According to Arizton’s latest research report, the Latin America agriculture equipment market is growing at a CAGR of 4.57% during 2023-2029.
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The Latin America Agricultural Equipment Market Report Scope
Market Size (2029): 338.55 Thousand Units
Market Size (2023): 258.92 Thousand Units
CAGR (2023-2029): 4.57%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Seedling, Planting, & Irrigation, Agriculture Tractors, Land Preparation, Weeding & Plant Protection, Harvesting & Threshing, and Region
Regional Analysis: Brazil, Mexico, Argentina, Colombia, Peru, and Rest of Latin America
Seedling, planting, and irrigation equipment held the largest market share at 30.3%, followed by agricultural tractors at 24.9%. The agriculture sector is crucial to the region’s GDP, with Brazil, Argentina, and Mexico being major producers and exporters. Labor shortages due to migration and industry shifts pose challenges, while a 75% increase in agricultural output is needed by 2050 to meet rising food demand from a 40% population growth.
The region contributes 12%-15% of global food production and controls a quarter of global arable land. It has a mix of large and small farms, reflecting varied agricultural operations. There’s a growing demand for digitalization and automation, particularly in Brazil, Argentina, and Mexico. Government policies, infrastructure investments, and rising commodity prices are driving the market. The 2023/24 soybean harvest is expected to reach a record 222.34 million tons, a 15% increase from the previous year. Major players include AGCO, which operates the largest tractor factory in Latin America, and Indian manufacturers Mahindra & Mahindra and Sonalika.
Recent Developments
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Latin America Agriculture Equipment Market Dynamics
Drivers
Trends
Challenges
Technology Development in the Latin America Agriculture Equipment Market
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This report is among the few in the market that offer outlook and opportunity analyses forecast in terms of the following:
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Major Vendors
Segmentation by Equipment Type
Seedling, Planting, & Irrigation
Agriculture Tractors
Key Questions Answered in the Report:
How big is the Latin America agriculture equipment market?
What is the growth rate of the Latin America agriculture equipment market?
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Which region dominates the Latin America agriculture equipment market share?
Who are the key players in the Latin America agriculture equipment market?
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