Agriculture Equipment Market Size, Share, & Trends Analysis Report By Product (Tractors, Combine Harvesters, Forage Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment), By Application, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the agriculture equipment market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for agriculture equipment market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of agriculture equipment market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Agriculture Equipment Market Categorization:

The agriculture equipment market was categorized into three segments, namely product (Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment), application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest &Agro-processing), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The agriculture equipment market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The agriculture equipment market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK.; Germany; France; Italy; Netherlands; Spain; Denmark; Russia; China; India; Japan; Singapore; South Korea; Taiwan; Australia; Brazil; Mexico; Argentina; UAE; Saudi Arabia; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Agriculture equipment market companies & financials:

The agriculture equipment market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• AGCO Corporation, AGCO Corporation is engaged in the designing, manufacturing, and distribution of agricultural tractors and replacement parts, worldwide. In 1990, the company offered products under the Gleaner and AGCO Allis brands in North America. Currently, it offers its agricultural tractors under the following brand names: Challenger, Fendt, Massey Ferguson, and Valtra. AGCO Corporation offers tractors with higher horsepower for use in large farms for cultivating row crops; utility tractors primarily for livestock, dairy, vineyards, and orchards; and compact tractors for small farms, landscaping, and specialty agricultural industries as well as for residential use. The company focuses on product innovation and invests in the research & development of High Horsepower (HHP) tractors and advanced harvesting technology platforms.

• Fliegl Agro-Center GmbH, Fliegl Agro-Center GmbH is a manufacturer and supplier of agriculture and industrial equipment. The company also distributes parts and accessories of various manufacturers, including KUHN SAS., Kverneland AS, LEMKEN GmbH & Co. KG, and Pottinger Landtechnik GmbH. The company has categorized its business portfolio under tillage & grassland, electronics & lighting, vehicle construction, forestry, promotion & drive, manure technologies & biogas, house & yard, hydraulic, industry & workshop, standard parts, commercial vehicles, pneumatics, tractor accessories, animal husbandry, and weighing technology & smart farming.

• Atespar (Agromaster) , Atespar provides agricultural machinery and equipment. The company offers products for various applications, including fertilizing, planting, harvesting, soil working, and crop protection. The company’s vast product portfolio includes 150 different agricultural machines. Atespar offers its products through two brands, namely Agromaster and Atespar. The products are distributed through a subsidiary called Ates Oto. The company also provides agricultural machine spare parts and offers after-sales services for tractors. Atespar offers agricultural products under five product categories, namely soil preparations, seed sowing equipments, fertilizing equipments, spraying equipments, and mowersand harvesters. The company exports its products to more than 67 countries worldwide, including North America, Europe, and Middle East & Africa.

• Amazone Ltd. , Amazone Ltd. manufactures agricultural and ground care machinery. The company offers a comprehensive range of products under various categories, including spreaders, crop protection, passive soil tillage, rollers - passive soil tillage, active soil tillage, catch crop sowing technology, conventional seed drills, pneumatic seed drills, precision sowing technology, electronics, ground care equipment, and winter salt application. The company also provides after-sales services for its products as well as fertilizer advisory services and compressive information services through the internet.

• APV GmbH , APV GmbH manufactures agricultural implements and municipal equipment products. The company’s agricultural products include equipment for grassland, crop care, seeding and spreading, crop protection and fertilization, and snow & ice removal. The company also offers after-sales services for its products. APV GmbH puts a strong emphasis on innovation as part of its growth strategy to deliver high-quality products across Europe. The company also believes in product enhancement in line with the constantly developing technologies. APV GmbH has subsidiaries, such as APV Poland, APV Rumania, APV Russia, APV North Germany, APV America, and APV Turkey. Moreover, the company offers its products internationally across 35 countries through APV Contract partners. The company has 61 distribution partners globally. The company has more than 40 international factory representatives and importers and more than 550 partner retailers. The company operates under APV Verwaltungs Holding GmbH.

