The new machinery is now equipped with GPS tracking systems and other telematics to collect data on climate, temperature, and even speed of the tractor. North America agriculture equipment market share is set to surpass USD 45 billion by 2026 on account of increasing adoption of advanced technology and products in the regional farming sector.
In the United States, in most of the large farms, harvesting tools, haying tools and tractors are integral to the working environment. Farmers in the U.S are at the forefront of deploying advanced tools to boost crop yield. They are also adopting combine harvesters, drills, specialty tractors and spreaders to cater to the growing consumer demand for food.
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Urbanization trends, exponential rise in population and the associated demand for food is likely to drive agriculture equipment market outlook. With increasing disposable income of the populace, demand for high-quality food products is also rising. The governments across the globe are also undertaking favorable initiatives to increase their respective agriculture sector output.
In a bid to increase crop yields, farmers are increasingly deploying tillers and cultivators to facilitate the enhanced prepping of soil for planting seeds. Utilization of these machines also allows the removal of weed with ease. The increasing mechanization of farming activities to boost throughput and reduce the need for human labor will positively impact the development of advanced equipment. Globally, agriculture equipment market size is expected to hit the USD 230 billion mark by 2026.
Self-propelled sprayers and spreaders ensure faster operations and cover more area per day. The machines provide uniform distribution of nutrients and protectants and to improve crop yields at lesser costs. Planting and fertilizing equipment segment is forecast to register a CAGR of rate of 6% over the projected timeframe on account of several product advantages over manual fertilizing and planting techniques.
Mower conditioners offer easy movement quickly and mow cleanly to accelerate forage and hay making. They are generally built with durable parts that can withstand rough conditions in daily usage. Haying machinery industry size is likely to grow at 2% through 2026 on account of increasing demand for mower conditioners for farming application.
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The agriculture equipment market is slightly fragmented owing to the presence of a large number of global and regional level players. Some of the key players are AGCO Corporation, CNH Industrial N.V., Deere & Company, among others. These players are competing with national and international full-line supply chains as well as with various specialty manufacturers boasting different manufacturing and marketing techniques.
Major players in the agriculture equipment market are focusing on incorporating advanced technologies into their solutions and are working on expanding their production facilities globally. For instance, in January 2020, AGCO Corp, the American agricultural equipment manufacturer announced its plans to construct a new state of the art industry 4.0 manufacturing site in France in order to cater to the growing demand for agricultural machinery.