Global Agricultural Equipment

Global Agricultural Equipment

Global agricultural equipment demand is expected to reach nearly $216 billion by 2028. This growth will be driven by a number of factors, including: increased farming activities, rising farm incomes, and higher mechanization rates in developing regions, along with continuous government support for farmers worldwide. Sales in mature markets like North America, Europe, and the Asia/Pacific region will be sustained by replacement of aging equipment and high sales of parts and attachments. Replacement demand will also be supported by the rising adoption of advanced farm machinery in these areas due to growing international competition, workforce challenges, increasing costs, and new regulations.

Volume growth through 2028 will be supported by smaller price increases, making equipment more affordable as economic conditions improve. Aging machinery will be replaced by more efficient models that comply with new regulations. Government subsidies and programs promoting intensive farming techniques and advanced agricultural technologies will further drive growth. Workforce challenges will also encourage greater adoption of agricultural equipment, along with the introduction of new specialty models designed for specific tasks, efficiency gains, or particular environments, such as electric machines or tractors for hilly terrain in China.

The report details the supply and demand for agricultural equipment, presenting data in US dollars and unit terms. It covers various products, including farm tractors, harvesting machinery, planting and fertilizing machinery, haying machinery, livestock machinery, plowing and cultivating machinery, other agricultural equipment, and replacement parts and attachments.

Analyzing the market's scope, size, and growth, the report highlights key trends in product segmentation. It provides historical data for 2013, 2018, and 2023, with forecasts for 2028 and 2023. The study addresses recent market volatility, offering annual historical and forecast data for 2020-2027. Additionally, it includes an analysis of major industry players and their market shares.