The Farm Implements Market Size was valued at USD 60.9 billion in 2022. The Farm Implements market industry is projected to grow from USD 65.2 Billion in 2023 to USD 98.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.1% during the forecast period (2023 - 2030). Decreasing farm sizes, increasing use of agricultural land for industrial purposes, and growing demand for food from a rapidly increasing population have made it necessary to increase crop productivity. These are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the main factors projected to drive the increase is expected to be the expansion of mechanization in the agricultural sector and the rise in farmer income. The government's loan waiver programs for farmers of all income levels and favorable climatic conditions for food production are also thought to boost market expansion. Technologically sophisticated agricultural robotics will have more robust market expansion opportunities throughout the projected period. Examples include autonomous tractors and flying drones that assist farmers in producing food at affordable costs to meet the expanding food demand.
The need for agricultural equipment, which fuels the expansion of the worldwide agriculture equipment sector, is anticipated to rise as more farming tasks, including plowing, harrowing, planting, harvesting, and tilling, become mechanized. Farmers are becoming more dependent on agricultural equipment due to the benefits of using mechanical tools like tractors, harvesters, and different accessories. The use of precision farming also makes farming operations more profitable, protects land resources, and promotes sustainability, all of which lead to an increase in agricultural output. Major participants in the agriculture equipment market provide a range of items that help farmers with tasks like planting and harvesting, thereby promoting the use of agricultural equipment. This has a sizable positive impact on expanding the world farm equipment market. Also, there is a need for additional food cultivation due to the expanding world population. Using automatic and semiautomatic agricultural machinery to increase farming productivity frequently maintains this need. These factors are expected to increase the market CAGR globally.
Using agricultural machinery makes it possible to grow crops with less work and time, increasing the food produced to feed the world's expanding population. Hence, the world's population increases the need for agricultural equipment, which fuels the Farm Implements market revenue.
Based on type, the Farm Implements market segmentation includes cultivators, seed drills, threshers, shredders, and sprayers. The cultivators' segment held the majority share in 2022, contributing to around ~44-46% of the Farm Implements market revenue. This is primarily owing to numerous advantages, such as the growing population's demand for food driving the need to mechanize agriculture, the rising availability of technologically improved tractors, and rising urbanization's impact on labor shortages forcing farmers to use machines. For instance, according to various studies, the preference for smart agriculture equipment is gradually increasing in nations like India, Australia, and Southeast Asia. This market is only now emerging.
May 2021: CLAAS KGaAmbH announced they purchased a minority stake in AgXeed B.V., a Dutch start-up. The acquisition was made to develop and commercialize self-driving agricultural vehicles.
August 2021: With the introduction of the new 6155MH Tractor, which offers dependability and all the performance that has been field-tested, like the M series, John Deere hopes to expand its client base.
The Farm Implements market segmentation includes plowing & cultivating, sowing & planting, plant protection & fertilizing, harvesting & threshing, and others. The plowing & cultivating segment is expected to account for the largest market share during the forecast period owing to various factors such as rising efforts for promoting farm mechanization and the expanding use of precision farming in areas like Asia and Latin America. Prominent leaders are incorporating the rising utilization of electric tractors is expected to represent a considerable growth opportunity. The expanding segment will further expand due to the electric tractors' cost-effectiveness, remarkable efficiency, and environmental friendliness impacting the market growth.
Figure 1: Farm Implements Market, by Application, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sowing and plantation will grow with the fastest-growing CAGR due to harvesting equipment innovations. The growing acceptance of intelligent combine harvesters and smart actuators into available combine sowing and plantation segmental expansion. Due to intelligent combine harvesters, farmers can monitor grain flow rate and better manage harvesting processes. Such factors promote farmers and contractors more likely to prefer smart combine harvesters over traditional harvesters. This will impact the growth of farm implements significantly.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Farm Implements market accounted for USD 28.6 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the vast number of farms being grouped has increased demand for farm mechanization. Furthermore, the region is seeing a rise in intelligent combine harvesters outfitted with monitoring equipment to boost farm production.
Further, the significant countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
 Figure 2: FARM IMPLEMENTS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Farm Implements market accounts for the second-largest market share due to the availability of combining robotic technology and Positioning Systems (GPS) in tractors and harvesters. Further, the Germany Farm Implements market held the largest market share, and the UK Farm Implements market was the fastest-growing market in the European region
The Asia-Pacific Farm Implements Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the rising number of large farms' expanding demand for high-capacity equipment. The rising acceptance of self-propelled machinery will fuel regional market expansion during the projection period. Moreover, China Farm Implements market held the largest market share, and the India Farm Implements market was the fastest-growing market in the Asia-Pacific region
For instance, the India Farm Implements market is expected to grow with the fastest growing CAGR in Asia Pacific due to the growing horticulture business, the rising need for powerful tractors, and government financial incentives. The market is expected to grow due to expanding government programs to promote precision farming and agricultural mechanization. With their new product introductions and modifications by the market demands of the region at affordable costs, several companies have increased tractor sales in India and the Pacific.
Major market players are spending heavily within their competitive landscape owing to a competitive nature due to a small number of well-known players and a large number of medium- or small-scale players globally. OEMs compete on product quality, pricing, availability, and technical improvements, with key market developments such as new product launches, contractual agreements, increased investments, and collaboration. To increase their footprint, competitors in the Farm Implements industry are increasing their mergers & acquisitions to widen their consumer base.
To reduce operating costs, the market leaders in the Farm Implements industry are working on modernizing their supply chains. In recent years, Farm Implements industry has provided various equipment to the agricultural sector. The Farm Implements market major players such as John Deere (US), CNH Industrial N.V. (UK), Mahindra & Mahindra Limited (India), AGCO Corporation (US), Kubota Corporation (Japan), Claas (Germany), and others are working on expanding the market demand by investing in research and development activities.
John Deere has an experience of more than 180 years of experience and operates on terabytes of precision data to function their business practices accurately. They have a litany of easy-to-use technology that often helps them deliver the results they want on their job sites. Additionally, John Deere offers seamless access to parts, services, and performance upgrades from home to trade-in by providing world-class support through their equipment, with a keen mind on productivity and sustainability. John Deere is focused on thriving and developing new methods for disrupting the industry.
CLAAS is a family business founded in 1913 and is considered one of the leading manufacturers of agricultural engineering equipment. The company is headquartered in Harsewinkel, Westphalia. They are a leader in the European market for combined harvesters. CLAAS is also considered a leader in another large product group – Self Propelled forage harvesters. They are also a top performer in worldwide agricultural engineering with tractors, agricultural balers, and green harvesting machinery. The product portfolio for CLAAS included state-of-the-art farming information technology and had a turnover of 4.9 billion euros in the 2022 financial year.
Farm Implements Industry Developments
January 2022: John Deere revealed a fully autonomous SR tractor. The new tractor features a TruSet-enabled plow, a GPS guidance system, and new advanced technologies, including six pairs of stereo cameras that can enable 360-degree obstacle detection and calculations of distances. Furthermore, the tractor also includes a deep neural network that can classify each image pixel in 100 milliseconds.
November 2020: John Deere announced they were developing new material collection systems and mechanical grapples for compact utility factors. The new Frontier MG20F Mechanical Grapple offers a quick-attach solution for fast installation and a 1,200-pound lift capacity. Â
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 60.9 billion |
| Market Size 2023 | USD 65.2 billion |
| Market Size 2030 | USD 98.4 billion |
| Compound Annual Growth Rate (CAGR) | 7.1% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | John Deere (US), CNH Industrial N.V. (UK), Mahindra & Mahindra Limited (India), AGCO Corporation (US), Kubota Corporation (Japan), Claas (Germany), Iseki & Co. Ltd. (Japan), Jain Irrigation Systems (India), SDF Group (Italy), Groupe Agrocentre (France), Agromaster Agricultural Machinery (Turkey), Maschio Gaspardo SpA. (Italy), MaterMacc S.p.A (Italy), Morris Industries Ltd. (Canada), and Rostselmas (Russia) |
| Key Market Opportunities | Rising Emergence of Automated Tractors |
| Key Market Dynamics | Increasing focus on agricultural practices due to rising food security Rising arable land |
Frequently Asked Questions (FAQ) :
The Farm Implements market size was valued at USD 60.9 Billion in 2022.
The market is projected to grow at a CAGR of 7.1% during the forecast period 2023-2030.
North America had the largest share in the market
The key players in the market are John Deere (US), CNH Industrial N.V. (UK), Mahindra & Mahindra Limited (India), AGCO Corporation (US), and Kubota Corporation (Japan)
The cultivators’ category dominated the market in 2022.
The sowing and plantation surgery had the largest share in the market.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
