Latin America Agriculture Equipment Market - Strategic Assessment & Forecast 2024-2029

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3 tables

62 charts

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6 countries

24 company

6 segments

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THE LATIN AMERICA AGRICULTURE EQUIPMENT MARKET SIZE WAS ESTIMATED AT 258.92 THOUSAND UNITS IN 2023 AND IS EXPECTED TO REACH 338.55 THOUSAND UNITS BY 2029, GROWING AT A CAGR OF 4.57%.

The Latin America Agriculture Equipment Market Research Report Includes Segments By

  1. Seedling, Planting, & Irrigation: Planters, Irrigation Pumps, and Seed Drillers
  2. Agriculture Tractors: Horsepower Type (Less Than 50 HP, 50-100 HP, and Above 100 HP) and Wheel Drive Type (2-Wheel-Drive and 4-Wheel-Drive)
  3. Land Preparation: Cultivators, Leveller, and Others (Harrow, Cultipacker, Plough)
  4. Weeding & Plant Protection: Sprayers and Weeders
  5. Harvesting & Threshing: Threshers, Combine Harvesters, and Others (Windrowers, Balers, Mowers)
  6. Region: Brazil, Mexico, Argentina, Colombia, Peru, and Rest of Latin America

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast for 2024-2029

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LATIN AMERICA AGRICULTURE EQUIPMENT MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
Market Size (2029)338.55 Thousand Units
Market Size (2023)258.92 Thousand Units
CAGR (2023-2029)4.57%
HISTORIC YEAR2020-2022
BASE YEAR2023
FORECAST YEAR2024-2029
SEGMENTS BYSeedling, Planting, & Irrigation, Agriculture Tractors, Land Preparation, Weeding & Plant Protection, Harvesting & Threshing, and Region
REGIONAL ANALYSISBrazil, Mexico, Argentina, Colombia, Peru, and Rest of Latin America
KEY VENDORSJohn Deere, AGCO, CNH Industrial, Kubota, and Mahindra Tractors
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INDUSTRY OVERVIEW

The Latin America agriculture equipment market witnessed shipments of 258.92 thousand units in 2023 and is expected to reach 338.55 thousand units by 2029, growing at a CAGR of 4.57% during the forecast period. The market is expected to witness considerable year-over-year (YoY) growth due to the following factors:

  1. Labor shortages in the region drive demand for automation solutions to help farmers increase productivity without relying heavily on manual labor, leading to a higher demand for agricultural equipment.
  2. Farmers are increasingly demanding efficient and advanced equipment that can help them reduce their operating costs and improve their productivity. Equipment with advanced features, such as Global Positioning System (GPS) guidance, telematics, and precision agriculture capabilities, are in high demand.
  3. Latin American governments are working to increase crop yields by improving farmers' access to efficient machinery, offering subsidies, and supporting the mechanization of agricultural operations, which boosts the Latin America agriculture equipment market.
  4. Intelligent and smart machinery are equipped with advanced technologies such as artificial intelligence (AI) and machine learning (ML), enabling them to perform tasks autonomously and efficiently. Intelligent equipment can self-drive, navigate fields, and even make decisions about crop management.
  5. AGCO has the largest tractor factory in Latin America, located in Canoas, Brazil. Massey Ferguson accounts for an estimated 50% share of the domestic tractor output. Mahindra & Mahindra, an Indian tractor and agriculture equipment manufacturer, has a sales presence in Argentina, Chile, Paraguay, Brazil, and Uruguay. Sonalika, another Indian manufacturer, also sells its tractors under the name Solis in Latin American countries.
  6. The growth of the Latin America agriculture equipment market is also driven by the increasing demand for food products and the expansion of agricultural land. Farmers are increasingly adopting mechanization to meet the growing demand for food and improve their profitability.

KEY HIGHLIGHTS

  1. The Latin America agriculture equipment market is expected to grow in the coming years, driven by increasing population, rising urbanization, and changing dietary patterns.
  2. The agricultural equipment industry is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the industry.
  3. Several governments of Latin American countries plan schemes and initiatives to facilitate credit and improve agriculture-related operations, which will contribute to the growth of the overall value chain of the Latin America agriculture equipment market.
  4. The focus on enhancing productivity and expanding agricultural exports has driven the demand for advanced equipment in the region.

