May 14, 2020
According to the research report titled ‘Agriculture Equipment Market Size By Product , By Horsepower, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global agriculture equipment market is expected to register substantial growth through 2026.
Growing demand for agriculture equipment and products in Middle East & Africa and Latin America for farming activities is a major factor driving the market growth. Agriculture equipment include machinery and tools which are used for horticulture or animal husbandry activities.
As per product type, compact utility tractor segment is predicted to expand significantly during the estimated timeframe. A compact utility tractor is popular among gardeners, small farmers and various homeowners owing to its size and versatility which make it ideal for numerous tasks such as mowing, soil work, general landscape maintenance and material handling. These tractors are equipped with power take-offs (PTOs), hydraulics and three-point hitches which allow them to be used along with several tools, attachments and equipment. Rising adoption of compact utility tractor for livestock maintenance, landscaping, food plots, snow removal and lawn care is fueling the segmental growth.
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On the other hand, plowing & cultivation machinery segment is expected to record lucrative growth in the subsequent years. Shifting focus towards enhancing the overall soil conditions in order to improve crop yield is favoring the product penetration. A plough is employed in farming activities for cultivating soil, plating or sowing seeds. The product helps in bringing fresh soil nutrients to the surface, burying weeds and leftovers of prevailing crops.
The haying machinery segment is predicted to acquire moderate gains in the ensuing years. Haying machines such as tedders & rakes not only accelerate haymaking process but also improves the drying time. The product is used to cut the crop evenly to quicken the natural drying process.
Considering the geographical landscape, Latin America agriculture equipment industry is reckoned to showcase a robust CAGR through 2026, owing to flourishing agriculture sector in Brazil.
Alternatively, Middle East & Africa market is also slated to experience admirable growth in the subsequent years. High concentration of favorable farming lands has impelled the demand for agriculture machinery in Africa.
The key players in agriculture equipment market are Deere & Co., CNH Industrial, CLAAS Group, China National Machinery Industry Corp., Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., Butcher Industries AG, Argo Tractors SpA, Amazonen-Werke H. Dreyer GmbH & Co. KG, Alamo Group Inc. and AGCO Corp. among others.