinery crucial for enhancing agricultural productivity. Tractors stand as the cornerstone, facilitating various farming tasks efficiently. While harvesters streamline the harvesting process, advanced technologies like precision farming optimize agricultural activities for improved yields. The market caters to diverse farming needs, from large-scale operations to small farmers, fostering business growth and operational efficiency. With the rising adoption of sustainable agriculture practices and the emergence of light-duty electric tractors, the market reflects a shift towards environmentally friendly solutions. However, challenges such as low penetration in certain regions and the impact of rising wages warrant strategic considerations for sustained market growth.

Market Dynamics

The market is witnessing significant growth, fueled by the increasing adoption of advanced technologies and precision farming techniques. This trend is particularly beneficial for small and family-size farmers, enhancing productivity and operational efficiency. With rising wages and a growing need for sustainable agriculture practices, there's a rising demand for environmentally friendly solutions. The market offers guarantees and commercial credit options through farm credit system institutions and lenders, facilitating access to land and livestock. Furthermore, the emergence of light-duty electric tractors and other powered equipment ensures low environmental impact, driving business growth and fostering innovation in the agricultural sector.

The government initiatives to support sustainable agricultural practices is notably driving the market expansion, although factors such as the growing availability of rental agricultural equipment may impede the market growth. The holistic analysis of the drivers will help in predicting end goals and refining marketing strategies to gain a competitive edge.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market expansion. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Companies?

The report analyzes the market's competitive landscape and offers information on several market players, including:

• AGCO Corp.
• Alamo Group Inc.
• Autonomous Tractor Corp.
• CLAAS Group
• CNH Industrial NV
• Deere and Co.
• ecoRobotix Ltd.
• Escorts Ltd.
• Harvest Automation
• ISEKI and Co. Ltd.

The company landscape of the market entails successful business strategies deployed by the vendors. The market is fragmented and the vendors are deploying various organic and inorganic expasnion strategies to compete in the market. 

Download a free sample of the powered agriculture equipment market forecast market analysis and report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for the Market?

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45% of the market's growth will originate from APAC during the forecast period. China, US, Japan, and India are the key markets for market in APAC. 

The market research report offers an up-to-date analysis of the geographical composition of the market. APAC has been recording a significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period. The adoption of contract farming will facilitate market expansion in APAC over the forecast period. The report offers an up-to-date analysis of the geographical composition of the market, competitive intelligence, and regional opportunities in store for vendors.

Market Segmentation

In the product segment of the market, farm mechanization plays a pivotal role in enhancing efficiency and productivity within the agriculture sector. Powered agriculture equipment guarantees increased output and reduced labor requirements, benefiting both family-size farmers and commercial operations. Access to commercial credit from banks and farm credit system institutions facilitates investment in modern equipment, empowering farmers to adopt advanced technologies. Lenders play a crucial role in providing financial support for the acquisition of powered agriculture equipment, enabling farmers to optimize land use and efficiently manage livestock operations.

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This report provides an accurate prediction of the contribution of all the segments to the expansion of the market size. 

Market Analyst Overview

The market is pivotal in driving farm mechanization across the agriculture sector, particularly benefiting family size farmers and small farmers. Access to commercial credit from lenders and farm credit system institutions guarantees investment in tractors, harvesters, and other equipment, enhancing efficiency and productivity. The adoption of precision farming techniques optimizes agricultural activities, improving operational efficiency and fostering business expansion. However, challenges such as low penetration of advanced technologies persist, especially in regions with rising wages. The emergence of light-duty electric tractors reflects a shift towards sustainable agriculture, mitigating environmental impact while meeting the demands of modern farming practices. The rental market further facilitates access to equipment, ensuring the inclusivity of all farmers in the agricultural value chain.

The market is a cornerstone of modern farming, supported by financial institutions like a bank and the farm credit system institution offering loan programs tailored to farmers' needs. These loans cover expenses for livestock, feed, seed, and other essential supplies, with conservation loans promoting sustainable practices. The market sees a surge in new tractor sales driven by advancements in a farming technique and the introduction of hybrid & electric tractors, enhancing versatility and adaptability. Innovations in mobile applications streamline operations, optimizing the supply chain and ensuring timely delivery of equipment like combines and off-road vehicles. While the cost of electric tractors remains a consideration, their cost competitiveness against traditional diesel tractors is improving, bolstered by factors like lower fuel costs and maintenance expenses. As emerging nations ramp up their agricultural endeavors, the farm equipment market experiences steady expansion, revolutionizing farming practices and reducing reliance on manual labor.

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What are the Key Factors Covered in this Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive market growth and forecasting during the next five years
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the market research and growth of market vendors

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