Published Date : 14 Feb 2024
The global agriculture equipment market size surpassed USD 117.6 billion in 2022 and is projected to attain around USD 168.8 billion by 2030, growing at a CAGR of 4.6% from 2022 to 2030.
Agricultural equipment is any machine or tool used on a farm or field to assist farmers in various agricultural activities. The most famous example of this machine is the tractor. Today, different types of modern agricultural equipment and techniques are used in various farming activities. It includes combine or combine harvesters, rotavators or rotary tillers, ploughs or plows, tractor trailers, power harrows, levellers, water bowsers, ripper machines, and disc harrows.
There is a wide range of tools and machinery available for farming, including hand and power tools, tractors, and other specialized farm machines. Both organic and non-organic farming make use of different types of equipment. Since the rise of mechanized agriculture, agricultural machinery has become essential to feeding the world. Agricultural machinery is now considered a part of a broader agricultural automation technology that includes advanced digital equipment and robotics.
Technology in agriculture has changed and increased the production and quality of products. Today, farmers who work on farms heavily with traditional and old agriculture tools are destroying their health and time. A tractor that was primarily used in the agricultural field and known as the technological genius is as old as now. Modern agriculture machines have significantly improved the agricultural industry with the most recent, necessary, and frequently used agricultural machines. The rise in demand for agricultural products is driving the agriculture equipment market, and this trend is expected to continue in the future. A radical shift in product offerings resulting from different agricultural practices and the expansion of farms is expected to boost the growth of the agriculture equipment market.
The top players in the agriculture equipment market are Lindsay Corporation, Mahindra and Mahindra Limited, GCO Corporation, Kubota, Iseki & Co. Ltd, Agromaster, KUHN SAS, Mascar SpA, CNH Industrial, ADeere and Co., JC Bamford Excavators Limited, Morris Equipment Ltd., and Valmont Industries, Inc.
Asia-Pacific is considered the most prominent and fastest-growing market as companies in this region have introduced new agricultural machinery and are thus dominating the agriculture equipment market with faster innovations and product launches. Asia-Pacific is expected to increase due to strong economic growth in countries such as China, India, Taiwan, etc. There are multiple investment options in the market open for major players and manufacturers.
North America is experiencing a high demand for farm mechanization. The increased adoption of smart harvesters equipped with monitoring tools helps increase farm yields and reduce labor costs. As a result, the region is expected to grow steadily.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 122.6 Billion |
| Projected Forecast Revenue by 2030 | USD 168.8 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 4.6% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 to 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver
High demand for advanced agricultural equipment
As the population increases, the demand for food production is also increasing. To meet these needs, farmers must adopt improved agriculture equipment to reduce the dependency on labor and increase food production worldwide. This demand for increased food production is fuelling the growth of the agriculture equipment market. Also, the increasing adoption of semi-automated and fully automated equipment for plantations exploded the demand for advanced agricultural equipment. Additionally, agricultural machines like self-propelled spreaders and sprayers also provide excellent efficiency to work faster and fill any gaps. It is also used to apply fertilizers and nutrients, helping to reduce overall operating costs and time as well as improve yield.
Restraint
High purchasing and installation cost
Agriculture machinery is expensive to purchase, and their installation costs are very high. In addition, the cost of using such equipment in agricultural practices can be high, which reduces the chances of profitability for farmers. Using multiple machines simultaneously can be difficult and requires a skilled operator to monitor and control that equipment. This reason limits the growth of the agriculture equipment market.
Opportunity
Growing support from the government
Government subsidies are crucial for the development of the country's agricultural sector. India is one of the fastest-growing markets in the Asia Pacific region due to the increasing grants provided by the government. Since the share of agriculture and GDP in the country is comparatively high, the government is focusing on the mechanization of agriculture through various programs for the growth of the agriculture equipment market.
Market Segmentation
By Product Type
By Application
By Automation
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