KEY OPPORTUNITIES

Adoption of Mechanization

The Latin America agriculture equipment market is experiencing a significant uptick in mechanization adoption. With rising labor costs and a growing need for efficiency, farmers are increasingly turning to mechanized solutions to enhance productivity and reduce manual labor.

Focus on Sustainable Agriculture

There is a noticeable shift towards sustainable agriculture practices in Latin America. Farmers are becoming more aware of minimizing environmental impact and optimizing resource utilization. This trend is fuelling demand for precision farming technologies like GPS-guided equipment and drones, which can improve crop yields while reducing inputs such as water and fertilizers.

Government Support and Initiatives

Governments in the region are actively supporting the adoption of modern agricultural practices. Various programs and initiatives are being implemented to encourage using advanced agricultural technologies and equipment.

SEGMENTATION INSIGHTS

The Latin America agriculture equipment market is categorized into segments based on the equipment and application type: seedling, planting, & irrigation, agriculture tractors, land preparation, weeding & plant protection, and harvesting & threshing. In 2023, the seedling, planting, and irrigation equipment segment recorded a high market share in the Latin American market. The increasing demand for advanced agriculture equipment in Latin America, particularly in Brazil, Mexico, and Argentina, is boosting the need for efficient seedling, planting, and irrigation equipment. Seedling includes tools for seedling preparation and transplanting. Planting equipment are machines used to sow seeds or plant seedlings into the soil. Irrigation Equipment are tools and systems used to provide water to crops. The seedling, planting, and irrigation equipment segment generated the highest sales in all the countries.

Market trends driving seedling, planting, and irrigation equipment sales include the following:

  1. It is increasing adoption of automated and precision planting equipment to improve efficiency and productivity. Farmers are embracing advanced seed drills, planters, and air seeders, allowing for precise seed placement, optimizing spacing, and seed-to-soil contact.
  2. Rising demand for drip irrigation systems, particularly in row crops and horticulture, due to their ability to deliver water directly to plant roots and reduce water wastage.

REGIONAL ANALYSIS

Brazil has the highest share of the Latin America agriculture equipment market, accounting for more than 40% share in 2023. The region is expected to be the largest market for agricultural equipment during the forecast period due to the large number of farmers in the country and the increasing government support for agricultural mechanization. Mexico and Argentina are also expected to be major markets for agriculture equipment due to the high adoption of advanced farming practices in these countries. The Mexican government aims to strengthen the agriculture industry by introducing several development programs, such as the Planting Life Program and the Fertilizer Program, to stabilize farmers' income and food security.

COMPETITIVE LANDSCAPE

John Deere, CNH Industrial, AGCO Corporation, and Kubota dominated the Latin America agriculture equipment market with an industry share of over 60% in 2023. These brands have adopted several strategies to gain traction in the industry. The agriculture equipment market is characterized by various global vendors that account for most of the industry share. Therefore, it would be difficult for new players to compete with well-established vendors in the industry. The industry players' key competitive factors include efficiency, product reliability & availability, after-sales service, and price.

The key players in the Latin America agriculture equipment market include John Deere, CNH Industrial, AGCO Corporation, and Kubota Corporation. These companies invest heavily in research and development (R&D) to develop new and innovative equipment technologies. They are also expanding their presence in emerging markets to capitalize on the growing demand for agricultural equipment. John Deere has a strong presence in Brazil, with multiple manufacturing facilities and a robust distribution network. The company has been actively promoting precision agriculture technologies and offers a wide range of equipment tailored to the needs of Brazilian farmers. Further, AGCO Corporation has expanded its operations in Argentina with significant local manufacturing and distribution investments. The company offers a comprehensive range of agricultural machinery, including Massey Ferguson and Valtra tractors, popular among Argentine farmers.

Vendors invest in R&D to develop fundamental technology to establish competitiveness by enhancing core product technology in the agricultural equipment industry. Vendors differentiate themselves by improving product development, focusing on after-sales business, and cutting costs through greater operational efficiency. There is competition in the industry in the pursuit of large-scale farming. The agriculture industry experiencing slow growth tends to have a competitive environment, heavily influenced by price due to supply balancing demand. Price competition tends to be more significant for new equipment orders than aftermarket services. Considering the forecast for 2029, pricing for new equipment orders is expected to be a particularly influential competitive factor. Competition in the aftermarket portion is majorly against large, well-established national and global competitors and, in the countries, against regional and local companies.

WHY SHOULD YOU BUY THIS REPORT?

