Farm Equipment Market Forecasts to 2030 – Global Analysis By Tillage Equipment (Primary Tillage Equipment, Secondary Tillage Equipment and Other Tillage Equipments), Irrigation Equipment (Valves, Filters and Other Irrigation Equipments), Planting Equipmen

Farm Equipment Market Forecasts to 2030 – Global Analysis By Tillage Equipment (Primary Tillage Equipment, Secondary Tillage Equipment and Other Tillage Equipments), Irrigation Equipment (Valves, Filters and Other Irrigation Equipments), Planting Equipment, Hay and Forage Equipment, Harvesting Equipment, Plant Protection Equipment, Sprinkler Irrigation Equipment, Power Output, Application and By Geography

According to Stratistics MRC, the Global Farm Equipment Market is accounted for $107.70 billion in 2023 and is expected to reach $170.70 billion by 2030 growing at a CAGR of 6.80% during the forecast period. Farm equipment refers to machinery, tools, and vehicles utilized in agricultural activities to enhance efficiency and productivity. These devices are designed to perform various tasks, such as planting, harvesting, cultivating, irrigation, and livestock management. Common examples include tractors, plows, seeders, combine harvesters, and balers. Modern farm equipment often incorporates advanced technologies like GPS, sensors, and automation to optimize operations and reduce labor requirements. The evolution of farm equipment has revolutionized farming practices, enabling farmers to accomplish tasks more effectively and sustainably.

According to the Government of UK official handle, the UK government is offering farmers and growers in England up to $591,220 (£500,000) in funding to invest in cutting-edge robotics and technology to increase food output.

Market Dynamics:

Driver:

Government subsidies and support

Government subsidies and support play a pivotal role in driving the farm equipment market by providing financial assistance to farmers for purchasing machinery. These subsidies aim to alleviate the financial burden on farmers, making modern equipment more accessible and affordable. By incentivizing the adoption of advanced technology, governments promote efficiency and productivity in agriculture, which ultimately boosts yields and contributes to food security. Additionally, subsidies encourage the replacement of outdated equipment with more efficient and environmentally friendly alternatives. Such government initiatives not only benefit individual farmers but also stimulate growth in the agricultural machinery industry, driving innovation and economic development in rural areas.

Restraint:

Economic factors

Several economic factors can restrain the farm equipment market. Fluctuations in commodity prices can directly impact farmers' purchasing power, leading to delayed or reduced investments in new equipment. Interest rates and financing options also play a significant role, as higher rates can deter farmers from taking on debt to purchase expensive machinery. Macroeconomic conditions such as recessions or trade disputes can create uncertainty, prompting farmers to postpone equipment upgrades until conditions stabilize. Import tariffs and trade barriers can raise the cost of imported machinery, limiting options for farmers and increasing overall costs.

Opportunity:

Precision agriculture technology

Precision agriculture technology presents a significant opportunity by enabling farmers to optimize their resources and increase yields. This technology integrates sensors, GPS, and data analytics to precisely manage inputs such as water, fertilizers, and pesticides, leading to enhanced efficiency and reduced waste. By leveraging real-time data and advanced algorithms, farmers can make informed decisions tailored to specific field conditions, resulting in improved crop health and productivity. Additionally, precision agriculture technology enables automated machinery and robotic systems, reducing labor costs and increasing operational efficiency.

Threat:

Shifts in farming practices

Shifts in farming practices, such as increased automation, precision agriculture, and sustainability initiatives, pose a threat to the traditional farm equipment market. As farmers adopt advanced technologies like drones, GPS-guided machinery, and AI-driven analytics, there's a decreased demand for conventional equipment. Moreover, the focus on sustainability drives the need for eco-friendly machinery, which may not align with older models. Consequently, manufacturers in the farm equipment market face challenges in adapting to these changing trends and may need to invest in research and development to stay relevant.

Covid-19 Impact:

Initially, disruptions in supply chains led to delays in the manufacturing and delivery of agricultural machinery. Farmers faced financial uncertainties, causing them to postpone or scale back equipment purchases. However, as the pandemic progressed, there was a surge in demand for farm equipment as food production became a priority. This led to a rebound in sales, particularly for essential machinery like tractors and harvesters. Additionally, there has been a growing interest in autonomous and IoT-enabled equipment to minimize human interaction and enhance efficiency in agricultural operations.

