Global Agricultural Accessories Industry

What Is The Size Of Global Agriculture Equipment Industry?

Global Agriculture Equipment market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2027.

The Global Agriculture Equipment Market is largely driven by increasing population throughout the globe, increasing mechanization in the agriculture sector coupled with the surge in farmers’ income.

Agricultural practices are and will be shifting toward an efficient data driven industry for an obvious reason; the global food demand is increasing drastically. The world population by 2050 is expected to be almost 10 bn, and the world food demand is expected to increase by around 55%-95% between 2005 and 2050.

The demand for more food is to be addressed by adopting technologies in Agri-business that improve efficiency in sustainable and climate friendly manners. Wide spread adoption of precision agriculture is the most effective approach to improve yield and save on costs with minimal environmental footprints. This current transformation opens up doors for farmers and growers to adopt AI and data driven practices for an obvious reason, expected to gain momentum in the near future.

A rising number of international organisations, governments, non-governmental organisations, and non-profits are focusing on data-driven agriculture programmes. Their efforts include teaching, facilities, grants, and financing, as well as open data and data gathering infrastructures.

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Global Agriculture Equipment Market by Product Insights

The Global agriculture equipment market is segmented by type of services into Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay and Forage Equipment and Others.

The tractor segment accounted for the largest revenue share of 2021, attributed to the labor shortage and the growing population to meet the global food requirements, which has made tractors a prerequisite for increasing productivity in the agriculture industry.

Global Agriculture Equipment Market by Application

The Global agriculture equipment market is segmented by application. The land development and seedbed preparation segment accounted for the most of the revenue share in 2021 and is expected to expand at a significant CAGR during the forecast period.

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Major Players