The Agriculture Equipment Market is expected to reach $242.9 Billion by 2029, at a CAGR of 5.6% from 2022 to 2029. The demand for modern agricultural equipment is increasing significantly with the increasing adoption of advanced cultivation techniques. Modern farm machinery and equipment reduce labor costs and increase farm profitability. The growth of the agriculture equipment market is driven by the rising need for mechanizing agricultural operations, progressive government initiatives supporting farmers, and the growing adoption of modern agricultural techniques. However, the high cost of advanced agriculture equipment and fluctuating raw material prices are expected to restrain the growth of this market.
The Impact of COVID-19 on the Agriculture Equipment Market
The COVID-19 pandemic adversely affected the global economy. The lockdowns and quarantines imposed to curb the spread of the SARS-CoV-2 virus negatively impacted many sectors, including the agricultural sector. In the initial days of the pandemic, disrupted logistics and transportation impacted the movement of agricultural commodities. Hence, the agriculture equipment market registered a decline in sales in 2020.
In addition to the interruptions in the industry’s value chain from raw materials supply to manufacturing, packaging, and distribution, the COVID-19 pandemic also led to restrictions on the movement of workers, a decline in demand from farmers, and the closure of equipment manufacturing facilities. The industry suffered severe labor shortages due to repeated lockdowns, affecting machinery production. The decline in revenues during the initial months of 2020, coupled with reductions in demand from major markets, impacted the profitability of agriculture equipment manufacturers and vendors. Therefore, disruptions in transportation & logistics impacted production and adversely affected the agriculture equipment market in terms of sales volumes during the initial phase of the pandemic in 2020.
However, government bodies gradually eased restrictions on transportation, making it easier for agriculture equipment providers to meet the demand from farmers across most countries. In 2021, strong growth was witnessed in the agriculture equipment market due to the growing demand for agricultural commodities. In addition, the increasing number of government subsidiaries for purchasing agricultural equipment contributed to the market's growth.
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Rising Need for Mechanizing Farming Operations
The growing demand for food & agricultural commodities has resulted in the need to increase production capacity and yield. Thus, farmers are adopting sustainable agriculture practices using advanced farming equipment to meet the growing food demand while preventing adverse environmental effects, including soil degradation, water supply, and biodiversity loss.
Mechanization of farming operations significantly reduces production costs and relieves the burden of labor shortage. Agriculture mechanization helps improve operational efficiency, enhance the quality & value addition of the produce, and enable easy equipment handling and worker safety.
Tractors combined with harvesters are widely used in large farms to efficiently harvest huge quantities of grain. Similarly, tillage equipment attached to a tractor helps till the land efficiently. The adoption of such techniques increases productivity, reduces production time, and minimizes labor costs.
However, due to the lack of awareness regarding mechanized techniques and high initial investments, most farmers are not able to adopt these techniques. However, governments worldwide are providing supportive initiatives to overcome these challenges. For instance, in April 2014, the Government of India, through its Department of Agriculture & Cooperation, introduced the Sub-Mission on Agricultural Mechanization (SMAM). This initiative was aimed at promoting & strengthening agricultural mechanization through training, testing, and demonstration, establishing farm machinery banks for custom hiring, promoting farm machinery & equipment, and providing financial assistance for promoting mechanized operations.
Key Findings in the Agriculture equipment Market Study:
The Tractors Segment to Dominate the Agriculture Equipment Market in 2022
Based on type, the agriculture equipment market is segmented into tractors, harvesting equipment, irrigation & crop processing equipment, spraying & handling equipment, soil preparation & cultivation equipment, and other equipment types. In 2022, the tractors segment is expected to account for the largest share of the agriculture equipment market. The large market share of this segment is attributed to the introduction of new advanced tractors and the benefits offered by tractors, such as reduced manpower requirements for farming and greater production yield. Furthermore, the rising adoption of precision farming is expected to drive the demand for tractors.
The Automatic Segment to Register the Fastest Growth Rate During the Forecast Period
Based on mode of operation, the agriculture equipment market is segmented into manual, semi-automatic, and automatic. The automatic segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the benefits offered by automated equipment, such as higher production capabilities, reduced labor costs, and improved operational precision & accuracy.