The pipe segment is expected to be the largest during the forecast period

The pipe segment has witnessed significant growth in recent years due to increasing mechanization in agriculture, driving the need for pipes to transport water efficiently across fields. Moreover, advancements in pipe technology, such as the development of durable materials and improved irrigation methods, have further boosted market growth. Government initiatives promoting water conservation and sustainable farming practices have encouraged farmers to invest in modern irrigation systems, fueling the demand for pipes. Furthermore, expanding agricultural activities in emerging economies and the adoption of precision farming techniques have contributed to the expansion of the pipe segment within the farm equipment market.

The combine harvester segment is expected to have the highest CAGR during the forecast period

The Combine Harvester segment has experienced significant growth due to increasing machinery abilities to perform multiple tasks like harvesting, threshing, and cleaning in a single operation. Advancements in technology have led to the development of more sophisticated and high-performance combine harvesters, attracting farmers looking to optimize their operations. The consolidation of farmland into larger holdings has fuelled demand for larger and more powerful combine harvesters capable of covering vast acreages efficiently. Furthermore, the growing adoption of precision farming techniques has spurred the integration of advanced features such as GPS-guided navigation and yield monitoring systems in combine harvesters.

Region with largest share:

The farm equipment market in North America has experienced steady growth due to technological advancements and the need for higher efficiency equipments. Factors such as government subsidies, favourable agricultural policies, and the adoption of precision farming techniques have contributed to market expansion. The region's large-scale farming operations necessitate modern and efficient machinery, further boosting market growth. Additionally, rising awareness regarding sustainable farming practices has led to the adoption of environmentally friendly equipment, driving market growth even further.

Region with highest CAGR:

The Asia-Pacific region has experienced significant growth due to population growth that have increased the demand for agricultural products, driving the need for advanced farming machinery to boost productivity. Government initiatives aimed at modernizing agricultural practices and improving food security have spurred investment in farm equipment. The advancements in technology, such as precision farming and automation, have led to increased adoption of modern farming machinery in the region. Additionally, rising disposable incomes among farmers have enabled them to invest in high-quality equipment to enhance efficiency and yields.

Key players in the market

Some of the key players in Farm Equipment market include AGCO Corporation , Alamo Group Inc, CLAAS KGaA mbH, GEA Group , ISEKI & Co. Ltd, J.C. Bamford Excavators Ltd, Krone Gruppe, Kubota Corporation, Kuhn Group S.A., Lovol Heavy Industry Co. Ltd, Mahindra & Mahindra Limited, McCormick Tractors International Ltd, SDF Group, Valmont Industries Inc and Yanmar Co. Ltd.

Key Developments:

In January 2024, Kubota unveils concept electric tractor at CES 2024. A PROTOTYPE electric tractor set to hit the market in 2030 was revealed by Kubota North America Corporation at CES 2024. The program covers a raft of sectors, agriculture included, that look at how the next generation of equipment will integrate artificial intelligence, automation, and electrification.

In November 2023, AGCO signed an agreement to acquire digital assets from FarmFacts GmbH, a leader in Farm Management Information Software (FMIS) located in Pfarrkirchen, Germany. The acquisition increases AGCO’s FMIS offering and software development capabilities to serve farmers’ data management needs.

Tillage Equipments Covered:
• Primary Tillage Equipment
• Secondary Tillage Equipment
• Other Tillage Equipments

Irrigation Equipments Covered:
• Valves
• Filters
• Pipes
• Pumps
• Emitters
• Other Irrigation Equipments

Planting Equipments Covered:
• Transplanters
• Air Seeders
• Seed Drills
• Planters
• Broadcast Seeders
• Box Drill Seeders
• Other Planting Equipments

Hay and Forage Equipments Covered:
• Forage Blowers
• Balers
• Mowers
• Other Hay and Forage Equipments

Harvesting Equipments Covered:
• Combine Harvester
• Threshers
• Sheller
• Other Harvesting Equipments

Plant Protection Equipments Covered:
• Airblast Sprayers
• Motorized Sprayers
• Boom Sprayers
• Hand Operated Sprayers
• Aerial Sprayer
• Other Plant Protection Equipments

Sprinkler Irrigation Equipments Covered:
• Center Pivot
• Travelling Guns
• Solid Set
• Lateral Move
• Side Roll
• Other Sprinkler Irrigation Equipments

Power Outputs Covered:
• <30 HP
• 31–70 HP
• 71–130 HP
• 131–250 HP
• >250 HP

Applications Covered:
• Land Development
• Harvesting and Threshing
• Cultivation
• Sowing and Planting
• Post Harvesting
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances