This market size exceeded USD 150 billion in the year 2019 and it projects its growth over 6% CAGR from 2020 to 2026. In 2019, the global shipments had 6 million units 2019. The growth of the market is attributed to a rise in income for the food process, high energy foods, packaged foods, and meats. The exponential rise in the population in current years is a contributor to agricultural growth. The sector faces many challenges of rapidly expanding population while environment preserving and global biodiversity and then protecting and enhancing human health.
The global agricultural machinery market is required to operate a dynamic production environment with several socio-economic factors. Changing demands of consumer evolving government regulations that will cause fluctuations in demand in the agricultural sector.
Traditionally agricultural techniques are maximum uses of animal and human labor which are time-consuming and efficient. The introduction of agricultural equipment is to enhance product quality, reduce production time, and improve efficiency production for farmers.
Integration of Advanced Technology in the global agricultural machinery market.
Advanced technology incorporation in the global agriculture equipment market provided many opportunities in the industry. Sophisticated technologies such as robotics and GPS are improving the efficiency of equipment to a great extent. The technology enables remote handling, increasing farming accuracy. Sensors help to provide precious information through weather and soil conditions which help to boost the yield. AI-based equipment gained popularity within a few years. Green tractors focused on implementing machine learning and enhanced functionality. Digitization technology is propelling the market for agricultural equipment. The robotics incorporation helps the farmers to increase their productivity.
The integration of machinery IoT is revolutionizing the sector of agriculture. Wireless devices are controlled by remote equipment and it reduces the related cost and travel time. In January 2018, Wipro announced IoT deployment for JCB India Limited. More than 10,000 construction machinery are connected to the Livelink Telematics system for Indian customers.
Market by Product
- By product
- Sub-compact utility tractor
- Compact utility tractor
- Specialty tractor
- By horsepower
- < 30 HP
- 30-100 HP
- 101-200 HP
- 200 HP
· Combine harvester
· Forage harvester
Plowing & cultivation machinery
· Cultivators & Tillers
Planting & fertilizing machinery
· Seed Drills
- Tedders & rakes
Regional and country basis Information given for the following:
- North America
- The U.S.
The Japanese government is making efforts to focus on the sector of agriculture in the country. The initiatives focus on advanced technology implementation like big-data analysis and Artificial Intelligence and others. A farm tractor repaired a variety of agricultural tasks such as plowing, planting, tilling in fields. The farm tractors offered many advantages such as transmission, installing gardening, operation, and farming elements. Rough terrains are facilitated by the tractors. The segment of farm tractor forecast to exceed three billion USD revenge by 2026.