The global demand for agriculture equipment is projected to expand at a CAGR of 4 per cent in terms of value by 2032. Moreover, it is estimated that the market for agriculture equipment is likely to surpass US$ 237.08 billion by end of 2032. Fact.MR study has revealed.
According to the study, from 2015 to 2021, agriculture equipment sales flourished at a CAGR of 4.9 per cent, with the market reaching a value of US$ 154 Bn. During the Covid-19 pandemic, prospects somewhat declined, as curbs on manufacturing activity due to lockdowns disrupted the demand-supply equation. Eventually, the recession was overcome, thanks to the lifting of restrictions amid reducing infection intensity.
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Shortage of labour worldwide particularly in Western Europe and the US will play a key role in driving the adoption of agricultural equipment over the forecast period. Apart from advancements in the agri equipment space and labour shortage, the growing population to meet the global food requirements will also be a major factor, increasing demand in the long term, the study projects.
Key Takeaways from the market study
- Tractors captured a sizeable portion of the overall market in 2020, The global agriculture equipment market is projected to reach a market size of US$ 238 Billion by 2032.
- Harvesting and threshing are important farming processes, owing to which the segment holds over 20 per cent revenue share.
- US market to flourish at a CAGR of 5 per cent with respect to agriculture equipment sales through 2032.
- MEA to accrue a value of over US$ 10 Bn in 2022 and beyond, surging at a CAGR of 2 per cent
- The global market value of agriculture equipment to reach US$ 160.16 Bn by 2022-end.
- The US region is predicted to acquire a global market share of 72 per cent by the end of 2022.
- The land development and seedbed preparation are anticipated to experience a CAGR of 5.2 per cent from 2022 to 2032.
“Government schemes supporting agricultural activities in the emerging economies are projected to drive the market through 2032”, opines a senior research analyst.
Wow, the projected growth of the global agriculture equipment market is truly impressive! With a projected value of US$ 238 billion by 2032, it is clear that the agricultural industry is set to witness significant advancements and innovations. This growth can be attributed to several factors such as the increasing global population, the need for sustainable farming practices, and the adoption of modern technologies in agriculture.