Market Overview
The Global Agriculture Equipment Market is expected to reach a value of
USD 153.0 billion in 2023, and it is further anticipated to reach a market value of
USD 252.3 billion by 2032 at a
CAGR of 5.7%. The market has seen a significant increase in the recent past and is predicted to grow significantly during the forecasted period as well.
Agricultural equipment finds application on farms to improve crop yield efficiently & quickly, reducing manual labor. Given the high expenses of farm labor, these tools provide a strategic advantage. Automation & semi-automation are harnessed to reduce labor expenditures while increasing yields, surpassing what can be achieved through human effort alone.
The global population growth requires increased crop production, encouraging increased demand for agricultural equipment. The market now commands cutting-edge, contemporary farming tools to meet the growing food requirements. Moreover, farmers around the world are accepting innovative, technology-driven equipment to improve farm efficiency & output. For instance, sensor integration is extensive, allowing real-time monitoring of soil temperature, weather forecasts, crop surveillance, & more.
Market Dynamic
The global agriculture equipment market's significance is growing and is driven by the increase in the population's need for increased productivity to meet food demands. Increased purchasing power & fast agricultural sector industrialization are anticipated to further drive the market. The need for fertilizing & planting equipment is growing as an alternative to manual methods, with notable growth projected in fertilizer & planting technology. Self-propelled spreaders & sprayers offer efficiency & wide coverage, reducing costs & increasing yield by nutrient uniformity. These sprayers, available in manual, tractor-mounted, & aerial configurations, position with modern farmers' preferences for improved flexibility & productivity.
However, procuring & installing agricultural equipment includes high expenses, potentially lowering farm profitability. Further, the operation of multiple machines requires skilled supervision, while heavy equipment movement risks soil disturbance & crop damage. Dependency on modern tools can lead to excessive fertilizer use, harming plants. Equipment breakdowns disturb farming & increase costs. High-performance machines cause major maintenance & repair expenses, creating financial challenges for farmers.
Research Scope and Analysis
By Type
Over the forecast period, the agriculture tractors segment is set to assert significant dominance over a substantial chunk of the global agriculture equipment market revenue. This leading position owes its momentum to the inclusion of environmentally conscious & high-performance tractors, which offer economical usage solutions for a spectrum of agricultural operations, including plowing. The accessibility of high-velocity tractors comes as a major driver in improving farmers' profitability by holding operational timelines & simultaneously strengthening overall yield through increased efficiency gains.
Moreover, development in harvesting equipment is set to drive segment growth in the coming years. The growing popularity of intelligent combine harvesters, along with the inclusion of smart actuators into operating models, adds to market growth. These advanced combine harvesters enable farmers to monitor grain flow & exercise precise control during harvesting. As a result, the growth towards smart combine harvesters over traditional ones is notably growing among farmers and contractors.
By Application
In 2023, the land development application holds a significant portion of the overall revenue of the global agricultural equipment market. This segment's growth is due to an increase in market demand for such equipment. Technological innovation & advancements specific to land development tools play a major role in driving the growth of this segment on a global scale. The quick expansion of the land development sector is strengthened by directives like soil preservation, yield optimization, & soil quality enhancement.
Further, the growing need for agricultural tractors is fueled by the demand to mechanize farming for grown food production, coupled with technologically advanced options. Urbanization-induced workforce shortages further drive the machinery adoption, which in return is contributing significantly towards the market growth.
The Global Agriculture Equipment Market Report is segmented on the basis of the following:
By Type
• Agriculture Tractors
• Irrigation & Crop Processing Equipment
• Agriculture Spraying & Handling Equipment
• Harvesting Equipment
• Soil Preparation & Cultivation Equipment
• Others
By Application
• Plant Protection
• Land Development
• Threshing & Harvesting
• After Agro Processing
Regional Analysis
In 2023, the Asia-Pacific region accounts for a significant market share of 37.4%, as it solidifies its leadership in the Global Agriculture Equipment Market. This growth is anticipated for further expansion in the forecasted period. The Asia Pacific's dominance depends on the presence of powerful nations like China & India, responsible for a significant portion of global food demand.
Further, the economic growth in these countries boosts regional advancement, driving quick & efficient agricultural progress. The blend of technologies like digitalization, control capabilities, & electrical farming solutions is anticipated to cement the Asia Pacific's market dominance in the coming forecast period.
By Region
North America
• The U.S.
• Canada
Europe
• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe
Asia-Pacific
• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA
Competitive Landscape
The global agriculture equipment market is noticing intense competition as manufacturers look into providing innovative solutions, enhancing farm efficiency. Key players in the market emphasize R&D, strategic partnerships, & product diversification to meet changing farmer needs. Further, technological advancements, changing preferences, & regulations influence market dynamics. Emphasizing customer support, sustainability, & affordability is important for gaining a competitive advantage in this fast-growing market.
For instance, in June 2023, JCB announced its plan to launch an electric wheeled loader, designed to deliver zero-emission operations & least noise disruption, as this loader offers a range of wheel choices, including narrow & wide configurations, meeting the need for both agricultural & industrial use scenarios. This strategic move shows JCB's dedication to environmentally conscious innovations in the market.
Some of the prominent players in the Global Agriculture Equipment Market are:
• JCB
• Deere & Company
• CNH Industrial NV
• Mahindra & Mahindra Ltd
• AGCO Corp
• Escorts Ltd
• APV GmbH
• ISEKI & Co Ltd
• SDF Spa
• CLAAS kGaA
• Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Agriculture Equipment Market:
The COVID-19 pandemic and the following recession majorly impacted the global agriculture equipment market, creating a complex mesh of challenges and opportunities. Supply chain disturbances, labor shortages, & logistical constraints restrained manufacturing & distribution, causing occasional shortages of critical equipment. Farmers' unsure about future income also caused cautious spending, resulting in delayed or reduced machinery investments. However, the pandemic has also shown the importance of mechanization & technology adoption for improving efficiency & checking food security. As the world adapts to new guidelines, the agriculture equipment market is anticipated to recover, driven by growing awareness of the benefits of advanced machinery in addressing labor constraints & enhancing productivity throughout the agri-food supply chain.
Report Characteristics |
Market Size (2023) |
USD 153.0 Bn |
Forecast Value (2032) |
USD 252.3 Bn |
CAGR (2023-2032) |
5.7% |
Historical Data |
2017 - 2022 |
Forecast Data |
2023 - 2032 |
Base Year |
2022 |
Estimate Year |
2023 |
Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
Segments Covered |
By Type (Agriculture Tractors, Irrigation & Crop
Processing Equipment, Agriculture Spraying &
Handling Equipment, Harvesting Equipment, Soil
Preparation & Cultivation Equipment and Others), By
Application (Plant Protection, Land Development,
Threshing & Harvesting and After Agro Processing) |
Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
Prominent Players |
JCB, Deere & Company, CNH Industrial NV, Mahindra
& Mahindra Ltd, AGCO Corp, Escorts Ltd, APV GmbH,
ISEKI & Co Ltd, SDF Spa, CLAAS kGaA, and Other Key
Players |
Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Agriculture Equipment Market is estimated to reach USD 153.0 billion in 2023, which is
further expected to reach USD 252.3 billion by 2032.
Asia Pacific dominates the Global Agriculture Equipment Market with a share of 37.4% in 2023.
Some of the major key players in the Global Agriculture Equipment Market are Deere & Company, JCB,
AGCO Corp, and many others.
The market is growing at a CAGR of 5.7 percent over the forecasted period.