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Agriculture Equipment Market Trends

ID: MRFR//1621-CR | 188 Pages | Author: Sakshi Gupta| November 2022

Agriculture Equipment Market Overview:

The Agriculture Equipment market is projected to grow from USD 212.04 Billion in 2023 to USD 326.66 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.55% during the forecast period (2024 - 2032). Global Agriculture Equipment Industry Size was valued at USD 200.9 billion in 2022. The increasing need for agricultural productivity and Increased use of the internet of things, artificial intelligence and the equipment that are enabled with GPS are the key market drivers enhancing the market growth.

Agriculture Equipment Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Agriculture Equipment Market Trends

Increasing awareness regarding equipment is driving the market growth

Market CAGR for Agriculture Equipment Market is being driven by the rising awareness about modern agriculture farming. As the world's population continues to grow, there is an expected increase in demand for food products. This requires farmers to adopt advanced technology and equipment to increase productivity and efficiency, leading to a rise in demand for farm equipment like tractors, combine harvesters, and irrigation systems. The growth of the farming equipment market is also being driven by the increasing purchasing power of people who are willing to pay more for high-quality food products. This has led to an increase in demand for advanced equipment to produce high-quality crops. Furthermore, the rapid pace of industrialization in developing countries is also boosting the agriculture equipment industry outlook as large-scale farming requires advanced equipment to support it. This has led to a replacement of traditional manual planting and fertilizing techniques with modern equipment.

The projected world population of 9.7 billion by 2050 requires a significant increase in food production, and advanced technology and equipment will be necessary to achieve this. The increasing demand for food products has also led to a shift towards large-scale farming, which requires advanced equipment to manage and maintain crops. For example, the Food and Agriculture Organization (FAO) of the United Nations reported a significant increase in the global sales of tractors from 2.1 million units in 2000 to 3.3 million units in 2018, demonstrating a rise in the use of farm equipment worldwide. This, in turn, is driving the revenue growth of the Farm equipment market.

Agriculture Equipment Market Segment Insights:

Agriculture Equipment product Type Insights

The global Agriculture Equipment market segmentation, based on type includes Tractor, Harvester and Cultivation & Soil Separation Equipment. The Tractor segment dominated the market, accounting for 30% of market revenue. This attributed to the labor shortage and the growing population to meet the global food requirements, which has made tractors a prerequisite for increasing productivity in the agriculture industry.

Agriculture Equipment Function Insights

The global Agriculture Equipment market segmentation, based on Function includes Harvesting, Planting & Fertilizing, Plowing & Cultivation. The Harvesting category generated the most income (28.29%). As it is most important activities in agriculture as it determines the yield and quality of crop & farmers invest heavily in harvesting equipment to ensure that their crops are harvested efficiently and effectively.

Figure 1: Global Agriculture Equipment Market, by Function, 2024 & 2032 (USD billion)

Global Agriculture Equipment Market, by Function, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Agriculture Equipment Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Farm equipment market in the Asia Pacific region is expected to be dominant, largely due to the rapid and efficient economic development of China, India, and several other countries in the ASEAN region. This collective growth of the Asia Pacific region is expected to boost the market's overall growth.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Global Agriculture Equipment Market Share By Region 2022 (%)

Global Agriculture Equipment Market Share By Region

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Agriculture Equipment market accounts for the second-largest market share due to The long-term sustainability of agriculture and the ability of agro-ecosystems to provide services beyond food production. Further, the German Agriculture And Farm Equipment market held the largest market share, and the UK Farming Equipment market was the fastest growing market in the European region

The North America Agricultural Machinery Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to provide better fuel efficiency as compared to the equipments which are introduced in the other parts of the world. Moreover, Canada Farm Equipment market held the largest market share, and the U.S. Agricultural Equipment market was the fastest growing market in the region.

