Meticulous Research®—a leading global market research company, published a research report titled ‘Latin America Agriculture Equipment Market by Type (Tractors, Harvesting Equipment, Irrigation Equipment), Mode of Operation (Manual, Automatic), Power Source (Electric Equipment) Application, (Sowing, Planting, Harvesting, Irrigation)- Forecast to 2030’.
According to this latest publication from Meticulous Research®, the Latin America agriculture equipment market is projected to reach $6.55 billion by 2030, at a CAGR of 2.6% from 2023 to 2030. The growth of this market is driven by the growing labor scarcity, the increasing government initiatives to support farmers, the increasing need for mechanization of agricultural operations, and improved credit availability for agriculture equipment manufacturers. However, the economic instability of farmers and the high costs of advanced agriculture equipment hamper this market's growth to some extent.
Moreover, technological advancements, the increasing adoption of precision farming techniques, and the expansion and entry of multinational agriculture equipment manufacturers firms in the region are expected to create market growth opportunities for the stakeholders operating in this market. However, the low awareness of advanced agriculture technologies is a major challenge to the growth of this market. Additionally, the ongoing prominent trend of digitalization in agriculture is expected to boost the growth of this market in the upcoming years.
The Latin America agriculture equipment market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the agriculture equipment market are AGCO Corporation (U.S.), Agromaster (Turkey), AMAZONEN-WERKE H. DREYER SE & Co. KG (Germany), APV - Technische Produkte GmbH (Austria), CLAAS KGaA mbH (Germany), CNH Industrial N.V. (U.K.), Deere & Company (U.S.), HORSCH Maschinen GmbH (Germany), ISEKI & CO., LTD. (Japan), KUBOTA Corporation (Japan), KUHN SAS (France), Mahindra & Mahindra Ltd. (India), Mascar SpA (Italy), Morris Equipment Ltd (Canada) and Valmont Industries, Inc. (U.S.).
The Latin America agriculture equipment market is segmented by type (tractors, harvesting equipment, soil preparation & cultivation equipment, irrigation equipment, spraying equipment, and other agriculture equipment), mode of operation (semi-automatic, manual, and automatic), power source (non-electric powered agriculture equipment and electric-powered agriculture equipment), application (land development & seedbed preparation, harvesting & threshing, irrigation, sowing & planting, crop protection, and other applications), and geography (Brazil, Argentina, and Rest of Latin America).
Based on type, the Latin America agriculture equipment market is segmented into tractors, harvesting equipment, soil preparation & cultivation equipment, irrigation equipment, spraying equipment, and other agriculture equipment. The tractors segment is expected to account for the largest share of the Latin America agriculture equipment market in 2023. The large market share of this segment is mainly attributed to factors such as the rising demand for mechanization, the rising agriculture labor shortage, supportive government programs to boost mechanization in the agricultural sector, and technological advancement in tractors. Moreover, in July 2022, Mahindra & Mahindra announced that as part of their strategic global expansion, the company has planned to set up a tractor assembly plant in Brazil in upcoming years, which is further expected to support the growth of this market during the forecast period of 2023–2030.
Based on mode of operation, the Latin America agriculture equipment market is segmented into semi-automatic, manual, and automatic. In 2023, the semi-automatic segment is expected to account for the largest share of the Latin America agriculture equipment market. Growing demand for semi-automatic agricultural equipment due to their easy availability and simple accessibility over automated agriculture equipment is the major factor for a larger share of this segment in the region. Semi-automatic agriculture equipment is less costly than automatic agriculture equipment, making it a more accessible option for small- and medium-sized farmers in low-income and emerging countries, including Brazil and Argentina.
Based on power source, the Latin America agriculture equipment market is segmented into non-electric and electric-powered agriculture equipment. The non-electric equipment segment is expected to account for the largest share of the Latin America agriculture equipment market in 2023. The large market share of this segment is attributed to rising popularity and increasing demand for this non-electric powered equipment from Latin American farmers because of its simplicity and low cost over their electric counterparts. Non-electric equipment often has lower upfront costs and power requirements than their electric counterparts. This affordability makes Latin American farmers more accessible to a broader range of equipment with limited financial resources.
Based on application, the Latin America agriculture equipment market is segmented into land development and seedbed preparation, harvesting & threshing, irrigation, sowing & planting, crop protection, and other applications. In 2023, the harvesting & threshing preparation segment is expected to account for the largest share of the Latin America agriculture equipment market owing to the growing area under the crop cultivations and increasing demand for mechanized equipment for harvesting and threshing due to its advantages, including decreased labor costs, time requirements, lowering the crop wastage, and enhanced processing effectiveness.
In 2023, Brazil is expected to account for the largest share of the Latin America agriculture equipment market. The large share of this market is attributed to the growing demand for micro irrigation systems, the government’s increased support, and increasing labor shortages. Moreover, international vendors started investing in the country’s agriculture equipment sector, further indicating the opportunities for stakeholders operating in this market.
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