Agriculture Equipment Market Research Report: By Product Type (Tractor, Harvester, Cultivation & amp; Soil Separation Equipment and others), Function (Harvesting, Planting & Fertilizing, Haying, Plowing & amp; Cultivation and others), Sales Channel (OEM and Aftermarket) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030

Agriculture Equipment Market Overview

Agriculture Equipment Market is projected to be worth USD 189.42 billion by 2030, registering a CAGR of 8.53% during the forecast period (2022 to 2030), the market was valued at USD 103.61 billion in 2021.

Regional Analysis

The agriculture equipment market is divided into four main geographies such as Asia-Pacific, Europe, North America, and the rest of the world. Asia- Pacific holds the largest market share among other regions because this region includes high population countries like India and China which need high production of food and cereals. Apart from, rise in government support and incentives on agriculture equipment, growing sales of tractors, lack of labor, and contract farming in India are increasing the growth rate in this region.

During the assessment period, North America is also expected to grow at a substantial rate for their region including the growth of wine industries and rise in demand for tractors from the US and Canada. Due to the shortage of farm labor and the productivity is improved through mechanization, Europe is the other important market for global market trends.

Competitive Landscape

The prominent key players in the agriculture equipment market are the following:

• AGCO Corp. (US)


• JC Bamford Excavators Limited (UK)


• Deere & Company (US)


• CNH Industrial NV (UK)


• Kubota Corporation (Japan)


• Iseki & Co., Ltd (Japan)


• Daedong Industrial Co., Ltd (US)


• CLAAS KGaA mbH (Germany),


• Mahindra & Mahindra Limited (India), and


• Escorts Limited (India)

Escorts Limited (India) is one of the reputed organizations in the agriculture equipment market which introduces various advanced technologies. Advanced technologies like artificial intelligence, Google Earth, robotics, and a rise in government support are the key drivers of the demand for agricultural machinery.

Generally, agriculture needs many types of equipment like tractors, harvester, seeding, hay and forage, cutters and shredders, and land leveler. Using these types of equipment, various agricultural tasks such as plowing, tilling, planting, disking, harrowing, spraying the pesticide application are performed.

The agriculture equipment benefits are gaining a high crop yield in comparatively less time with minimum efforts. Apart, some equipment like automatic and semiautomatic equipment reduces the necessity of manpower and hence the money incurred on them will be saved. Further, crop production increases by decreasing the downtimes and allows highly precise operations. This increases the production of food which is helpful for the growing population. Some of the key drivers are developing the agricultural infrastructure in developing and developed regions, increasing production and sales of farm equipment.   

COVID-19 Analysis:

Before the pandemic situation, the agriculture equipment market was in better condition. But after the COVID-19 pandemic has occurred in the world, the agriculture machinery industry faces many problems due to disrupted global supply chains. For the government regulations, the manufactured industries are closed down to prevent the spread of the coronavirus and hence the agriculture machinery market has slowed down.

This pandemic not only affected the agriculture machinery but also affected various business sectors like automobiles, healthcare, semiconductor & electronics, construction, and many more. In 2020, tractors accounted for over 50% of the market share in the global market. Slowly, the pandemic situation changes, and the industries are reopened. The growing population needs additional food production and it needs various agricultural equipment which increases the demand for the market. During the forecast period (2021-2026), it is expected to register a market value of 8.0% CAGR.

Market Dynamics:

• Drivers:

The advanced technologies in the agriculture production system, deployment of mechanical power, increase in the online and offline food services centers globally, by increasing the demand for tractors designed with cutting edge technology are some of the driving factors of the global market. By using the different types of agriculture machinery, farming becomes easy like gaining high crop yields in very little time with fewer efforts, reduces the need for manpower, and hence increases the production of food for a growing population. The precision farming implementation gives sustainability in farming activities, protects land resources, increases profit, and thus results in improved agriculture production. The growing global population needs more production of food and thus it increases the demand for the agriculture machinery market. The use of mechanization by custom hiring service also increases the productivity and adoption of farming by a group of marginal farmers.

• Restraint:

Still in some countries, farmers are lack awareness regarding the benefits of agricultural equipment. Illiteracy and unavailability of proper resources along with monetary measures are the major restraints of the agriculture machinery market.

