World Food Expo not only helps exporters and importers to reach one another but also provides invaluable updates on Agriculture Machinery. If you’re an agricultural machine manufacturer or agriculture supplier, we have a plethora of updates coming for you.
The year 2020 is indeed not an ordinary year. As per the 3W market report, the agriculture equipment market is projected to grow and reach US$ 289.57 billion (CAGR 7.5%) by 2028.
Despite the widespread effect of the pandemic, the world population is increasing impressively and so does the demand for agricultural products. Many governments are enshrining their every possible support to enable their farmers to buy agriculture equipment and increase their yields. Consequently, the growth of the tractor segment is warmly anticipated in the global agriculture equipment market.
The agriculture equipment market is expected to remain booming in the Asia Pacific region, especially in China and India, which produce agriculture commodities in abundance and have a huge economy. If we talk about China, it single-handedly dominates the global agriculture equipment market. It covers 29% of the total global agriculture equipment market. In total, the Asia Pacific region shares 46% of the market share. Then comes the North America region accounting for 20% of the global market share.
In the recent past, the Middle East has shown remarkable growth in the agriculture equipment market. The big market giants like Mahindra & Mahindra, John Deere, CNH Industrial N.V., AGCO and Iseki & Co., Ltd., and Kubota are going to dominate the market and flourish with the anticipated growth. They cover almost half of the market share.
LOVOL (a machinery industry company; a subsidiary of Tianjin Lovol Doosan Engine Co Ltd) is the largest player in China in the agricultural machinery market. It is anticipated to remain the largest player in China.
The market is primarily distributed in five segments, viz., Crawler Tractor, Harvesters, Sprayers, Wheel Drive Tractors, etc. Among these, Wheel Drive Tractors dominate and will dominate the equipment market. In 2018, it accounted for 58.74% of the market share. It’s projected to grow and better in the time ahead.