Agri equipment market size to surpass $168.8 Bn by 2030: Precedence research

According to the report, the fastest-growing market is North America and the largest market is Asia Pacific

The global agriculture equipment market size was estimated at $112.84 billion in 2021. The agriculture equipment includes various mechanised equipment such as tractors, harvesters, plant protection equipment, and irrigation equipment that helps in agricultural activities. This modern and technologically advanced equipment helps in producing higher yields with fewer efforts. Further, it saves time by boosting the activities, reduces the use of labour, and saves labour cost.

Agriculture is the primary source of food across the globe. And with the rapid increase in the global population, the demand for food has increased rapidly, creating pressure on the food supply chain. Therefore, the demand for modern agriculture equipment has increased in order to obtain higher yields in less time, thereby propelling the growth of the global agriculture equipment market.

The growth rate from 2021 to 2030 has been projected at a CAGR of 4.6 per cent. According to the report, the fastest-growing market is North America and the largest market is Asia Pacific. The companies covered are CNH Industrial NV, EXEL Industries, Mahindra and Mahindra, Deere & Company, Kubota Corporation, Tractor and Farm Equipment, AGCO Corporation, SDF S.p.a., Bucher Industries AG, CLAAS, ISEKI & Co.

According to the report, the fastest-growing market