• Bellota , Bellota is a manufacturer of agricultural machinery and is part of NATT Tools Group. The group operates under two brands, namely Agrisolutions and Hand Tools. The Agrisolutions brand is further categorized under various business units, including Bellota, Ingersoll Tillage Group Inc., Rozalma, and Solbjerg. The hand tools brand is also further categorized under three brands, namely Bellota, Corona Tools, and VIAT. The company offers agricultural equipment products through the Bellota business unit. Bellota offers a wide range of equipment, including planters, curved subsoilers, chisel, plough, harrow, and sugarcane harvester. It also offers industrial workshop tools as well as products for construction and gardening. In 2010, Bellota opened Bellota Agrisolutions S.L.U, an independent company for hand tools.

• CLAAS KGaA mbH , CLAAS KGaA mbH is engaged in manufacturing and selling agricultural equipment and solutions for farming applications, worldwide. The company manufactures a complete line of tractors and is also engaged in selling self-propelled forage harvesters. The company’s product offerings include forage harvesters, combines, square balers, tractors, forage harvesting machinery, telehandlers, and agricultural systems. It also offers parts and services, including filters, chains, double fingers, knives, spring tines, and seats. Furthermore, it provides workshop equipment, knife sharpeners, farm parts, and measurement instruments. CLAAS KGaA mbH operates across the globe and sells its products across 150 countries. A significant share of the company’s revenue is generated from Germany and France. In 2020, the company generated more than 38.5% of its total revenue from Germany and France. The company expended USD 277.8 million on research & development in the year 2020.

• CNH Industrial N.V. , CNH Industrial N.V. is engaged in the designing, production, marketing, sales, and financing of agricultural & construction equipment and commercial vehicles. Additionally, the company offers transmissions, engines, and axles for these vehicles. The company’s subsidiaries include CNH Industrial America LLC, CNH Industrial Asian Holding Limited N.V., CNH Industrial Belgium, CNH Industrial Capital LLC, CNH Industrial Finance S.p.A., CNH Industrial Russia LLC, CNH U.K. Limited, and CNH Industrial Services S.r.l. The company has its business organized and managed primarily through five business segments, namely Agricultural, Construction, Commercial and Specialty Vehicles, Powertrain, and Financial Services. The Agricultural segment offers farm machinery and implements, including four-wheeled and two-wheeled drive tractors, combines, crawler tractors, hay and forage equipment, grape & sugarcane harvesters, soil preparation & cultivation implements, planting & seeding equipment, and material handling equipment.

• Deere & Company , Deere & Company is engaged in manufacturing &construction of agricultural and forestry machinery; drivetrains and diesel engines for heavy equipment; and lawn care machinery. Additionally, the company also manufactures and provides other heavy manufacturing equipment. The company serves diverse industries such as agriculture, forestry, construction, landscaping & grounds care, engines & drivetrain, government and military, and sports turf. Deere & Company operates through three business segments, namely Construction and Forestry, Agriculture and Turf, and Financial Services. The company also offers financial services through its subsidiary - John Deere Financial Services, Inc.

• Escorts Limited , Escorts Limited manufactures and markets construction equipment, such as loaders, cranes, forklifts, and vibratory rollers. The company is also engaged in the manufacturing of tractors, auto components, and railway equipment. Escorts Limited operates through three business divisions, namely Escorts Agri Machinery (EAM), Escorts Construction Equipment (ECE), and Railway Equipment Division (RED). Tractors are offered under the Escorts Agri Machinery (EAM) division under the brand names Steeltrac, Farmtrac, and Powertrac. The EAM division operates four plants in India with a current manufacturing capacity of 120,000 units per annum. The division also has one plant located in Poland with an installed manufacturing capacity of 2,500 units per annum to cater to the Eastern European market.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Agriculture Equipment Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2021, historic information from 2018 to 2020, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Agriculture Equipment Market Report Assumptions:

• The report provides market value for the base year 2021 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.