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Agriculture Equipment Market - By Machinery Type (Farm Tractor, Harvesting Machinery, Plowing & Cultivation Machinery, Planting & Fertilizing Machinery, Haying Machinery) & Global Forecast, 2024 - 2032

  • Report ID: GMI2845
  • Published Date: Aug 2023
  • Report Format: PDF

Agriculture Equipment Market Size

Agriculture Equipment Market was valued at USD 155.7 billion in 2023 and is estimated to register a CAGR of 5.5% between 2024 and 2032.
 

Agriculture Equipment Market

Global industry recorded significant growth in 2023 and will demonstrate a remarkable CAGR between 2024 and 2032, owing to the increasing demand for sustainable farming practices and smart equipment. With a focus on environmental sustainability, farmers are seeking efficient and eco-friendly solutions. This demand drives the market toward smart equipment embedded with sensors and data analytics, allowing for precise management of crops and resources. As the industry moves towards sustainability and efficiency, the agriculture equipment industry continues to grow. For instance, in June 2023, Dhaksha Unmanned Systems Pvt. Ltd. unveiled the DH-AGRIGATOR-E10 agricultural spraying drone, addressing the demand for advanced unmanned aerial system (UAS) technology with innovative solutions.
 

The agriculture equipment market is experiencing rapid growth due to the swift development and adoption of advanced technologies such as GPS, IoT, and AI. These innovations are transforming farming practices, leading to increased efficiency and productivity. Furthermore, the industry is witnessing a growing trend towards farm mechanization, where farmers are increasingly relying on machinery for various tasks. This dual drive towards technology and mechanization is fueling the demand for modern agricultural equipment.
 

For instance, in October 2023, BigHaat introduced the latest Pahalwaan sprayers under their in-house brand, House of Tapas. This addition to BigHaat's digital agri ecosystem aims to enhance the lives of Indian farmers and the agricultural sector.
 

Though the growth of the agriculture equipment industry faces barriers due to high initial investments, they signify a shift toward advanced and efficient agricultural equipment. These investments lead to improved productivity and profitability in the long term. Also, there may be initial resistance to adopting new technologies. However, it fosters innovation and modernization in farming practices. Overcoming these barriers enhances farm efficiency and ensures sustainability and competitiveness in the agriculture sector.
 

Agriculture equipment Market Trends

The agriculture equipment industry is thriving due to rapid AI integration and the adoption of sensors and data analytics. AI applications in farming equipment enable predictive maintenance and precise decision-making. Additionally, sensors and data analytics provide real-time insights into crop conditions and equipment performance. Farmers benefit from increased efficiency and reduced wastage, driving the demand for smart agricultural equipment embedded with AI and advanced sensor technologies.
 

For instance, in July 2023, Balwaan Krishi introduced the inaugural ISI-certified agricultural machinery in India, marking a milestone in the industry's quality standards.
 

Agriculture equipment Market Analysis

Agriculture Equipment Market, By Machinery, 2022 – 2032, (USD Billion)

Based on machinery, the market is divided into farm tractors, harvesting machinery, plowing and cultivation machinery, planting and fertilizing machinery, and haying machinery. In 2023, the farm tractor segment accounted for over 50% of the market share. The farm tractors segment observed a noteworthy upsurge in 2023, attributed to the crucial role tractors play in modern farming practices, enhancing efficiency and productivity. Farmers worldwide rely on these versatile machines for a multitude of tasks, from plowing fields to transporting goods. With continual technological advancements and a diverse range of options catering to various farm sizes, the farm tractors segment maintains its dominance in the agriculture equipment industry.
 

Asia Pacific Agriculture Equipment Market Size, 2022 -2032, (USD Billion)

Asia Pacific dominates the global agriculture equipment market with USD 74 billion market revenue in 2023. Asia Pacific secured a notable CAGR over 7.1% in 2023 owing to dynamic economic growth and technological prowess. The region's vast population and diverse agricultural landscapes fuel the demand for advanced farming machinery. Extensive investments in research and infrastructure have propelled Asia Pacific to the forefront of agricultural innovation. With a rich tapestry of manufacturers catering to local needs, this region emerges as a key contributor to the global agriculture equipment industry.
 

Agriculture Equipment Market Share

Deere & Company and CNH Industrial NV dominate the market with over 20% of the market share. These companies are expanding their industry presence through strategic initiatives. Investments in research and development allow for the creation of innovative and efficient machinery tailored to farmers' needs. They also focus on expanding their distribution networks, reaching more agricultural regions globally. Additionally, strategic partnerships and acquisitions enable them to access new markets and technologies, further solidifying their position. With a customer-centric approach and a commitment to sustainability, these companies are carving a larger niche in the agriculture equipment industry.
 

Moreover, digitalization plays a pivotal role in their market expansion strategies. Integration of advanced technologies like IoT sensors and data analytics enhances the performance and precision of farming equipment. This digital transformation improves productivity and provides valuable insights to farmers, aiding in decision-making. Companies invest in developing user-friendly interfaces and software platforms, simplifying operations for farmers. By embracing digital innovations, these companies are increasing their market presence and revolutionizing farming practices for a more sustainable and efficient future.
 

Agriculture Equipment Market Companies

Major players operating in the market are:

  • AGCO Corporation
  • Alamo Group Inc.
  • Valmont Industries, Inc.
  • Amazonen-Werke H. Dreyer GmbH & Company KG
  • Deere & Company
  • Argo Tractors SpA
  • Bamford (JC) Excavators Limited
  • Bucher Industries AG
  • Escorts Ltd.
  • China National Machinery Industry Corporation
  • CLAAS KGaA mbH
  • CNH Industrial NV
     

Agriculture equipment Industry News

  • In February 2024, Sonalika introduced the largest range of TIGER tractors in India, spanning the 40–75 HP segment, catering to diverse agricultural needs.
     
  • In September 2023, Mahindra Tractors unveiled their latest line of tractors, the Mahindra OJA series, during the Futurescape event, showcasing new options for agricultural machinery.
     

The agriculture equipment market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and shipments (Thousand Units) from 2021 to 2032, for the following segments:

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Market, By Machinery

  • Farm tractors
    • By product
      • Sub-compact utility tractors
      • Compact utility tractors
      • Specialty tractors
    • By HP
      • < 30 HP
      • 31 - 100 HP
      • 101 - 200 HP
      •  > 200 HP
  • Harvesting machinery
    • Combine harvesters
    • Forage harvesters
    • Threshers
    • Reapers
  • Plowing & cultivation machinery
    • Ploughs
    • Harrows
    • Cultivators & tillers
  • Planting & fertilizing machinery
    • Seed drills
    • Planters
    • Spreaders
    • Sprayers
  • Haying machinery
    • Balers
    • Mower-Conditioner
    • Tedders & rakes
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • MEA
    • South Africa
    • UAE
    • Saudi Arabia
    • Rest of MEA

 

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Market size for agriculture equipment was USD 155.7 billion in 2023 and is expected to register 5.5% CAGR from 2024-2032 owing to the increasing demand for sustainable farming practices and smart equipment worldwide.

Agriculture equipment industry from the farm tractor segment held over 50% share in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to the crucial role tractors play in modern farming practices, enhancing efficiency and productivity.

Asia Pacific industry recorded USD 74 billion in 2023 and is expected to register a commendable CAGR from 2024-2032 due to dynamic economic growth and technological prowess in the region.

Alamo Group Inc., Deere & Company, Argo Tractors SpA, Bamford (JC) Excavators Limited, Bucher Industries AG, Escorts Ltd., China National Machinery Industry Corporation, CLAAS KGaA mbH, and CNH Industrial NV, are some of the major agriculture equipment companies worldwide.

Agriculture Equipment Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 368
  • Countries covered: 20
  • Pages: 288
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