Global Farm Equipment Market Insights Forecasts to 2033

• The Global Farm Equipment Market Size was Valued at USD 165.3 Billion in 2023
• The Market Size is Growing at a CAGR of 5.12% from 2023 to 2033
• The Worldwide Farm Equipment Market Size is Expected to Reach USD 272.3 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Farm Equipment Market Size is Anticipated to Exceed USD 272.3 Billion by 2033, Growing at a CAGR of 5.12% from 2023 to 2033.

Market Overview

Farm equipment comprises machines or fabricated elements that improve land yield across agro-based economies worldwide. The farm equipment directly endorses the inclination of farmers or land operators toward the combination of automation technologies into their traditional farming. Moreover, the growing scarcity of human workforce and heavy expenditure on the conservation of cattle on the job site in several countries have encouraged customers to leverage the aid of modernized equipment in farming applications. Furthermore, increasing automation in the agriculture sector combined with the surge in farmers’ income is projected to be a key factor lashing the growth. Fortunate climatic conditions for food production and government provisions with loan waiver schemes for farmers of all revenue groups are also supposed to favor market growth. Moreover, robotically innovative farming automation, such as self-governing tractors and flying drones to support farmers produce food at low costs to satisfy the increasing demand for food, are anticipated to improve prospects for market growth over the forecast period. In addition, the farming equipment market is undergoing rapid growth owing to the shift in development and adoption of innovative technologies such as GPS, IoT, and AI. These innovations are changing farming practices, leading to augmented efficiency and productivity. Fundamentally, this agricultural revolt lies in self-governing tractors, often referred to as driverless tractors or robot tractors. These autonomous giants are equipped with modern sensors, artificial intelligence algorithms, and accuracy control systems that allow them to operate with supreme efficiency and accuracy. The synthesis of autonomous technology with farming has not only modernized traditional farming practices but has also surfaced the way for the growth of a diverse range of autonomous farm equipment, with autonomous agriculture robots considered to perform a myriad of tasks across the cultivation cycle.

Report Coverage

This research report categorizes the market for the global farm equipment market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global farm equipment market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global farm equipment market.

Driving Factors

The increasing adoption of semi-automatic and automatic mechanics for establishing fertilizers has elevated the demand for progressive equipment worldwide. Moreover, automotive propagators and sprayers are now bringing more efficiency resulting in faster operation covering huge distance areas. These machineries in the farming field certify an even distribution of fertilizers and nutrients that aid decrease overall operation cost and time and improve crop yields. For instance, a worldwide Ag-tech adoption survey of 5500 farmers organized from secondary sources shows that farmers across Europe and North America are the leaders in the adoption, with about 61% presently consuming or having plans to adopt at least one Ag-tech in preceding years. Furthermore, government allowance has a vital impact on a country’s farming sector. For instance, the US Farm Service Agency (FSA) provides secured and direct loans for farm ownership and operations to minor household farmers who struggle to secure commercial credit from banks, farm credit institutions, or other lenders.

Restraining Factors

The high opening cost of farming equipment is expected to be associated with the bottlenecks for adopting farming equipment, particularly for small-income farmers. The rental business is expected to be associated with the new revenue streams for market growth to overcome such challenges. However, the development of the farming equipment industry faces barriers owing to high initial investments, they indicate a shift toward innovative and effective farming equipment. These funds lead to enhanced productivity and profitability in the long term. Also, there might be an initial struggle to adopt new technologies. However, it raises innovation and modernization in farming practices.

Market Segmentation

The global farm equipment market share is classified into equipment type and application.

• The tractors segment is expected to hold the largest share of the global farm equipment market during the forecast period.   

Based on the equipment type, the global farm equipment market is divided into tractors, harvesting equipment, cultivation and soil separation equipment, spraying and handling equipment, irrigation equipment, and others. Among these, the tractors segment is expected to hold the largest share of the global farm equipment market during the forecast period. This can attributed to labor scarcity and increasing population to meet the worldwide food necessities, which has made tractors a requirement for increasing productivity in the farming industry. Moreover, the advancement of farm modernization and the growing adoption of meticulous farming in regions such as the Asia Pacific and Latin America have also enhanced the growth. The development of electric tractors is projected to be a noteworthy growth prospect for market participants.

• The land development segment is expected to hold the largest share of the global farm equipment market during the forecast period.   

Based on the application, the global farm equipment market is divided into land development, sowing and planting, threshing and harvesting, fertilization and planting, and others. Among these, the land development segment is expected to hold the largest share of the global farm equipment market during the forecast period. The reason behind this is the continuous increment of farming land to fulfill the food consumable necessity of the increasing population is increasing the application of land development suggestively. The progress promotion of products equipped with advanced technologies is transforming land utilization. Furthermore, the need for a better supply of fertilizers and the possible need for field reliefs are also inspiring the sales of land development equipment in the global market.

Regional Segment Analysis of the Global Farm Equipment Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the global farm equipment market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global farm equipment market over the predicted timeframe. This can be attributed to the growing farm modernization obsessed by subsidies or loan waivers and government efforts are projected to propel farm tractor sales in India. Electric farm tractors are acquiring adhesion in China due to various factors. Moreover, the government's drive for cleaner transportation and financial incentives has spurred adoption. Increasing consciousness of sustainable farming’s importance has further obsessed demand, given the environmental impact of traditional methods. Furthermore, the scarcity of skilled work, increasing farming labor costs, and government initiatives for farm modernization are expected to propel market development in the long run in the country. Therefore, modernization of farming is becoming vital for Japan to overcome the scarcity of farm labor.

North America is expected to grow at the fastest pace in the global farm equipment market during the forecast period. This can be attributed to the growth being mostly obsessed with plenty of large farmland, which has run into high demand for farm modernization. Moreover, the region is witnessing augmented adoption of intelligent combine harvesters equipped with monitoring tackles to surge farm yield. Factors such as increasing labor costs, the merger of robotic systems and Global Positioning Systems (GPS) in tractors and harvesters, growing demand for high-capacity machinery due to large farms, and increasing status of self-propelled technologies are all projected to drive the regional market growth over the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global farm equipment market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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)
• Valmont Industries Inc.
• Kubota Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2023, Deere & Company declared the acquisition of Smart Apply, Inc. The company premeditated to influence Smart Apply’s meticulous spraying to contribute to farmers in addressing the challenges related to initial costs, labor, regulatory requirements, and environmental goals.

• In June 2023, JCB declared plans to announce the company's first electric wheeled loader with zero-release and low-sound competencies. The loader comes with options for wide or narrow wheels and tire options for farming or industrial deployment.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global farm equipment market based on the below-mentioned segments: 

Global Farm Equipment Market, By Equipment Type

• Tractors
• Harvesting Equipment
• Cultivation and Soil Separation Equipment
• Spraying and Handling Equipment
• Irrigation Equipment
• Others

Global Farm Equipment Market, By Application

• Land Development
• Sowing and Planting
• Threshing and Harvesting
• Fertilization and Planting
• Others

Global Farm Equipment Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa