Agriculture and Farm Equipment Market

Global Agriculture and Farm Equipment Market Size (2024 to 2032)

The agriculture and farm equipment market was valued at USD 116.41 billion in 2023 and is anticipated to reach USD 124.33 billion in 2024 from USD 210.44 billion by 2032, growing at a CAGR of 6.8% from 2024 to 2032.

Agricultural equipment is the equipment used in farming or other agriculture in which there are many types of such material, from hand tools and power tools to tractors and various farm implements that they tow or operate. The growth of the agriculture and farm equipment market is attributed to the increasing demand for operational efficiency, improved productivity, rising mechanization levels, and increasing government support.

Market Drivers

The manufacturers of these agriculture and farm equipment are concentrating on integrating technologies such as Google Earth, GPS, and robotic systems into existing material to improve productivity and the government subsidies and low rates in emerging countries for farmers to adopt agricultural machinery, are acting as major drivers for the global Agriculture and Farm Equipment Market growth.

The rise in the adoption of modern technologies by farmers to increase farm yield and meet the growing demand for food is assumed to be a key driver for the growth of the global agriculture and farm equipment market. Also, traditional farming techniques like plows, tillage, and seeders are now being replaced with various modern agricultural machinery such as spraying equipment, hay, and forage equipment, harvesters, and irrigation and crop processing equipment, which are used in multiple processes to enhance overall crop output and quality, fuelling this market growth.

Market Restraints

The financial aspects such as capital & rate of interest and unskilled agronomic workforce are the major restraints of the agriculture and farm equipment market. It is also to be noted that the financial aspects are being declined by various organizations and bodies providing low-interest loans, zero to low-interest credits, and grants to developing countries for agricultural operations and to skill the agronomic manforce for utility of farm equipment which will automatically consequence in various countries to come up with machinery institutes, efficient production, and e-farming portals.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Agriculture and Farm Equipment Market By Product

In product segmentation, tractors are leading the global agriculture and farm equipment market revenue with a share of 25%. Tractors are essential to farm machinery used for several activities such as standalone equipment and in tandem with other applications. Moreover, sales of tractors are foreseen to continue during the forecast period, attributing to the increasing rate of mechanization as well as the growing population, thereby resulting in increased pressure on the production and productivity of food.

Global Agriculture and Farm Equipment Market By Application

From the application segmentation, the Land Development & Seed Bed Preparation segment has acquired a share of 23% in the worldwide agriculture and farm equipment market revenue. The growth of this segment is attributed to land development, plant protection, harvesting, and sowing and planting, which is the shortage of farm labor.

REGIONAL ANALYSIS

In the regional analysis, strong economic growth in developing countries such as China, India, and other countries is projected to drive the growth of the agriculture and farm equipment market in Asia-Pacific. This region is also expected to emerge as the largest market and witness the fastest growth during the forecast period. In recent times, China alone held over 30.0% of the regional revenue and the regional growth can be ascribed to the low level of mechanization and the vast area of agricultural land. However, the usage of these types of machinery for various farm processes is evolving progressively in the Asia-Pacific, which will lead to more demand for this equipment over the forecast period.

KEY MARKET PLAYERS

Deere & Company, Mahindra Group, AGCO Corporation, Agrostroj Pelhrimov A.s, Concern Tractor Plants, Escorts Limited, China National Machinery Industry Corporation, Valmont Industries Incorporated., Weifang Euro king Machinery, Same Deutz-Fahr Group (SDF). Some of the market players that dominate the global agriculture and farm equipment market.

RECENT DEVELOPMENTS IN THE AGRICULTURE AND FARM EQUIPMENT MARKET

• Deere & Co., an American corporation that manufactures agricultural, construction, and forestry machinery, diesel engines, drivetrains for heavy equipment, and lawn care equipment and also known as John Deere, has temporarily closed Chinese facilities owing to the coronavirus outbreak in the country. Director of Deere's strategic public relations, Ken Golden said that the facilities in China would remain closed until they determine it would be appropriate to reopen as our officials continue to monitor the situation.

• SoftBank, a Japanese multinational conglomerate holding company headquartered in Tokyo, Mahindra, an Indian multinational conglomerate headquartered in Mumbai, Maharashtra, India, may get into a partnership to push EV vehicles in the agricultural sector during the forecast period. Mahindra's officials are saying that Softbank's technology in EV could help them achieve success in the EV car market.

DETAILED SEGMENTATION OF THE GLOBAL AGRICULTURE AND FARM EQUIPMENT MARKET INCLUDED IN THIS REPORT

This research report on the global agriculture and farm equipment market is segmented and sub-segmented into the following categories.

By Product

• Tractors

• Harvesters

• Planting Equipment

◦ Row Crop Planters

◦ Air Seeders

◦ Grain Drills

◦ Others

• Irrigation & Crop Processing Equipment

• Spraying Equipment

• Hay & Forage Equipment

• Others

By Application

• Land Development & Seed Bed Preparation

• Sowing & Planting

• Weed Cultivation

• Plant Protection

• Harvesting & Threshing

• Post-harvest & Agro-Processing

By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa