Agriculture Equipment Market Size is expected to reach USD 376 Billion by 2031 | CAGR: 9.2%.
Research Reports
Nov 19, 2023
The global agriculture equipment market is projected to reach USD 376 billion by 2031, at a CAGR of 9.2%, from USD 195 billion in 2022. The agriculture equipment market is expected to continue to grow in the coming years due to the ongoing innovation in machinery and precision farming technologies.
Agricultural equipment comprises an extensive array of equipment and devices intended to optimize agricultural procedures and raise total output. In addition to numerous other specialized pieces of machinery, these tools include tractors, combines, plows, seeders, and irrigation systems. The main goal of the agriculture equipment market is to provide modern, effective solutions to farmers and agricultural professionals so they can meet the growing need for food and raw materials. Growing worldwide population demands more food production, which is one of the main factors propelling this market’s expansion. Another is the use of advanced agricultural methods to raise crop yields and decrease labor-intensive jobs. Furthermore, the industry has changed as a result of the incorporation of cutting-edge technology like automation, GPS, and precision agriculture, which have made data-driven decision-making and precision farming methods possible.
The global and regional companies in the fiercely competitive agriculture equipment market serve the vast range of demands of farmers across the globe. The agricultural industry is anticipated to experience continuous innovation and technical breakthroughs as it adapts to shifting customer tastes and environmental concerns. The agriculture equipment industry’s future will be significantly impacted by sustainability, efficiency, and cost-effectiveness.
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Recent Development
In March 2023, 100% of the agro-equipment company MITRA is acquired by M&M. Following M&M’s acquisition, M.I.T.R.A. intends to quickly expand its network in India and other international markets in addition to growing its product offering.
In September 2023, AGCO Corp. has invested $2.0 billion to secure an 85% stake in Trimble’s agricultural business, renowned for its production of navigation devices. This strategic move by the tractor and seeding equipment manufacturer aims to broaden its portfolio of precision agriculture products.
In July 2023, in a strategic move to enhance its machining business, Samvardhana Motherson has invested Rs 103 crore in the acquisition of Rollon Hydraulics. This acquisition is poised to fuel the growth of SAML’s existing Precision Metals & Modules business while facilitating entry into new markets such as material handling, construction, and agricultural equipment. The company aims to broaden its product offerings by providing advanced “Spools & turned parts” designed for hydraulic valve applications.
Market Dynamics
The demand for agricultural equipment is being driven by the world’s population growth, which is continuing to rise as farmers endeavor to produce more food and raw resources. As a result, there is a constant need for cutting-edge, effective machinery to boost output and satisfy the rising demand. Quick technical advancements are changing the landscape of agricultural equipment. Growing in popularity are automation, precision agriculture, and IoT (Internet of Things) integration, which result in more effective and data-driven farming methods. Environmental factors are becoming more and more important, with an increasing emphasis on environmentally friendly and sustainable farming practices. This has prompted the creation of tools and methods, like low-emission machinery and precision irrigation that lessen the negative effects of agriculture on the environment. The state of the economy, which includes government policies, commodity prices, and exchange rates, is crucial to the agriculture equipment market. Farmers’ desire to invest in new equipment and their purchasing power might be affected by swings in the economy. There are both local and international competitors in this fiercely competitive market. Product innovation, pricing tactics, and mergers and acquisitions which can result in changes in market share all have an impact on market dynamics. The market for agricultural equipment is impacted by weather patterns and climate change. Variations in the climate and extreme weather can have an impact on farming operations, which might change demand for equipment. The kinds of equipment used in agriculture are changing as a result of consumer desires for organic and sustainably derived goods, with an increasing emphasis on environmental friendliness and precision.
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Regional Analysis
The agriculture equipment market in Asia Pacific is expected to lead globally. With many of the region’s nations mostly dependent on agriculture for both their economies and the provision of food, Asia Pacific has a sizable and diverse agricultural sector. Due to their extensive agricultural sectors, nations like China, Japan, India, and Indonesia have high need for contemporary machinery to increase production and efficiency. The majority of people on the planet reside in the Asia Pacific region. Farmers are under pressure to raise their yields as a result of the growing population’s increased demand for food and agricultural products. Because of this, more sophisticated agricultural equipment is required to satisfy the increasing demand. Technological developments in agriculture have been quickly adopted by Asia Pacific. The implementation of technology, data-driven farming approaches, and precision agriculture is booming in the region. Numerous regional governments are putting policies and subsidies into place to help the agriculture industry. These programs make it easier and cheaper for farmers to purchase cutting-edge equipment by encouraging them to invest in new machinery. Asia Pacific farmers are looking for environmentally friendly solutions as worries about sustainability and the influence on the environment only intensify. There is a great demand for advanced machinery that minimizes resource use and environmental impact. Some of the top producers of agricultural equipment worldwide, including businesses in China, Japan, and India, are based in Asia Pacific. These producers contribute to the region’s prominence in the sector by not only serving the local market but also exporting their machinery abroad.
The report “Agriculture Equipment Market Size, Share & Trends Analysis Report by Type (Tractors, Harvesters, Soil Preparation and Cultivation, Irrigation and Crop Processing, Agriculture Spraying Equipment, Hay and Forage Machines, Others), by Automation (Manual, Semi-automatic, Automatic), by Business (Original Equipment Manufacturers (OEMs), Aftersales), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023 – 2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/
Further key findings from the report suggest:
- The global agriculture equipment market is predicted to register a compound annual growth rate (CAGR) of 9.2% over the projected period of 2023-2031.
- Asia Pacific will be the leading region of the global agriculture equipment market during the forecast period of 2023-2031.
- The major key players in the global agriculture equipment market are: AGCO Corporation, Deere & Company, China National Machinery Industry Corporation Ltd. (Sinomach), CNH Industrial N.V., KUBOTA Corporation., SDF S.p.A., Mahindra & Mahindra Ltd., J C Bamford Excavators Ltd. (JCB), and Escorts Limited.
Econ Market Research has segmented the global agriculture equipment market based on type, automation, business and region:
Agriculture Equipment Market by Type (Revenue, USD Billion, 2023-2031)
- Tractors
- Harvesters
- Soil Preparation and Cultivation
- Irrigation and Crop Processing
- Agriculture Spraying Equipment
- Hay and Forage Machines
- Others
Agriculture Equipment Market by Automation (Revenue, USD Billion, 2023-2031)
- Manual
- Semi-automatic
- Automatic
Agriculture Equipment Market by Business (Revenue, USD Billion, 2023-2031)
- Original Equipment Manufacturers (OEMs)
- Aftersales
Agriculture Equipment Market Regional Analysis (Revenue, USD Billion, 2023-2031)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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