Global Agricultural Equipment Market Report and Forecast 2024-2032

Global Agricultural Equipment Market Outlook

The global agricultural equipment market attained a value of about USD 212.83 billion in 2023. The market is further expected to grow at a CAGR of 8.9% during the forecast period of 2024-2032 to reach approximately USD 458.45 billion by 2032.

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Favourable Government Measures to Adopt Agricultural Equipment are Augmenting the Market Growth

The global market for agricultural equipment is being driven by the surging demand for food crops due to the increasing population levels. Increasing demand for agricultural crops is a significant factor contributing to the demand for agricultural equipment useful for planting and irrigation, thereby boosting the agricultural equipment industry. Manual agriculture is being increasingly replaced by mechanisation in agricultural equipment, such as harvesters and tractors, to reduce costs and human efforts, and to produce higher crop yields in minimum time, thus augmenting the market growth. This equipment helps in the uniform distribution of nutrients and protectants that help in boosting agricultural production. Furthermore, to address the issue of global food security, governments around the world are introducing policies encouraging the growth of the agricultural sector. Government measures in the form of subsidies, investment in agricultural equipment, and government-backed loans for agricultural capital investments, among others, are encouraging farmers to adopt the latest agricultural practices. In addition, the strategies employed by the key players to expand their company in the agricultural equipment industry are further propelling the market for agricultural equipment.

Agricultural Equipment: Market Segmentation

Agricultural equipment refers to tools and machinery deployed in agricultural practices to aid in farming. This equipment can be motor-based, like tractors or tools for purposes like ploughing and sowing.

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On the basis of product, the market can be divided into:

• Tractors
• Harvesters
• Planting Equipment
• Irrigation and Crop Processing Equipment
• Spraying Equipment
• Hay and Forage Equipment
• Others

The planting equipment segment can be further categorised on the basis of type into row crop planters, air seeders, and grain drills, among others.

Based on application, the market can be segmented into:

• Land Development and Seed Bed Preparation
• Sowing and Planting
• Weed Cultivation
• Plant Protection
• Harvesting and Threshing
• Post-Harvest and Agro Processing

The EMR report looks into the regional markets of agricultural equipment like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

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Integration of Technology in Agricultural Equipment to Aid the Agricultural Equipment Industry

Agricultural equipment is becoming technologically advanced owing to the commonality of technologies like the Internet of Things (IoT) and Artificial Intelligence (AI), which is expected to drive the market growth over the forecast period. Equipment innovation is being aided by digital technology that allows more data-driven, responsive, and precise agricultural operations. Digital technologies such as smart solutions, robotic technology, and machine learning provide real-time intelligence on factors, including soil conditions, weather conditions, crop yield monitors, and GPS-driven monitoring equipment, including unmanned aerial vehicles (UAV). The rising adoption of advanced agricultural equipment is fostering the market growth. In addition, the smart software allows for an enhanced systematic consideration of factors such as market conditions, price trends, weather, and transportation costs, among others, thus boosting productivity. Hence, technologically-driven equipment is anticipated to propel the market in the coming years.

Furthermore, the growing consciousness among people regarding organic, chemical-free food consumptions to ensure healthy living is robustly encouraging farmers to adopt technologically advanced tools. In addition, owing to the rising environmental concerns, manufacturers are increasingly producing equipment like tractors, harvesting tools, and haying equipment that are sustainable, consume less energy and comply with environmental regulations. Thus, emerging trends in precision farming with technologically-driven equipment is anticipated to propel the market growth in coming years.

Key Industry Players in the Global Agricultural Equipment Market

The report presents a detailed analysis of the following key players in the global agricultural equipment market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

• Deere & Company
• CNH Industrial N.V.
• AGCO Corporation
• Mahindra & Mahindra Ltd.
• Kubota Corporation
• ISEKI & CO., LTD. 
• Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report

Agricultural Equipment Market Report Snapshots

Agricultural Equipment Market Size

Agricultural Equipment Market Growth

Agricultural Equipment Companies