The global agriculture equipment market size was valued at USD 156.25 billion in 2021, and is predicted to be worth around USD 236.09 billion by 2030, registering a CAGR of 5.9% during the forecast period 2022 to 2030.
Growth Factors:
Increasing mechanization in the agriculture sector coupled with the surge in farmers’ income is expected to be a primary factor driving the growth. Favorable climatic conditions for food production and government support with loan waiver schemes for farmers of all income categories are also presumed to favor the market growth. Technologically advanced agricultural robotics, such as autonomous tractors and flying drones to help farmers produce food at low costs to fulfill the growing demand for food, are anticipated to be better prospects for market growth over the forecast period.
Shortage of labor worldwide particularly in Western Europe and the U.S. will play a key role in driving the adoption of agriculture equipment over the forecast period. Furthermore, shortage of labor in the field of agriculture equipment and telematics to monitor tractor performance and improve farm yield is also anticipated to propel the growth of the market. Apart from advancements in the agriculture equipment space and shortage of labor shortage, the growing population to meet the global food requirements will also be a major factor, increasing demand in the long term.
Report Coverage
Report Scope | Details |
Market Size | USD 236.09 billion by 2030 |
Growth Rate | CAGR of 5.9% From 2022 to 2030 |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
Segments Covered | Product, Application, Region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Companies Mentioned | AGCO Corporation; Fliegl Agro-Center GmbH; Agromaster; Amazone Inc.; 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. |
By Product Analysis
The tractor segment accounted for the largest revenue share of over 30% in 2021, attributed to the labor shortage and the growing population to meet the global food requirements, which has made tractors a prerequisite for increasing productivity in the agriculture industry.
Asia Pacific and Latin America have also accelerated the growth. The emergence of electric tractors is anticipated to be a significant growth prospect for market participants.
The growth is ascribed to the cost-effectiveness coupled with electric tractors' eco-friendly and high-efficiency attributes. However, a lack of energy density to cater to large field operations is expected to hamper their adoption over the forecast period.
The harvester segment is anticipated to reach around USD 58.0 billion by 2030, recording a CAGR of over 6.0% over the forecast period. Innovations in harvesting equipment are anticipated to favor the growth of the segment over the next few years.
Smart combine harvesters enable farmers to monitor the grain flow rate and better control harvesting applications. In light of these factors, farmers and contractors are inclined toward smart combine harvesters over conventional harvesters.
By Application Analysis
The land development and seedbed preparation segment accounted for over 20% of the revenue share in 2021 and is expected to expand at a significant CAGR of over 5.0% during the forecast period. The segment is inclusive of tractors, levelers, and agriculture implements.
The demand for agricultural tractors is gaining traction owing to numerous factors such as the increasing need for food propelling the need to mechanize farm work, availability of technologically advanced tractors, and increased urbanization causing a shortage in labor, forcing farmers to adopt machinery. This is anticipated to contribute to the growth of the overall market.
The adoption of tech-driven agriculture machinery such as robotics is also expected to fuel the demand for the farm machinery market in the forthcoming years. Furthermore, the preference for smart agriculture equipment is gradually picking up pace in countries such as India, Australia, and Southeast Asia, which is currently an emerging market.
By Regional Analysis
North America was valued at USD 35.1 billion in 2021 and is expected to register a CAGR of over 5.0% during the forecast period. The growth is primarily driven by the abundance of large farmland, which has led to high demand for farm mechanization.
The Middle East and Africa region was valued at USD 10.1billion in 2021 and is expected to record a CAGR of 2.0% over the forecast period. South Africa, Saudi Arabia, and UAE are notable markets in the region. The arid and semiarid countries in the Middle East with low and variable rainfall are likely to witness increased demand for irrigated and crop processing equipment over the forecast period.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Agriculture Equipment Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Market Segmentation
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Agriculture Equipment market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Agriculture Equipment market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Agriculture Equipment markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Agriculture Equipment Market Study:
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Agriculture Equipment Market, By Product
7.1. Agriculture Equipment Market, by Product, 2021-2030
7.1.1. Tractors
7.1.1.1. Market Revenue and Forecast (2019-2030)
7.1.2. Harvesters
7.1.2.1. Market Revenue and Forecast (2019-2030)
7.1.3. Planting Equipment
7.1.3.1. Market Revenue and Forecast (2019-2030)
7.1.4. Irrigation & Crop Processing Equipment
7.1.4.1. Market Revenue and Forecast (2019-2030)
7.1.5. Spraying Equipment
7.1.5.1. Market Revenue and Forecast (2019-2030)
7.1.6. Hay & Forage Equipment
7.1.6.1. Market Revenue and Forecast (2019-2030)
Chapter 8. Global Agriculture Equipment Market, By Application
8.1. Agriculture Equipment Market, by Application, 2021-2030
8.1.1. Land Development & Seed Bed Preparation
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Sowing & Planting
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Weed Cultivation
8.1.3.1. Market Revenue and Forecast (2019-2030)
8.1.4. Plant Protection
8.1.4.1. Market Revenue and Forecast (2019-2030)
8.1.5. Harvesting & Threshing
8.1.5.1. Market Revenue and Forecast (2019-2030)
8.1.6. Post-harvest &Agro-processing
8.1.6.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Agriculture Equipment Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.2. Market Revenue and Forecast, by Application (2019-2030)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.3.2. Market Revenue and Forecast, by Application (2019-2030)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.4.2. Market Revenue and Forecast, by Application (2019-2030)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.2. Market Revenue and Forecast, by Application (2019-2030)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.3.2. Market Revenue and Forecast, by Application (2019-2030)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.4.2. Market Revenue and Forecast, by Application (2019-2030)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.5.2. Market Revenue and Forecast, by Application (2019-2030)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.6.2. Market Revenue and Forecast, by Application (2019-2030)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.2. Market Revenue and Forecast, by Application (2019-2030)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.3.2. Market Revenue and Forecast, by Application (2019-2030)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.4.2. Market Revenue and Forecast, by Application (2019-2030)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.5.2. Market Revenue and Forecast, by Application (2019-2030)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.6.2. Market Revenue and Forecast, by Application (2019-2030)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.2. Market Revenue and Forecast, by Application (2019-2030)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.3.2. Market Revenue and Forecast, by Application (2019-2030)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.4.2. Market Revenue and Forecast, by Application (2019-2030)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.5.2. Market Revenue and Forecast, by Application (2019-2030)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.6.2. Market Revenue and Forecast, by Application (2019-2030)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.2. Market Revenue and Forecast, by Application (2019-2030)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.3.2. Market Revenue and Forecast, by Application (2019-2030)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.4.2. Market Revenue and Forecast, by Application (2019-2030)
Chapter 10. Company Profiles
10.1. AGCO Corporation
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. FlieglAgro-Center GmbH
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Agromaster
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Amazone Inc
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. APV GmbH
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Bellota Agrisolutions
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. CLAAS KGaAmbH
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. CNH Industrial N.V.
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. Deere & Company
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. Escorts Limited
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11. Research Methodology
11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions
Chapter 12. Appendix
12.1. About Us
Glossary of Terms