Global Agricultural Machinery Market 2024

Global Agricultural Machinery Market 2024

According to the latest estimates, the global agricultural machinery market is set to achieve an incremental growth of USD 59.9 billion, accelerating at a CAGR of almost 5.5% during the forecast period 2024-2030. Agricultural machinery enables farmers to accomplish tasks more efficiently and in a shorter time frame compared to manual labor. Tractors, combines, and other equipment can cover large areas of farmland quickly, reducing the time and labor required for planting, cultivating, and harvesting crops.

By automating repetitive tasks and optimizing farming operations, agricultural machinery helps farmers achieve higher levels of productivity and output. Precision agriculture technologies, such as GPS guidance systems and variable rate technology, enable farmers to apply inputs more precisely, resulting in better crop yields and quality.

While the initial investment in agricultural machinery can be significant, it often leads to long-term cost savings for farmers. Machinery can replace manual labor, reduce labor costs, and increase operational efficiency, resulting in overall cost savings over time. Additionally, precision farming technologies help farmers optimize input use, such as seeds, fertilizers, and pesticides, reducing waste and lowering input costs. Agricultural machinery allows farmers to expand their operations and manage larger acreages more effectively. With the ability to cover more land in less time, farmers can increase their production capacity and scale up their businesses to meet growing demand for food and agricultural products.

Additionally, Machinery can help farmers mitigate the impact of adverse weather conditions, such as heavy rainfall, drought, or extreme temperatures. For example, irrigation systems can provide water to crops during dry spells, while drainage systems can prevent waterlogging during periods of heavy rain. Additionally, machinery allows farmers to work more efficiently during narrow windows of favorable weather for planting and harvesting.

The agricultural machinery market is influenced by several key drivers that shape demand, innovation, and growth within the industry.

1.) Increasing Global Population and Food Demand: The growing global population, coupled with rising incomes and changing dietary preferences, drives the demand for agricultural products. Agricultural machinery enables farmers to increase productivity, efficiency, and yield to meet the growing demand for food, feed, fiber, and bioenergy crops.

2.) Technological Advancements and Automation: Ongoing advancements in agricultural machinery technology, such as precision agriculture, automation, robotics, and data analytics, enhance farm operations, reduce labor requirements, and optimize resource use. Precision planting, spraying, and harvesting equipment improve crop management practices, minimize input costs, and maximize yield potential.

3.) Farm Consolidation and Scale: Farm consolidation and the trend towards larger, more mechanized farming operations increase the demand for advanced agricultural machinery. Large-scale farms require efficient and high-capacity equipment for field preparation, planting, harvesting, and post-harvest handling to manage extensive acreages and optimize production efficiency.

4.) Labor Shortages and Cost Pressures: Labor shortages, declining rural populations, and increasing labor costs in many regions drive the adoption of labor-saving agricultural machinery. Mechanization and automation help farmers overcome labor challenges, reduce dependency on manual labor, and improve farm profitability by increasing operational efficiency and productivity.

This comprehensive industry report provides market estimates and forecasts, accompanied by a detailed examination of the product, and region aspects. It delivers a quantitative analysis of the market, empowering stakeholders to leverage existing market opportunities. Furthermore, the report identifies key segments for potential opportunities and strategies, drawing insights from market trends and the approaches of leading competitors.

The global agricultural machinery market has been extensively analyzed by categorizing it according to various sub-segments in order to provide accurate forecasts of industry size and assess trends within specific areas.

The global market for agricultural machinery can be segmented by product: harvesting machinery, haying machinery, irrigation machinery, livestock machinery, parts and attachments, planting machinery, plowing and cultivating machinery, sprayers, tractors, others. In 2023, the tractors segment made up the largest share of revenue generated by the agricultural machinery market.

Agricultural machinery market is further segmented by region: Asia-Pacific, Europe, North America, Middle East and Africa (MEA), South America.

The report also provides analysis of the key companies of the industry and their detailed company profiles including AGCO Corporation, Changfa Agricultural Equipment Co., Ltd., Changzhou Dongfeng Agricultural Machinery Group Co., Ltd., China National Machinery Industry Corporation Ltd. (The YTO Group Corporation), CLAAS KGaA mbH, CNH Industrial N.V., Daedong Corporation, Deere & Company, First Tractor Company Limited, Iseki & Co., Ltd., J C Bamford Excavators Ltd. (JCB), Kubota Corporation, Linhai Co., Ltd., LOVOL Heavy Industry Co., Ltd. (Weichai Power Co., Ltd.), Mahindra & Mahindra Ltd., SDF S.p.A., Shandong Changlin Machinery Group Co., Ltd., Thinker Agricultural Machinery Co., Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., among others. In this report, key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

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Market Segments Covered in Global Agricultural Machinery Industry Analysis:

i.) Product

• Harvesting machinery
• Combine harvesters
• Forage harvesters
• Others
• Haying machinery
• Mower conditioners
• Balers
• Others
• Irrigation machinery
• Sprinkler/spray irrigation
• Drip/trickle irrigation
• Others
• Livestock machinery
• Parts and attachments
• Planting machinery
• Seed drills
• Planters
• Spreaders
• Others
• Plowing & cultivating machinery
• Plows
• Harrows
• Cultivators and tillers
• Others
• Sprayers
• Tractors
• Compact utility tractors
• Utility tractors
• Row crop tractors
• Others

ii.) Region

• Asia-Pacific
• Europe
• North America
• Middle East and Africa (MEA)
• South America