Major companies in the agriculture, construction, and mining machinery market include Caterpillar Inc; Deere & Company; CNH Industrial NV; Doosan Infracore Co and Kubota Corp. The global agriculture, construction, and mining machinery market is expected to grow from $517.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agriculture, Construction, And Mining Machinery Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018840/?utm_source=GNW
6 billion in 2020 to $581.52 billion in 2021 at a compound annual growth rate (CAGR) of 12.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $797.96 billion in 2025 at a CAGR of 8%.
The agriculture, construction, and mining machinery market consists of sales of farm machinery and equipment, power mowing equipment, and other powered home lawn and garden equipment; construction machinery, surface mining machinery, and logging equipment; and oil and gas field and underground mining machinery and equipment by entities (organizations, sole traders or partnerships) that produce agriculture, construction, and mining machinery. The agriculture, construction, and mining machinery market is segmented into construction machinery; agricultural implement; and mining and oil and gas field machinery.
Asia Pacific was the largest region in the global agriculture, construction, and mining machinery market, accounting for 35% of the market in 2020. Western Europe was the second largest region accounting for 28% of the global agriculture, construction, and mining machinery market. Africa was the smallest region in the global agriculture, construction, and mining machinery market.
Agriculture equipment companies are offering telematics systems to farmers to enable wireless transfer of data between the equipment and its user. Telematics refers to the technology of collecting data from a farm equipment operating in a field and then transferring the data to customers through internet on real time basis. This enables farmers to remotely collect and manage information from their field equipment, enhance operational efficiencies and reduce production costs. Major companies offering telematics technology include Trimble’s Connected Farm, John Deere’s JD Link Ultimate, and AGCO’s AgCommand Advanced Telematics service.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the agriculture, construction, and mining machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the agriculture, construction, and mining machinery manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The agriculture, construction, and mining machinery manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
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