Agricultural Equipment Market
Agricultural Equipment Market Forecasts to 2030 - Global Analysis By Equipment Type (Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment and Other Equipment Types), Power Source (Diesel, Electric and Hybrid), Automation Level, Farm Size, Application and By Geography
According to Stratistics MRC, the Global Agricultural Equipment Market is accounted for $175.2 billion in 2024 and is expected to reach $261.4 billion by 2030, growing at a CAGR of 6.9% during the forecast period. Agricultural equipment is machinery that is used for farming operations, including tractors, plows, harvesters, and irrigation systems. The agricultural equipment market is experiencing robust growth, driven by technological advancements, increased automation, and rising global food demand. Innovations like precision farming and smart machinery are enhancing productivity and efficiency.
According to data from the World Bank's World Development Programme, the global average of agricultural machinery, measured as tractors per 100 square kilometers of arable land, was 200.8 in 2000 and increased to 228.5 by 2009.
Market Dynamics:
Driver:
Increasing demand for food
The growing global population and changing dietary habits are driving increased demand for food production. This necessitates higher agricultural productivity and efficiency, spurring adoption of advanced agricultural equipment. Farmers are investing in machinery like tractors, harvesters, and irrigation systems to boost crop yields and meet rising food requirements. The need for intensified agriculture on limited arable land further propels demand for equipment that can maximize output. This driver is pushing innovation in farm machinery and encouraging mechanization across both developed and developing agricultural markets.
Restraint:
Maintenance and repair costs
Modern farm machinery often incorporates complex technologies and components, requiring specialized skills and expensive parts for upkeep. These ongoing expenses can strain farmers' budgets, particularly for small and medium-scale operations. The need for regular maintenance to ensure optimal performance and prevent breakdowns adds to operational costs. Additionally, unexpected repairs can lead to downtime during critical farming periods, impacting productivity. This restraint may deter some farmers from investing in advanced equipment, slowing market expansion.
Opportunity:
Innovation in precision farming
Advancements in precision farming technologies present a significant opportunity for the agricultural equipment market. Innovations like GPS-guided tractors, drone-based crop monitoring, and IoT-enabled sensors allow for more precise and efficient farming practices. These technologies enable farmers to optimize resource use, reduce waste, and increase yields. The integration of data analytics and artificial intelligence in farm equipment enhances decision-making capabilities. As precision farming gains traction, there's growing demand for smart, connected agricultural machinery. This trend opens new avenues for equipment manufacturers to develop and market high-tech solutions, driving market growth and technological advancement in the sector.
Threat:
Competition from low-cost alternatives
The agricultural equipment market faces a threat from the availability of low-cost alternatives, particularly in developing regions. Cheaper equipment, often manufactured locally or imported from countries with lower production costs, can undercut established brands. While these alternatives may lack advanced features or long-term durability, their affordability makes them attractive to budget-conscious farmers, especially in emerging markets. This competition can pressure profit margins for premium equipment manufacturers and potentially slow the adoption of more advanced technologies.
Covid-19 Impact:
The Covid-19 pandemic significantly disrupted the agricultural equipment market. Supply chain interruptions caused production delays and shortages of key components. Lockdowns and social distancing measures impacted manufacturing and distribution. Economic uncertainty led to reduced farm incomes and delayed equipment purchases. However, the pandemic also highlighted the importance of mechanization and automation in agriculture, potentially accelerating long-term adoption of advanced farm equipment.
The tractors segment is expected to be the largest during the forecast period
Over the forecast period, the tractor segment is projected to dominate the agricultural equipment market due to its versatility and essential role in various farming operations. As the backbone of mechanized agriculture, tractors are used for plowing, tilling, planting, and transportation tasks. The segment's growth is driven by increasing farm mechanization, especially in developing countries. Technological advancements in tractor design, including precision steering, telematics, and fuel efficiency improvements, are enhancing their appeal. Furthermore, the trend towards larger farms in some regions also boosts demand for high-horsepower tractors, which is supporting market growth.
The small-scale farms segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the small-scale farms segment is anticipated to experience the fastest growth in the agricultural equipment market. This trend is driven by increasing awareness of the productivity benefits of mechanization, and the need to overcome labor shortages is also a contributing factor. Mechanization of small farms in developing countries, where the majority of agricultural operations are small-scale, Government initiatives promoting farm mechanization and improving access to credit for small farmers are fueling equipment adoption.