This report is among the few in the market that offer outlook and opportunity analyses forecast in terms of the following:

  1. Market Size & Forecast Volume (units) 2020–2029Segmentation by Equipment Type
  2. Segmentation by Application
  3. Segmentation by Geography
  4. Production and trade values
  5. Major current and upcoming projects and investments
  6. Competitive intelligence about the economic scenario, advantages, industry dynamics, and market shares
  7. Innovative technologies
  8. Share by each equipment segment
  9. Share by each country
  10. Company profiles of major and other prominent vendors
  11. Company profiles of distributors
  12. Market shares of major vendors

Frequently Asked Questions

How big is the Latin America agriculture equipment market?

The Latin America agriculture equipment market size was valued at 258.92 thousand units by 2023 and is expected to reach 338.55 thousand units by 2029.

What is the growth rate of the Latin America agriculture equipment market?

The Latin America agriculture equipment market share is expected to grow at a CAGR of 4.57% from 2023-2029.

What are the trends in the Latin America agriculture equipment market?

Growing prospect of precision farming, rising focus on compact & electric agriculture equipment, and integration of digital technologies are trends in the Latin America agriculture equipment industry.

Which region dominates the Latin America agriculture equipment market share?

Brazil held the largest Latin America agriculture equipment market share in 2023.

Who are the key players in the Latin America agriculture equipment market?

John Deere, AGCO, CNH Industrial, Kubota, and Mahindra Tractors are the key players in the Latin America agriculture equipment market.

The Latin America agriculture equipment market size is expected to grow at a CAGR of approximately 4.57% from 2023 to 2029.

The following factors are likely to contribute to the growth of the Latin America agriculture equipment market during the forecast period:

  1. Investments by the International Manufacturers
  2. Rising Income and Transformation of Food Consumption
  3. Surge in Investment in Agriculture Industry

Base Year: 2023

Forecast Year: 2024-2029

The report considers the present scenario of the Latin America agriculture equipment market and its market dynamics for 2024−2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.

Major Vendors

  1. John Deere
  2. AGCO
  3. CNH Industrial
  4. Kubota
  5. Mahindra Tractors

Other Prominent Vendors

  1. Yanmar
  2. SDF
  3. CLAAS
  4. KIOTI
  5. ISEKI & CO., LTD.
  6. LOVOL
  7. TAFE
  8. Argo Tractors S.p.A.
  9. AMAZONEN
  10. METALFOR
  11. MERLO S.p.A.
  12. Bobcat
  13. Arbos Group
  14. BCS S.p.A.
  15. LS MTRON LTD.
  16. Changfa
  17. Wuzheng Group
  18. YTO
  19. Zoomlion Heavy Industry Science&Technology Co., Ltd.

Segmentation by Equipment Type

Seedling, Planting, & Irrigation

  1. Planters
  2. Irrigation Pumps
  3. Seed Drillers

Agriculture Tractors

  1. Horsepower TypeLess Than 50 HP
  2. 50-100 HP
  3. Above 100 HP
  4. Wheel Drive Type2-Wheel-Drive
  5. 4-Wheel-Drive
  6. Land PreparationCultivators
  7. Leveller
  8. Others (Harrow, Cultipacker, Plough)
  9. Weeding & Plant ProtectionSprayers
  10. Weeders
  11. Harvesting & ThreshingThreshers
  12. Combine Harvesters
  13. Others (Windrowers, Balers, Mowers)
  14. Segmentation by RegionBrazil
  15. Mexico
  16. Argentina
  17. Colombia
  18. Peru
  19. Rest of Latin America

Graph 1 AGRICULTURE EQUIPMENT MARKET, VOLUME (THOUSAND UNITS)

Graph 2 AGRICULTURE EQUIPMENT BY TOP 3 SEGMENTS (THOUSAND UNITS)

Graph 3 INCREMENTAL GROWTH BY EQUIPMENT TYPE 2023-2029 (THOUSAND UNITS)

Graph 4 AGRICULTURE EQUIPMENT MARKET BY GEOGRAPHY 2023 (% SHARE)

Graph 5 LATIN AMERICA AGRICULTURE EQUIPMENT MARKET, VOLUME 2020-2029 (THOUSAND UNITS)

Graph 6 RICE PRODUCTION VALUE BY TOP 5 COUNTRIES OF LATIN AMERICA, 2023 (VALUE $ BILLION)

