Agriculture & Farm Equipment Market by Equipment Type (Baler, Plough, Power Tillers), Automation (Automatic, Manual), Propulsion, Function - Global Forecast 2024-2030

Agriculture & Farm Equipment Market by Equipment Type (Baler, Plough, Power Tillers), Automation (Automatic, Manual), Propulsion, Function - Global Forecast 2024-2030

The Agriculture & Farm Equipment Market size was estimated at USD 110.47 billion in 2023 and expected to reach USD 116.45 billion in 2024, at a CAGR 5.65% to reach USD 162.34 billion by 2030.

Agriculture and farm equipment encompasses a wide range of machinery and tools used in farming, including tractors, plows, harrows, combine harvesters, and various specialized equipment designed for crop cultivation and livestock management. This equipment has a crucial role in agricultural operations by enhancing efficiency, improving yields, and reducing manual labor. The primary drivers of the agriculture and farm equipment market include the increasing global demand for food owing to population growth and urbanization. Advances in technology resulting in the development of more efficient and productive machinery and governmental support through subsidies and incentives for farmers to adopt modern agricultural practices also significantly contribute to market growth. However, the market faces several challenges, such as the high initial investments required for advanced machinery, which can be a barrier for small and medium-sized farmers. Despite these challenges, significant opportunities exist within the market, primarily due to ongoing technological advancements. The rise of precision agriculture, the integration of AI and robotics, and the development of electric and autonomous farm vehicles are opening new avenues for growth.

Regional Insights

In the Americas, particularly in North America, the Agriculture and Farm Equipment market is experiencing robust growth. Driven by innovation in farming technologies and a strong emphasis on precision farming, North American countries are investing heavily in equipment that offers higher efficiency and productivity. South America, with Brazil and Argentina at the forefront, is seeing a rise in the adoption of mechanized farming, buoyed by the growing demand for their farm products exports. In Europe, strict regulations regarding emissions and an increasing focus on sustainable farming practices are shaping equipment purchases, with a significant uptick in demand for electric and hybrid models. The Middle East and Africa, despite being slower in adopting the latest farming technologies compared to Europe, are gradually recognizing the importance of modernizing their agricultural sectors to ensure food security. Investments in irrigation systems and tractors are notably increasing, especially in East Africa and parts of the GCC countries. The APAC region is a rapidly growing market for agriculture and farm equipment, with a massive rural populace engaging in farming and the urgent need for mechanization owing to labor shortages. Government initiatives in these countries to support farmers in acquiring farm machinery are significantly propelling the market forward. Additionally, Southeast Asian countries are also embracing agricultural mechanization to increase productivity and reduce post-harvest losses.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Agriculture & Farm Equipment Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Rising global demand for food with growing population urbanization
• Government initiatives through subsidies and favorable policies

Market Restraints

• High cost associated with farming equipment

Market Opportunities

• Advent of electric and automotive agriculture & farm equipment
• Increasing usage of precision farming equipment

Market Challenges

• Environmental concerns associated with agriculture & farm equipment

Market Segmentation Analysis

• Equipment Type: Growing significance of seed drills in precision farming practices
• Function: Demand for plowing and cultivating equipment to improve soil health and aeration

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Agriculture & Farm Equipment Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Agriculture & Farm Equipment Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

John Deere Partnership Digitizes Farming Equipment, Offers Customization

John Deere and agtech company Corteva are set to revolutionize the agricultural sector by merging Corteva's advanced data analytics with John Deere's cutting-edge farming equipment. This collaboration seeks to transform the agricultural landscape, offering farmers real-time monitoring and personalized agronomic recommendations, thereby enhancing efficiency and productivity on farms. This initiative marks a significant step towards simplifying the digital technology landscape for farmers, allowing for seamless access to data-driven insights through the John Deere Operations Center.

CNH plans to invest up to USD 50 million in India in 2024; launch 105 HP tractor in May

CNH Industrial N.V., a New Holland brand of farm machinery and equipment, is poised to bolster its market presence with a substantial investment of up to USD 50 million in the farm machinery segment within the current year. The company's expansion efforts include significant investments in the tractor division and in developing a new tractor model above 45 H.P., promising higher fuel efficiency.

Mahindra OJA set to Transform Farming in India, with the launch of 7 Revolutionary Lightweight 4WD Tractors

Mahindra has unveiled its groundbreaking OJA tractor range, a testament to engineering and innovation prowess, spearheaded by collaborative efforts between Mahindra Research Valley in India and Mitsubishi Mahindra Agriculture Machinery in Japan, with an investment of INR 1200 crore. This global lightweight tractor platform, inspired by the Sanskrit word Ojas for powerhouse of energy, represents a monumental shift in the Light Weight 4WD Tractor segment.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Agriculture & Farm Equipment Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Agriculture & Farm Equipment Market, highlighting leading vendors and their innovative profiles. These include Agco Corporation, AgroChem Inc., Agrostroj Pelhřimov, a.s., ASPEE Agro Equipment Pvt Ltd, Boston Crop Sprayers, Bucher Industries AG, China National Machinery Industry Corporation, CNH Industrial N.V., Deere & Company, Dura Products, Inc., Enduraplas, EXEL Industries SA, Greenleaf Technologies, GUSS, GVM Incorporated, H&H Farm Machine Co., Hardi International A/S, Hockley International Limited, J C Bamford Excavators Ltd., Jacto, Kubota Corporation, Kverneland Group, Lemken GmbH & Co. KG, Lundell Plastics Corp., Magnation Water Technologies, Mahindra & Mahindra Ltd., MS Gregson, Osborne Industries, Inc., Robinson Industries, Inc., SDF S.p.A., ShelterLogic Group, SZ DJI Technology Co., Ltd., Team Sprayers Ltd., and Yamaha Motor Co., Ltd..

Market Segmentation & Coverage

This research report categorizes the Agriculture & Farm Equipment Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Equipment Type
• Baler
• Plough
• Power Tillers
• Power Weeder
• Seed Drill
• Threshers & Dehuskers
• Tractors
• Automation
• Automatic
• Manual
• Propulsion
• Electric
• ICE
• Function
• Harvesting & Threshing
• Plant Protection & Fertilizing
• Plowing & Cultivating
• Sowing & Planting
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year