Region with largest share:
The North American region's dominance in the agricultural equipment market stems from its highly mechanized farming practices and large-scale agricultural operations. The region benefits from advanced technological adoption, strong research and development capabilities, and a well-established agricultural sector. High labor costs in North America drive the need for efficient, automated farming solutions. The presence of major equipment manufacturers and a supportive regulatory environment for precision farming technologies further solidify the region's market leadership. Additionally, government support for sustainable agriculture practices encourages investment in modern, environmentally friendly farm equipment.
Region with highest CAGR:
The Asia Pacific region is poised for the highest growth rate in the agricultural equipment market due to the rapid modernization of farming practices in countries like China and India. Increasing government support for farm mechanization, rising awareness about the benefits of modern equipment, and the need to improve agricultural productivity are key growth drivers. The region's large agricultural workforce transitioning towards mechanized farming methods contributes to market expansion. Additionally, increasing foreign investments and technology transfers are accelerating the uptake of advanced farm machinery in the region.
Key players in the market
Some of the key players in Agricultural Equipment market include John Deere & Company, AGCO Corporation, CNH Industrial N.V., Kubota Corporation, CLAAS KGaA mbH, Mahindra & Mahindra Ltd., SDF S.p.A., Bucher Industries AG, EXEL Industries, ISEKI & CO., LTD., Eicher Motors Limited, Valmont Industries, Inc., AMAZONEN-WERKE H. DREYER SE & Co. KG, HORSCH Maschinen GmbH, Escorts Kubota Limited, Yanmar Co., Ltd., Agromaster, and Morris Equipment Ltd.
Key Developments:
In June 2024, AGCO a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, announced the launch of AgRevolution's™ same-day delivery service for machinery parts. AgRevolution, an AGCO-owned, full-line agricultural equipment dealer operating in Kentucky, Illinois and Indiana, now offers farmers same-day delivery in as little as two hours for in-stock parts.
In March 2024, John Deere reveals new 9RX tractors, S7 combines. It is introducing the most powerful four-wheel drive production agriculture tractor ever built, surpassing Case IH’s 715 horsepower Steiger. With three new 9RX models, the 9RX 710, 9RX 770 and 9RX 830 that produce rated horsepower comparable to their model numbers, Deere’s expanded 9RX Series stuffs an incredible number of ponies under the hoods.
In August 2023, New Holland Agriculture, a brand of CNH Industrial, has commercially launched the world’s first accessible farm tractor. The TL5 ‘Acessível’ (Accessible in Brazilian Portuguese), produced at the Brand’s plant in Curitiba (PR), has been designed for people with lower limb disabilities, enabling them to work in fields independently.
Equipment Types Covered:
• Tractors
• Harvesters
• Planting Equipment
• Irrigation & Crop Processing Equipment
• Spraying Equipment
• Hay & Forage Equipment
• Other Equipment Types
Power Sources Covered:
• Diesel
• Electric
• Hybrid
Automation Levels Covered:
• Manual
• Semi-automated
• Fully Automated
Farm Sizes Covered:
• Small-Scale Farms
• Medium-Scale Farms
• Large-Scale Farms
Applications Covered:
• Land Development & Seed Bed Preparation
• Sowing & Planting
• Weed Cultivation
• Plant Protection
• Harvesting & Threshing
• Post-harvest & Agro-processing
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Agricultural Equipment Market, By Equipment Type
