In terms of revenue, the Global Planting Equipment Market is expected to reach USD 30.98 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.3% from 2022 to 2028. The market is majorly driven by increasing government support with farm loan waivers/credit finance, increased need for technically advanced machinery, and heavy integration of precision farming. On the other hand, high-cost associated equipment and lack of awareness will hinder the growth of the market.
- >250 HP tractors sub-segment of power output segment for global Planting Equipment Market is likely to dominate the market owing to the increasing demand of tractors with high-pulling power as well as frequent new product launches of high-powered tractors with advanced technology.
- Tractors sub-segment held a significant market share in 2021 for the equipment type segment. Owing to the increasing farm mechanization and the growth of rental services the demand for tractors is increasing further propelling the growth of the market.
- North America is the largest regional segment. This is due to the growing demand for high-powered tractors, and increasing government policies to promote agriculture mechanization, among others.
Some of key players in Planting Equipment Market include - AGCO Corporation (U.S.), Deere & Company (U.S.), Kinze Manufacturing, Inc. (U.S.), Buhler Industries, Inc. (Canada), Bourgault Industries Ltd. (Canada), Case IH Agricultural Equipment, Inc. (U.S.), SeedMaster Manufacturing Ltd. (Canada), Seed Hawk Inc. (Canada), Stara S/A Indústria de Implementos Agrícolas’ (Brazil), Morris Industries Ltd. (Canada), Davimac Pty. Ltd. (Australia), and Kasco Manufacturing Co., Inc. (U.S.)..
In the past few decades, the rapid pace of increasing global population is surging the demand for global food supply. Thus, the government and several key players are investing heavily to improve agricultural equipment technology. The traditional way of farming activities such as plowing, harrowing, planting, harvesting, and tilling consumes a lot of time. Thus, to minimize the time-consuming process, the government is motivating farmers to use mechanical equipment for agriculture by implementing farm loan waiver schemes. Also, the awareness regarding the advantages of the application of mechanical equipment such as harvesters, tractors among other mechanical equipment is increasing which is further increasing the demand for mechanical equipment.
Moreover, the application of mechanical equipment is replacing the fact of reduced availability of labor. Thus, reducing the labor cost, with several benefits such as better efficiency, easy processing, and increased productivity. These factors are increasing the demand for Planting Equipment worldwide and further propelling the Planting Equipment market growth over the forecast period.
The Asia Pacific is expected to emerge as a potential market for Planting Equipment Market. The market growth in the region is attributed to factors such as the growing horticulture industry, increasing demand for tractors with high-pulling power, and frequent new product launches of high-powered tractors with advanced technology. Additionally, increasing government policies to promote agriculture mechanization is motivating farmers which are further propelling the growth of the market. Moreover, the rising investments from the government as well as several major players are further fueling the market growth.