The Global Agriculture Equipment Market is projected to record a CAGR of 5.55% during the forecast period due to the increasing need for agricultural productivity.

The Global Agriculture Equipment Market is projected to record a CAGR of 5.55% during the forecast period due to the increasing need for agricultural productivity.

Market Research Future has published a cooked research report on the Global Agriculture Equipment Market, 2019–2030. The Global Agriculture Equipment market is projected to exhibit a CAGR of 5.55% during the forecast period of 2021 to 2030.


Market Research Future has recognized the following companies as the key players in the Global Agriculture Equipment Market: AGCO Corporation (US), Deere & Company (US), CNH Industrial N.V. (UK), Kubota Corporation (Japan), Mahindra & Mahindra Ltd. (India), ISEKI & Co., Ltd. (Japan), JC Bamford Excavators Limited (UK), Daedong Industrial Co. (South Korea), Escorts Limited (India), and CLAAS KGaA mbH (Germany).


Agriculture Equipment Market Highlights


The Global Agriculture Equipment market is  projected to be valued at USD 3,24,306.18 million by 2030, recording a CAGR of 5.55% during the forecast period.

The increasing need for agricultural productivity is the key factor driving the growth of the global agriculture equipment market. Additionally, easy credit and subsidies availability, especially in the Asian market, boosts the market growth. However, fluctuating weather conditions and high costs of agriculture equipment hamper the market growth. Nevertheless, rising demand for precision agriculture equipment is estimated to emerge as a lucrative market for agriculture equipment vendors operating in both developed and developing economies.


Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Agriculture Equipment Market Research Report


Agriculture Equipment Market Segmental Analysis


The Global Agriculture Equipment market has been segmented based on product type, function,  sales channel, and region.


Based on Product Type, the global agriculture equipment market has been segmented into tractors, harvesters, cultivation & soil separation equipment, and others. The tractor segment accounted for the largest market share of 39.39% in 2020. Tractor is the most popular and diverse equipment used in the agriculture industry. It is the go-to equipment for anyone looking to move, pull, plow, haul, and till soil or land. A tractor has numerous different attachments through which it can perform various functions. It can be fitted with a tiller, rotary cutters, aerators, cultivators, pallet forks, disc harrows, and many other attachments. Tractors can perform several functions in agriculture, such as plowing, sowing, tilling, and harrowing. Moreover, a tractor is used for pushing or pulling the machinery. This helps in making the farming operations more convenient


Based on Function, the global agriculture equipment market has been segmented into harvesting, planting & fertilizing, haying, plowing & cultivation, and others. The harvesting segment accounted for the largest market share of 28.29% in 2020. Harvesting refers to removing and gathering crops from the field where it is grown and moving them to other places for processing, storing, and consumption purposes. Proper harvesting of crops is essential to maximize grain yield, minimize grain damage, and maintain crop quality. Timely and efficient harvesting processes strengthen quality product delivery to the market. Harvesting equipment such as drapers, harvesters, plows, and other farm harvesting machinery is mounted or towed behind the tractor to provide a source of power for performing harvesting operations when the tractor is mechanized. Such factors are expected to drive the demand for the harvesting segment during the forecast period


Based on Sales Channel, the global agriculture equipment market has been segmented into OEM and aftermarket. The OEM segment accounted for the largest market share of 69.20% in 2020. OEM stands for original equipment manufacturer, meaning the agriculture equipment is sold through the company's Sales Channels that manufactured the products. The equipment sold through OEM is generally labeled with the original manufacturer’s name or a company's subsidiary. OEM products are of high quality. Original equipment manufacturers market their products and have a network of dealerships committed to using them.


Agriculture Equipment Market Regional Analysis


On the basis of region, the Global Agriculture Equipment market has been categorized as North America, Europe, Asia-Pacific and Rest of World. As per MRFR analysis, Asia-Pacific accounted for the largest market share of 38.18% in 2020, as many countries in the region are highly dependent on the agricultural sector. The increased demand for agricultural tractors in the region can be credited to factors such as the growing harvesting, seed sowing, irrigation, and cultivation activities in farm fields. Asia-Pacific is an abundant source of crops and vegetables, low labor costs, and favorable government guidelines in countries such as India, China, Japan, and South Korea. These countries also have a strong focus on agriculture, and hence the demand for agricultural equipment in the agriculture sector is also expected to be high. North America accounted for the largest market share of 26.61% in 2020. The rising investments in the agricultural industry are expected to drive the growth of the agricultural equipment market in North America. Furthermore, the rising demand for modern agricultural equipment is expected to offer lucrative opportunities to the agricultural equipment market during the study period. The increase in agricultural activities across the region is also expected to contribute significantly to the growth of the regional market during the forecast period


Europe accounted for the largest market share of 24.47% in 2020. Europe is one of the prominent regions for the agricultural tractors market. In the UK, the government authorities are working on its Food 2030 strategy to produce more food without harming natural resources to offer sustainable and healthy food. The increasing demand for innovative and technologically developed agricultural equipment is expected to increase with the sale in the region. The Rest of the World comprises the Middle East & Africa and South America. Agriculture plays an important role in most of the countries in the Middle East & Africa region. Even though the Middle East & Africa is the most water-scarce and dry region in the world, several countries in the region, especially those around the Mediterranean Sea, are highly dependent on agriculture. Rainfed crops are grown in this region during the wetter winter period, while irrigated areas are cultivated year-round. South America comprises Brazil, Argentina, Chile, Peru, Venezuela, and other neighboring countries. Agriculture constitutes a large sector of the region’s economy in both its tropical and temperate regions. It accounts for approximately 10% of the world’s agricultural product export. The region also has many commercial farms, especially in Argentina, Brazil, Uruguay, Chile, and Colombia.


Key Findings of the Study:



  • The Global Agriculture Equipment market is projected to register a growth rate of 5.55% from 2021 to 2030.

  • The tractor system segment accounted for a larger market share of 39% in 2020 whereas, the Others segment is expected to exhibit the highest CAGR of 5.78% during the review period.

  • The harvesting segment accounted for the largest market share of 28.29% in 2020 whereas, the Others segment is expected to exhibit the highest CAGR of 5.75% during the review period.

  • The OEM segment accounted for the largest market share of 69.20% in 2020, while the aftermarket segment is expected to exhibit the highest CAGR of 5.66% during the review period.

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