Agriculture Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Agriculture Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global agriculture equipment market size reached US$ 165.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 223.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.

Agriculture equipment is used for performing various tasks in farming, such as harvesting crops, spraying fields, seeding, tilling fields, breeding cows, and feeding livestock. It comprises mowers, backhoe, harrow, cultivator, rake, tractor, combine harvester, sprayers, chain saw, brush cutters, and sawmills. It enhances the efficiency and productivity of farming by minimizing human labor and reducing errors, physical shortcomings and wastage in agriculture. It assists in cultivating land by smoothing hillocks, filling in depressions and gullies, and removing deep-rooted weeds while preventing soil erosion. In addition, it reduces fodder area and enlarges crop area to produce food for human consumption.

Agriculture Equipment Market Trends:
At present, the growing awareness among farmers about the benefits of using agriculture equipment represents one of the key factors driving the market. Besides this, governments of several countries are promoting the usage of agriculture equipment by providing loan waiver schemes to farmers. They are also providing funds to farmers for adopting sustainable agriculture practices and enhancing productivity using machinery, which is contributing to the growth of the market. Moreover, the integration of technologically advanced agricultural robotics in farming, such as autonomous tractors and flying drones, to help farmers produce food at low costs is propelling the growth of the market. In addition, the growing demand for electric tractors to reduce air pollution and greenhouse gas emissions is offering a positive market outlook. Apart from this, key market players are extensively investing in research and development (R&D) activities to introduce self-propelled machines in farming. They are also focusing on various marketing strategies to expand their customer base. Additionally, the rising demand for enhanced machines with high-power to farm hard-to-access areas and handle a wide range of implements is bolstering the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global agriculture equipment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on equipment type, application and sales channel.

Breakup by Equipment Type:

Agriculture Tractor
Harvesting Equipment
Irrigation and Crop Processing Equipment
Agriculture Spraying and Handling Equipment
Soil Preparation and Cultivation Equipment
Others

Breakup by Application:

Land Development
Threshing and Harvesting
Plant Protection
After Agro Processing

Breakup by Sales Channel:

Original Equipment Manufacturers (OEM)
Aftermarket

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AGCO Corporation, Agromaster Agricultural Machinery, Argo Tractors S.p.A., Bellota Agrisolutions, China National Machinery Industry Corporation, CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, Escorts Limited, Iseki & Co. Ltd., JC Bamford Excavators Ltd., Kubota Corporation, Mahindra & Mahindra Limited and SDF Group.

Key Questions Answered in This Report

1. What was the size of the global agriculture equipment market in 2022?
2. What is the expected growth rate of the global agriculture equipment market during 2023-2028?
3. What are the key factors driving the global agriculture equipment market?
4. What has been the impact of COVID-19 on the global agriculture equipment market?
5. What is the breakup of the global agriculture equipment market based on the equipment type?
6. What is the breakup of the global agriculture equipment market based on the application?
7. What is the breakup of the global agriculture equipment market based on the sales channel?
8. What are the key regions in the global agriculture equipment market?
9. Who are the key players/companies in the global agriculture equipment market?