“Attractive opportunities in the agricultural equipment market”
Agricultural Equipment Market by Tractor Output (250 HP), Drive (2WD, 4WD) and Autonomous, Combine Harvesters, Baler, Sprayer, Implement (Tillage & Cultivation, Sowing & Planting, Harvesting & Threshing), Rental and Region – Global Forecast to 2025
The global agricultural equipment market is expected to reach USD 113.0 billion by 2025, from an estimated USD 92.2 billion in 2020, growing at a CAGR of 4.2% during the forecast period, primarily driven by attractive government policies for farmers in the form of loan waivers, credit financing, monetary assistance in times of hardship such as drought, pandemic such as COVID-19, etc. The growing popularity and awareness of agricultural mechanization is expected to significantly boost the agricultural equipment market. Additionally, developments in precision farming and autonomous tractors are expected to create future opportunities in the agricultural equipment market.
The rental market should also grow at a significant pace in Asia-Oceania in the coming years. In Asia-Oceania, particularly in developing countries, the average farm size is small. Thus, farmers cannot afford to buy tractors or combines for small farmland. Consequently, rental of expensive equipment such as balers and combine harvesters is expected to grow significantly in Asia-Oceania. 31 to 70 hp tractors are expected to hold the largest share of the total rental market in the region, owing to the increased demand for small and mid-range tractors. As the region has smaller farmlands (1 to 10 acres), the demand for smaller and mini combines is expected to increase. The high prices of such equipment make farmers reluctant to buy them instead of renting them at affordable prices.
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Four-wheel drive tractors are expected to be the fastest growing market in the agricultural tractor market. The demand for four wheel drive tractors has increased, owing to its advantages over two wheel drive tractors. Four-wheel drive tractors provide better traction in wet or rough terrain, which increases productivity and improves performance. These tractors can be used in different applications such as tillage, livestock operations, crop protection, mowing, transport, loading operations, brush cutting, scraping and air seeding, where the driving is not limited to the construction of rows. The compatibility and flexibility with various high horsepower implements is expected to drive the demand for four wheel drive tractors in the coming years. However, the high cost of four-wheel drive tractors can be a drag in cost-sensitive countries, mainly in Asia, Oceania and the rest of the world.
Autonomous tractors are expected to hit the market by 2022. Various key players are working to develop a range of autonomous tractors for the market.
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Thus, with the increase in agricultural mechanization, the global agricultural equipment is expected to experience significant growth in the coming years. Developments in precision farming, autonomous tractors and growing demand for high horsepower tractors are expected to create future opportunities for key players. As Asia-Oceania is expected to hold the greatest potential for agricultural equipment, players can align their strategies and new product development with market demands in the region to tap the potential for emerging demand for agricultural equipment.
Main market players
The agricultural equipment market is dominated by global players such as John Deere (USA), CNH Industrial (Netherlands), AGCO (USA), CLAAS (Germany), Mahindra & Mahindra (India) and Kubota ( Japan).
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