For instance, In the US, the sales of Agriculture Equipment Market have been increasing steadily over the years. Furthermore, according to the AEM (Association of Equipment Manufacturers), the sales of tractors in the United States increased by 17.3% in 2020, demonstrating a significant increase in the use of this equipment.

Agriculture Equipment Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Agricultural Equipment & Farm Machinery Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, mergers and acquisitions, collaboration with other organizations, and higher investments. To expand and survive in a more competitive and rising market climate, Agriculture Equipment industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Agriculture Equipment Market to benefit clients and increase the market sector. In recent years, the Agriculture Equipment industry has offered some of the most significant advantages to medicine. Major players in the Farm Equipment market, including AGCO Corp., JC Bamford Excavators Limited, Deere & Company, CNH Industrial NV, Kubota Corporation and others, are attempting to increase market demand by investing in research and development operations.

AGCO Corporation is an American manufacturer and distributor of agricultural equipment and solutions. It produces and sells a wide range of powered agricultural equipment, including tractors, combines, hay tools, sprayers, forage equipment, and implements. The company's brands include Massey Ferguson, Fendt, ValtraIt products are used by farmers and growers in a variety of industries, including grain, cotton, sugar, livestock, and dairy. help farmers feed the world by providing innovative and sustainable agricultural solutions. It promoting sustainability in its operations and products, and is actively engaged in initiatives to reduce its environmental footprint and promote social responsibility., GSI, and Challenger.

CNH Industrial NV is a global leader in the manufacturing and distribution of agricultural and construction equipment, commercial vehicles, and powertrain solutions. It operates through a number of well-known brands including Case IH, New Holland Agriculture, Iveco, FPT Industrial, and Magirus. Its agricultural equipment business offers a wide range of products and solutions for farmers and growers. Its brands include Case IH and New Holland Agriculture, which offer a range of tractors, combine harvesters, balers, sprayers, and other agricultural equipment. Case IH is a leading brand in the agricultural equipment industry, offering a range of innovative solutions to help farmers increase productivity and reduce costs. Its products include tractors, combine harvesters, and other equipment designed to help farmers optimize their operations. New Holland Agriculture offers a range of agricultural equipment including tractors, combine harvesters, and balers. It offers a range of solutions designed to reduce environmental impact and improve efficiency.

Key Companies in the Agriculture Equipment market include

  • John Deere

  • CNH Industrial (Case IH and New Holland)

  • AGCO Corporation

  • Kubota Corporation

  • Mahindra & Mahindra Ltd.

  • Claas Group

  • Deutz-Fahr

  • JCB

  • Yanmar

  • Same Deutz-Fahr Group

Agriculture Equipment Industry Developments

October 2021: Mahindra & Mahindra Ltd. has recently launched a new range of advanced tractors called the Yuvo Tech+. These tractors will be available in three different models, namely the Yuvo Tech+ 275 (27.6 kW-37 HP), Yuvo Tech+ 405 (29.1kW 39 HP), and Yuvo Tech+ 415 (31.33 kW-42 HP).

June 2021: CNH Industrial N.V. acquired Raven Industries, Inc., a US-based leader in precision agriculture technology. The acquisition helped enhance CNH Industrial’s position in the global agricultural equipment market by adding strong innovation capabilities in autonomous and precision agriculture technology

February 2021: AGCO Corporation brand Massey Ferguson launched VE Series planters. The series consists of rigid and folding-frame planters to narrow transport and track planters that offer growers straightforward, dependable, durable planters to deliver consistent, accurate seed placement for optimum yields.

Agriculture Equipment Market Segmentation:

Agriculture Equipment Production Type Outlook

  • Tractors

  • Harvesting equipment

  • Cultivation & Soil separation equipment

  • Spraying & Handling equipment

  • Irrigation Equipment

  • Others

Agriculture Equipment Function Outlook

  • Land Development

  • Sowing & Planting

  • Threshing & Harvesting

  • Fertilization & Planting

  • Others

Agriculture Equipment Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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