• Opportunities:

Government support is also needed for the growth of the agriculture equipment market in a way of subsidies for acquiring fertilizers, seeds, and other agriculture equipment. The deployment of advanced technologies like IoT, AI, and big data in agricultural equipment are opportunities for the growth of the market.          

• Challenges:

By raising awareness regarding the benefits of agricultural machinery to the farmers and the government support towards the agriculture equipment are the major challenges of the market.

Study Objectives -

• To provide detailed information about the market structure along with various forecast segments and sub-segments for the next 10 years.


• To provide the factors that are affecting the growth of the market value.


• To analyze the market-based porter’s five force analysis, factors-price analysis, supply chain analysis, etc.


• To provide history and forecast revenue segments and sub-segments of the market revenue for the five main geographies and their countries.


• To provide the country-level analysis of the current market size and future prospective.


• To provide country-level analysis of the market growth by region, form, and application.


• To provide a strategic profile of the key players in the market, analyze their core competencies, and draw a landscape of the global market growth.


• To track and analyze new product developments, strategic alliances, and global market research.

Segment Overview:

The global market research has been segmented based on the product type, function, sales channel, and region.

Based on Product Type

Based on the product type, the global market has been segmented into harvester, tractors, cultivation, and soil separation equipment, and others. During the forecast period, the tractors are growing at a substantial rate for their demand for autonomous tractors and low-weight tractors which are used for several cash-rich plants.

Based on Function

The global market based on the function is segmented into harvesting, planting & fertilizing, plowing & cultivation, haying and others. During the assessment period, the plowing & cultivation segment accounts for the largest market share for their growing need of improving the soil fertility level, maintaining the nutrients, and enhance productivity.

Based on Sales Channel

The global market trends based on the sales channel are segmented into OEM and aftermarket. Due to the increasing number of agriculture equipment aftermarket centers in emerging countries like India, China, Brazil, and Argentina for its presence of a large agricultural base, the aftermarket segment is projected the highest growth rate in the forecast period.

Based on Region

Geographically, the global market is segmented into Asia-Pacific, Europe, North America, and the Rest of the world. As the growing population is increasing in India and China, they need additional food and growing export of cereals, hence the Asia- Pacific region leads the highest market share during the review period.

Recent Developments

• In September 2019, CNH industries open new parts and service centers in Shanghai, China which helps in reducing the product delivery time to the customers for New Holland Agriculture and Case IH agricultural equipment brands.


• In September 2018, Massey Ferguson launched new baler models in the hay and forage range like MF RB 3130F fixed chamber round baler, MF RB 3130F Protec, and MF RB 4160V Protec fixed and variable chamber baler.

Report Overview:

This global agricultural machinery research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent Developments, Segmentation Table and FAQs. The market dynamics include the agriculture equipment market drivers, restraints, challenges, and opportunities. The global market segments are product type, sales channel, function, and region.

Segmentation:

The agriculture equipment market outlook is segmented into product type, function, sales channel, and region.

By Product Type

• Harvester, tractors, cultivation, and soil separation equipment, and others

By Function

• Harvesting, planting & fertilizing, plowing & cultivation, haying, and others.

By Sales Channel

• OEM and aftermarket

By Region

• Asia-Pacific, Europe, North America, and the rest of the world are the four main geographic regions.

Report Scope:

Report Attribute/Metric	Details
Market Size	2030: USD 189.42 billion
CAGR	8.53% CAGR (2022-2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product Type, Sales Channel
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	AGCO Corp. (US), JC Bamford Excavators Limited (UK), Deere & Company (US), CNH Industrial NV (UK), Kubota Corporation (Japan), Daedong Industrial Co., Ltd (US), Iseki & Co., Ltd (Japan), CLAAS KGaA mbH (Germany), Mahindra & Mahindra Limited (India), and Escorts Limited (India)
Key Market Opportunities	Government support towards farm mechanization and subsidies
Key Market Drivers	Developing regions Increasing production and sales of farm equipment Rapidly growing online and offline food service centers globally Deployment of mechanical power and advanced technologies

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