Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Agriculture Equipment Market Size is Expected to Grow from USD 164.90 Billion in 2023 to USD 279.37 Billion by 2033, at a CAGR of 5.41% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Agriculture Equipment Market Size, Share, and COVID-19 Impact Analysis, By Product (Tractor, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, and Others), By Application (Land Development & Seedbed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-Harvesting, and Agro-Processing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Agriculture equipment enhances land yield in agro-based economies globally. It encourages farmers to integrate automation technologies into traditional farming. The scarcity of human workforce and heavy maintenance costs in many countries have led to customers leveraging modernized equipment in farming applications, addressing the heavy costs of cattle maintenance. Farmers depend on agricultural equipment to carry out their tasks, minimizing labor requirements and optimizing crop yields. Automatic and semi-automatic models can lower labor costs and boost agricultural yields, and urbanization is driving up demand for these instruments. The global agriculture equipment market benefits from increased mechanization, enabling farmers to produce food with minimal labor and improve productivity. Advancements in technology, such as Big Data and AI, drive the market, promoting farmers' adoption of technology-enabled farming tools. Government initiatives play a crucial role in driving the demand for agriculture equipment. The goal of the Sub-Mission on Agricultural Mechanization (SMAM) is to make farm equipment more affordable and available to small and marginal farmers by establishing Farm Machinery Banks, Custom Hiring Centers (CHCs), and Hubs for high-tech and valuable agricultural equipment. However, farmers face financial struggles, government subsidies, COVID-19 restrictions, and rising raw material costs, hindering global market growth for agriculture equipment.
The tractors segment is predicted to hold the greatest market share through the forecast period.
Based on the product, the agriculture equipment market is classified into tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment, and others. Among these, the tractors segment is predicted to hold the greatest market share through the forecast period. Tractors are needed in agriculture due to the growing need for food, and the tractor sector is being boosted by precision farming and farm mechanization in Latin America and Asia-Pacific. Due to their affordability, environmental friendliness, and efficiency, electric tractors are predicted to grow in popularity as consumer awareness increases their uptake.
The land development & seedbed preparation segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the application, the agriculture equipment market is divided into land development & seedbed preparation, sowing & planting, weed cultivation, plant protection, harvesting & threshing, post-harvesting, and agro-processing. Among these, the land development & seedbed preparation segment is anticipated to hold the greatest market share during the projected timeframe. Rapid urbanization and the increase of precision farming in Latin America and Asia-Pacific are fueling market expansion by increasing demand for sophisticated agricultural equipment, especially tractors, for seedbed preparation and land development.
Asia Pacific is estimated to hold the largest share of the agriculture equipment market over the forecast period.
Asia Pacific is estimated to hold the largest share of the agriculture equipment market over the forecast period. Farmers receive subsidies from governments for mechanization, involving stakeholders like central and state governments, agriculture industries, machinery manufacturers, dealers, importers, and farmers. Credit availability is made possible through financial institutions, supportive policies, and subsidy programs, including the exclusion of excise taxes on tractors.
North America is predicted to have the fastest CAGR growth in the agriculture equipment market over the forecast period. The abundance of acreage in North America is fueling growth and requiring agricultural mechanization. The market is anticipated to develop over the projected period due to factors such as self-propelled machines, robotic and GPS integration, intelligent combine harvesters, growing livestock farming, and the need for high-capacity machinery.
Competitive Analysis
Major key players in the agriculture equipment market include AGCO Corporation, Fliegl Agro-Center GmbH, Agromaster, APV GmbH, Bellota Agrisolutions, CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co. Ltd., J C Bamford Excavators Ltd, Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA Corporation, KUHN SAS, LEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd, Mascar SpA, Maschio Gaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries Inc., and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the agriculture equipment market based on the below-mentioned segments:
Global Agriculture Equipment Market, By Product
Global Agriculture Equipment Market, By Application
Global Agriculture Equipment Market, By Regional Analysis
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