Agriculture Equipment Market Analysis | 2022-2028

“The Agriculture Equipment Market was estimated at USD 149.84 billion in 2021 and is expected to grow at an impressive CAGR of 6.1% during 2022-2028 to reach USD 226.79 billion in 2028”.

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Market Dynamics

Introduction

Agriculture equipment refers to machinery, tools, and devices used in farming to improve efficiency and productivity. These include tractors, plows, harvesters, seeders, and irrigation systems, which help farmers with soil preparation, planting, irrigation, crop maintenance, and harvesting. Modern agriculture equipment often incorporates advanced technologies such as GPS, sensors, and automation to enhance precision farming, reduce labor, and increase yields.

These tools are essential for both small-scale and large-scale farming operations, playing a key role in enhancing food production, reducing manual work, and supporting sustainable agricultural practices by making farming more efficient and cost-effective.

Market Drivers

The prime factors that are driving the global agriculture equipment market are the expanding global economy, the growing disposable income of consumers, and increase increasing demand for processed foods, packaged foods, and meats.

• The primary driving force behind the growth in the agriculture sector is expected to be the increase in mechanization accompanied by an increase in farmers’ income.
• To meet the growing demand for food, technological advancements like autonomous tractors, flying drones, etc. are helping farmers to produce at lower costs.
• Using farming equipment helps to obtain high crop yields in a relatively short time and with minimal effort.
• Farmers are being encouraged to buy agricultural equipment due to the implementation of farm loan waiver schemes.

Segments Analysis

By Product Type

“The Farm Tractors segment was the market leader in 2021”.

• The market is segmented into farm tractors, harvesting machinery, plowing & cultivation machinery, planting & fertilizing machinery, haying machinery, and others. 
• Farm tractors are further segmented by product type into sub-compact utility tractors, compact utility tractors, and specialty tractors. Further, based on horsepower; farm tractors are segmented into <30 HP, 30-100 HP, 101-200 HP, and >200 HP.
• The Farm Tractors segment dominated the market with a more than 25% revenue share in 2021.

Regional Analysis

“Asia-Pacific is estimated to be the largest market for agriculture equipment during the forecast period”.

• The market is divided geographically into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
• In terms of regions, Asia-Pacific is estimated to be the largest market for agriculture equipment during the forecast period.
• Significant economic development in the region, growing disposable income of consumers, and a huge consumer base are the major features of the Asia-Pacific market.
• Rising demand for processed and packaged food, changing lifestyles, and a surge in demand for meat products are the major factors driving the growth of the Asia-Pacific region in the market.
• North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Key Players

The following are the key players in the Agriculture Equipment Market (arranged alphabetically)

• AGCO Corporation
• ARGO SpA
• Alamo Group Inc.
• Amazonen-Werke H. Dreyer GmbH & Company KG
• Bucher Industries AG
• CLAAS KGaA mbH
• CNH Industrial NV
• Changzhou Dongfeng Agricultural Machinery Group Company Limited
• China National Machinery Industry Corporation
• Deere & Company
• Escorts Limited
• Iseki & Co. Ltd.
• J C Bamford Excavators Ltd. (JCB)
• Kubota Corporation
• Mahindra & Mahindra Limited
• Same Deutz-Fahr Group S.p.A. (SDF)
• Valmont Industries Inc.
• Yanmar Co. Ltd.
• Zetor Tractors A.S.

Note: The above list does not necessarily include all the top players in the market.

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This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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