According to the report in Mechanization, the market size of agriculture equipment is expected to be USD230 Billion in 2026, while the market size in 2019 is USD150 Billion, and the increase is expected to be over 6% CAGR between 2020 and 2026. The market capacity is huge, and the increment is stable.
For the segmentation of the global farm equipment market (%), we can see from the below chart that tractors have the largest market share which is 55%; harvesting machinery accounts for 22% after tractors, with the year-on-year growth in the segment; tillage, sowing/planting and fertilizing machinery account for 15% of the overall market, and are similarly forecasted to record reasonable growth in the near future.
Source: Mechanization: Key to higher productivity to double farmers’ income, FICCI 2017, Imarc Research 2019, Industry reports and PwC analysis
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