Graph 7 AGRICULTURE LAND BY LATIN AMERICAN COUNTRIES 2023 (%)

Graph 8 TOTAL INCREMENTAL OPPORTUNITY, 2023-2029 (%)

Graph 9 LATIN AMERICA SEEDLING, PLANTING, & IRRIGATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 10 LATIN AMERICA IRRIGATION PUMP MARKET 2020–2029 (THOUSAND UNITS)

Graph 11 LATIN AMERICA PLANTER MARKET 2020–2029 (THOUSAND UNITS)

Graph 12 LATIN AMERICA SEED DRILL MARKET 2020–2029 (THOUSAND UNITS)

Graph 13 LATIN AMERICA AGRICULTURAL TRACTOR MARKET SIZE & FORECAST 2020-2029 (THOUSAND UNITS)

Graph 14 LATIN AMERICA AGRICULTURAL TRACTOR MARKET SIZE & FORECAST BY HORSEPOWER TYPE 2020-2029 (THOUSAND UNITS)

Graph 15 LATIN AMERICA AGRICULTURAL TRACTOR MARKET SIZE & FORECAST BY WHEEL DRIVE TYPE 2020-2029 (THOUSAND UNITS)

Graph 16 LATIN AMERICA LAND PREPARATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 17 LATIN AMERICA CULTIVATORS MARKET 2020–2029 (THOUSAND UNITS)

Graph 18 LATIN AMERICA LEVELLER MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 19 LATIN AMERICA OTHERS MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 20 LATIN AMERICA WEEDING & PLANT PROTECTION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 21 LATIN AMERICA WEEDERS MARKET 2020–2029 (THOUSAND UNITS)

Graph 22 LATIN AMERICA SPRAYER MARKET 2020–2029 (THOUSAND UNITS)

Graph 23 LATIN AMERICA HARVESTING & THRESHING EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 24 LATIN AMERICA COMBINE HARVESTERS MARKET 2020–2029 (THOUSAND UNITS)

Graph 25 LATIN AMERICA THRESHER MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 26 LATIN AMERICA OTHERS MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 27 BRAZIL AGRICULTURE EQUIPMENT MARKET 2020-2029 (THOUSAND UNITS)

Graph 28 BRAZIL SEEDLING, PLANTING, & IRRIGATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 29 BRAZIL AGRICULTURE TRACTORS MARKET 2020–2029 (THOUSAND UNIT)

Graph 30 BRAZIL LAND PREPARATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 31 BRAZIL WEEDING & PLANT PROTECTION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 32 BRAZIL HARVESTING & THRESHING EQUIPMENT MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 33 MEXICO AGRICULTURE EQUIPMENT MARKET 2020-2029 (THOUSAND UNITS)

Graph 34 MEXICO SEEDLING, PLANTING, & IRRIGATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 35 MEXICO AGRICULTURE TRACTORS MARKET 2020–2029 (THOUSAND UNIT)

Graph 36 MEXICO LAND PREPARATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 37 MEXICO WEEDING & PLANT PROTECTION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 38 MEXICO HARVESTING & THRESHING EQUIPMENT MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 39 ARGENTINA AGRICULTURE EQUIPMENT MARKET 2020-2029 (THOUSAND UNITS)

Graph 40 ARGENTINA SEEDLING, PLANTING, & IRRIGATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 41 ARGENTINA AGRICULTURE TRACTORS MARKET 2020–2029 (THOUSAND UNIT)

Graph 42 ARGENTINA LAND PREPARATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 43 ARGENTINA WEEDING & PLANT PROTECTION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 44 ARGENTINA HARVESTING & THRESHING EQUIPMENT MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 45 COLOMBIA LAND PREPARATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 46 COLOMBIA WEEDING & PLANT PROTECTION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 47 COLOMBIA HARVESTING & THRESHING EQUIPMENT MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 48 COLOMBIA AGRICULTURE EQUIPMENT MARKET 2020-2029 (THOUSAND UNITS)

Graph 49 COLOMBIA SEEDLING, PLANTING, & IRRIGATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 50 COLOMBIA AGRICULTURE TRACTORS MARKET 2020–2029 (THOUSAND UNIT)