5.1 Introduction
5.2 Tractors
5.2.1 Less than 40 HP
5.2.2 41 to 100 HP
5.2.3 More than 100 HP
5.3 Harvesters
5.4 Planting Equipment
5.4.1 Row Crop Planters
5.4.2 Air Seeders
5.4.3 Grain Drills
5.4.4 Other Planting Equipment
5.5 Irrigation & Crop Processing Equipment
5.6 Spraying Equipment
5.7 Hay & Forage Equipment
5.8 Other Equipment Types
6 Global Agricultural Equipment Market, By Power Source
6.1 Introduction
6.2 Diesel
6.3 Electric
6.4 Hybrid
7 Global Agricultural Equipment Market, By Automation Level
7.1 Introduction
7.2 Manual
7.3 Semi-automated
7.4 Fully Automated
8 Global Agricultural Equipment Market, By Farm Size
8.1 Introduction
8.2 Small-Scale Farms
8.3 Medium-Scale Farms
8.4 Large-Scale Farms
9 Global Agricultural Equipment Market, By Application
9.1 Introduction
9.2 Land Development & Seed Bed Preparation
9.3 Sowing & Planting
9.4 Weed Cultivation
9.5 Plant Protection
9.6 Harvesting & Threshing
9.7 Post-harvest & Agro-processing
10 Global Agricultural Equipment Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 John Deere & Company
12.2 AGCO Corporation
12.3 CNH Industrial N.V.
12.4 Kubota Corporation
12.5 CLAAS KGaA mbH
12.6 Mahindra & Mahindra Ltd.
12.7 SDF S.p.A.
12.8 Bucher Industries AG
12.9 EXEL Industries
12.10 ISEKI & CO., LTD.
12.11 Eicher Motors Limited
12.12 Valmont Industries, Inc.
12.13 AMAZONEN-WERKE H. DREYER SE & Co. KG
12.14 HORSCH Maschinen GmbH
12.15 Escorts Kubota Limited
12.16 Yanmar Co., Ltd.
12.17 Agromaster
12.18 Morris Equipment Ltd
List of Tables
1 Global Agricultural Equipment Market Outlook, By Region (2022-2030) ($MN)
2 Global Agricultural Equipment Market Outlook, By Equipment Type (2022-2030) ($MN)
3 Global Agricultural Equipment Market Outlook, By Tractors (2022-2030) ($MN)
4 Global Agricultural Equipment Market Outlook, By Less than 40 HP (2022-2030) ($MN)
5 Global Agricultural Equipment Market Outlook, By 41 to 100 HP (2022-2030) ($MN)
6 Global Agricultural Equipment Market Outlook, By More than 100 HP (2022-2030) ($MN)
7 Global Agricultural Equipment Market Outlook, By Harvesters (2022-2030) ($MN)
8 Global Agricultural Equipment Market Outlook, By Planting Equipment (2022-2030) ($MN)
9 Global Agricultural Equipment Market Outlook, By Row Crop Planters (2022-2030) ($MN)
10 Global Agricultural Equipment Market Outlook, By Air Seeders (2022-2030) ($MN)
11 Global Agricultural Equipment Market Outlook, By Grain Drills (2022-2030) ($MN)
12 Global Agricultural Equipment Market Outlook, By Other Planting Equipment (2022-2030) ($MN)
13 Global Agricultural Equipment Market Outlook, By Irrigation & Crop Processing Equipment (2022-2030) ($MN)
14 Global Agricultural Equipment Market Outlook, By Spraying Equipment (2022-2030) ($MN)
15 Global Agricultural Equipment Market Outlook, By Hay & Forage Equipment (2022-2030) ($MN)
16 Global Agricultural Equipment Market Outlook, By Other Equipment Types (2022-2030) ($MN)
17 Global Agricultural Equipment Market Outlook, By Power Source (2022-2030) ($MN)
18 Global Agricultural Equipment Market Outlook, By Diesel (2022-2030) ($MN)
19 Global Agricultural Equipment Market Outlook, By Electric (2022-2030) ($MN)
20 Global Agricultural Equipment Market Outlook, By Hybrid (2022-2030) ($MN)
21 Global Agricultural Equipment Market Outlook, By Automation Level (2022-2030) ($MN)
22 Global Agricultural Equipment Market Outlook, By Manual (2022-2030) ($MN)
23 Global Agricultural Equipment Market Outlook, By Semi-automated (2022-2030) ($MN)
24 Global Agricultural Equipment Market Outlook, By Fully Automated (2022-2030) ($MN)
25 Global Agricultural Equipment Market Outlook, By Farm Size (2022-2030) ($MN)
26 Global Agricultural Equipment Market Outlook, By Small-Scale Farms (2022-2030) ($MN)
27 Global Agricultural Equipment Market Outlook, By Medium-Scale Farms (2022-2030) ($MN)
28 Global Agricultural Equipment Market Outlook, By Large-Scale Farms (2022-2030) ($MN)
29 Global Agricultural Equipment Market Outlook, By Application (2022-2030) ($MN)
30 Global Agricultural Equipment Market Outlook, By Land Development & Seed Bed Preparation (2022-2030) ($MN)
31 Global Agricultural Equipment Market Outlook, By Sowing & Planting (2022-2030) ($MN)
32 Global Agricultural Equipment Market Outlook, By Weed Cultivation (2022-2030) ($MN)
33 Global Agricultural Equipment Market Outlook, By Plant Protection (2022-2030) ($MN)
34 Global Agricultural Equipment Market Outlook, By Harvesting & Threshing (2022-2030) ($MN)
35 Global Agricultural Equipment Market Outlook, By Post-harvest & Agro-processing (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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