Global Agriculture Equipment Market Report and Forecast 2024-2032

Global Agriculture Equipment Market Outlook

The global agriculture equipment market size reached approximately USD 178.22 billion in 2023. The market is further projected to grow at a CAGR of 5.6% between 2024 and 2032, reaching a value of USD 291.86 billion by 2032.

Key Trends in the Market

Agriculture equipment refers to tools that are used in farming, among other agriculture activities to enhance the yield, protect crops from damages, and harvest the produce. These tools and devices aid in increasing the productivity of the farm by minimising labour costs and wastage and eliminating human errors.

• The rising labour costs, increasing food requirements, and changing weather patterns are supporting the agriculture equipment market growth. These equipment aid in reducing labour costs and allow the study of soil health and nutrition content. This allows farmers to make necessary alterations in plant nutrition to support their growth and development.

• The increase in government initiatives and provision of economic resources is boosting the adoption of agriculture equipment. To support the expansion of the agriculture sector, various governments across the globe are heavily investing in providing the necessary aid to the farmers to enhance their produce.

• The growing awareness among farmers, agronomists, and agriculturists, among others about the various advantages associated with the utilisation of advanced agriculture equipment is supporting the market expansion. The integration of IoT with agriculture equipment aids in enhancing the crop yield by tracing anomalies in crop growth and identifying harmful agents.

Global Agriculture Equipment Market Segmentation

On the basis of product, the market is divided into tractors, harvesters, planting equipment, irrigation and crop processing, spraying equipment, and hay and forage equipment, among others. Based on automation, the market is classified into manual, semi-automatic, and automatic.

On the basis of application, the market is segregated into land development and seed bed preparation, sowing and planting, weed cultivation, harvesting and threshing, plant protection, and post-harvest and agro-processing. Based on sales channel, the market is bifurcated into OEMs and aftermarket. On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global agriculture equipment market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• AGCO Corporation 

• Kubota Corp. 

• Deere & Company 

• CNH Industrial N.V. 

• SDF S.p.A. 

• AMAZONEN-WERKE H. DREYER SE & Co. KG 

• Horsch Maschinen GmbH 

• China National Machinery Industry Corporation (Sinomach) 

• ISEKI & Co., Ltd. 

• Mahindra & Mahindra Ltd. 

• Others

Market Share by Application

Land development and seed bed preparation is anticipated to account for a significant agriculture equipment market share over the forecast period. This growth can be attributed to the labour-intensive nature of the process and increasing labour costs and lack of unavailability of skilled labour because of rising urbanisation.

Meanwhile, plant protection is witnessing significant growth owing to the increasing thereat of rodents and harmful pests. The increasing food requirements due to increasing population is further bolstering the demand for plant protection equipment.

Market Share by Region

North America is witnessing a significant growth in the demand for agriculture equipment. This growth can be attributed to the strong presence of various major market players in the region and increasing adoption of advanced agriculture equipment due to surging labour costs. Increasing government initiatives to boost agriculture development to meet the rising food requirements is boosting the agriculture equipment market demand. The high spending power of agriculturists and farmers and rapid adoption of latest technology in the region is further supporting the market growth.

Competitive Landscape

AGCO Corporation is a machinery manufacturing company that was founded in 1989 and is headquartered in Georgia, United States. The company specialises in grain handling, precision agriculture technology, and animal protein production technologies, among others.

Kubota Corp. is one of the leading agriculture machinery manufacturing companies that was founded in 1890 and is headquartered in Osaka, Japan. The products provided by the company include combine harvesters, tractors, and rice transplanters, among others.

Deere & Company is one of the leading providers of advanced technology, services, and products for agriculture and construction. The company was founded in 1837 and is headquartered in Illinois, United States.

Other agriculture equipment market key players include CNH Industrial N.V., SDF S.p.A., AMAZONEN-WERKE H. DREYER SE & Co. KG, Horsch Maschinen GmbH, China National Machinery Industry Corporation (Sinomach), ISEKI & Co., Ltd., and Mahindra & Mahindra Ltd., among others.

Key Highlights of the Report