Graph 51 PERU LAND PREPARATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 52 PERU WEEDING & PLANT PROTECTION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 53 PERU HARVESTING & THRESHING EQUIPMENT MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 54 PERU LAND PREPARATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 55 PERU WEEDING & PLANT PROTECTION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 56 PERU HARVESTING & THRESHING EQUIPMENT MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 57 REST OF LATIN AMERICA LAND PREPARATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 58 REST OF LATIN AMERICA WEEDING & PLANT PROTECTION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 59 REST OF LATIN AMERICA HARVESTING & THRESHING EQUIPMENT MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)

Graph 60 REST OF LATIN AMERICA LAND PREPARATION EQUIPMENT MARKET 2020–2029 (THOUSAND UNITS)

Graph 61 REST OF LATIN AMERICA WEEDING & PLANT PROTECTION EQUIPMENT MARKET 2020–2029 (THOUSAND UNIT)

Graph 62 REST OF LATIN AMERICA HARVESTING & THRESHING EQUIPMENT MARKET SIZE & FORECAST 2020–2029 (THOUSAND UNITS)


LIST OF TABLES


Table 1 IMPORT DATA

Table 2 EXPORT DATA

Table 3 TOTAL INCREMENTAL OPPORTUNITY, 2023-2029

1. Research Methodology

2. Research Objectives

3. Research Process

4. Introduction

4.1 Market Coverage

4.2 Report Scope

5. Market at a Glance

5.1 Market Overview

5.2 Market Snapshot

6. Executive Summary

7. Market Landscape

7.1 PESTLE Analysis

7.2 Economic Scenario

7.3 Key Projects

7.4 Market Dynamics

7.5 Import & Export Analysis

7.6 Supply Chain Analysis

8. Segmentation

8.1 By Equipment Type

8.1.1 Equipment Definition (Seedling, Planting, and Irrigation)

8.1.1.1 Seedling, Planting, and Irrigation Equipment (Volume)

8.1.1.2 Irrigation Pumps

8.1.1.3 Planters

8.1.1.4 Seed Drillers

8.2 Equipment Definition (Agricultural Tractors)

8.2.1 Agricultural Tractors (Volume)

8.2.2 Horsepower & Wheel Drive

8.3 Equipment Definition (Land Preparation)

8.3.1 Land Preparation Equipment (Volume)

8.1.2 Cultivator

8.1.3 Leveller

8.1.4 Others (Plough, Harrow)

8.4 Equipment Definition (Weeding and Plant Protection)

8.4.1 Weeding and Plant Protection Equipment (Volume)

8.4.2 Weeders

8.4.3 Sprayers

8.5 Equipment Definition (Harvesting and Threshing)

8.5.1 Harvesting and Threshing Equipment (Volume)

8.5.2 Combine Harvesters

8.5.3 Threshers

8.5.4 Others (Sickle and Mowers)

9. Geographical Analysis

9.1 By Country

9.2 Brazil

9.3 Argentina

9.4 Mexico

9.5 Colombia

9.6 Peru

9.7 Rest of Latin America

10. Technological Development

11. Competitive Landscape

11.1 Competitive Landscape Overview

11.2 Vendors (John Deere| CNH Industrial| AGCO Corporation| Mahindra| Kubota| JCB| Yanmar| SDF| BCS Group| Claas| Kioti| Lovol| Iseki| Argo tractors| Arbos Group| LS Mtron

11.3 Other Prominent Vendors

11.4 Distributor Company Profiles

12. Report Summary

12.1 Key Insights

12.2 Abbreviation

12.3 Exhibits

12.4 Related Report

12.5 Database

12.6 Global Reach

12.7 Offerings

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Frequently Asked Questions

How big is the Latin America agriculture equipment market?

The Latin America agriculture equipment market size was valued at 258.92 thousand units by 2023 and is expected to reach 338.55 thousand units by 2029.

What is the growth rate of the Latin America agriculture equipment market?

The Latin America agriculture equipment market share is expected to grow at a CAGR of 4.57% from 2023-2029.

What are the trends in the Latin America agriculture equipment market?

Growing prospect of precision farming, rising focus on compact & electric agriculture equipment, and integration of digital technologies are trends in the Latin America agriculture equipment industry.

Which region dominates the Latin America agriculture equipment market share?

Brazil held the largest Latin America agriculture equipment market share in 2023.

Who are the key players in the Latin America agriculture equipment market?

John Deere, AGCO, CNH Industrial, Kubota, and Mahindra Tractors are the key players in the Latin America agriculture equipment market.