The Land Development Segment is Expected to Account for the Largest Share of the Agriculture Equipment Market in 2022
Based on application, the agriculture equipment market is segmented into land development, harvesting, crop protection, plowing and cultivation, and other applications. In 2022, the land development segment is expected to account for the largest share of the agriculture equipment market. The large market share of this segment is attributed to the increasing adoption of advanced cultivation techniques, the rising demand for advanced farming technologies to reduce labor costs, and the benefits offered by advanced agricultural equipment during land development, such as high productivity and efficiency.
Asia-Pacific: The Dominating Regional Market
The agriculture equipment market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the agriculture equipment market. Asia-Pacific’s major market share is attributed to the rising demand for automated farming equipment and the rising per capita income in the region. Furthermore, the availability of loans and subsidies for purchasing agricultural equipment drives the growth of this regional market. However, North America is slated to register the highest CAGR during the forecast period.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major players in the agriculture equipment market. Some of the key players operating in the agriculture equipment market are Deere & Company (U.S.), AGCO Corporation (U.S.), KUBOTA Corporation (Japan), Mahindra & Mahindra Ltd. (India), HORSCH Maschinen GmbH (Germany), Valmont Industries, Inc. (U.S.), SDF S.p.A. (Italy), ISEKI & CO., LTD. (Japan), ROSTA AG (Switzerland), and Tractors and Farm Equipment Limited (TAFE) (India).
Scope of the Report:
Agriculture Equipment Market, by Type
Agriculture Equipment Market, by Mode of Operation
Agriculture Equipment Market, by Application
Agriculture equipment Market, by Geography
Key Questions Answered in the Report:
The agriculture equipment market is expected to reach $242.9 billion by 2029, at a CAGR of 5.6% from 2022 to 2029.
Based on type, the harvesting equipment segment is slated to register the highest growth rate during the forecast period and provide significant opportunities for players operating in this market.
Based on mode of operation, the automatic segment is slated to register the highest growth rate during the forecast period and provide significant opportunities for players operating in this market.
The key players operating in the agriculture equipment market include Deere & Company (U.S.), AGCO Corporation (U.S.), KUBOTA Corporation (Japan), Mahindra & Mahindra Ltd. (India), HORSCH Maschinen GmbH (Germany), Valmont Industries, Inc. (U.S.), SDF S.p.A. (Italy), ISEKI & CO., LTD. (Japan), ROSTA AG (Switzerland), and Tractors and Farm Equipment Limited (TAFE) (India).
North America is slated to register the highest CAGR during the forecast period. The rapid market growth in North America is driven by growing technological advancements in the agriculture equipment market, the increasing need to enhance crop productivity and minimize labor costs, and the rising demand for automated agricultural equipment.
This report provides pre & post COVID-19 market estimates.
1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.1.1. Bottom-up Approach
2.3.1.2. Top-down Approach
2.3.1.3. Growth Forecast
2.4. Assumptions for the Study
2.5. Limitations for the Study
3. Executive Summary
3.1. Introduction
3.2. Segmental Analysis
3.3. Regional Analysis
3.4. Key Players
4. Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Rising Need For Mechanizing Agricultural Operations
4.2.2. Progressive Government Initiatives Supporting Farmers
4.2.3. Growing Adoption of Modern Agricultural Techniques
4.3. Restraints
4.3.1. High Cost of Advanced Agriculture Equipment
4.3.2. Fluctuating Raw Material Prices
4.4. Opportunities
4.4.1. Emerging Economies
4.4.2. Technological Advancements
4.5. Challenges
4.5.1. Lack of Awareness of Advanced Agriculture Technologies
5. The Impact of COVID-19 on the Agriculture Equipment Market
6. Global Agriculture Equipment Market, by Type
6.1. Introduction
6.2. Tractors
6.3. Harvesting Equipment
6.4. Irrigation & Crop Processing Equipment
6.5. Spraying & Handling Equipment
6.6. Soil Preparation & Cultivation Equipment
6.7. Other Equipment Types
7. Global Agriculture Equipment Market, by Mode of Operation
7.1. Introduction
7.2. Manual
7.3. Semi-automatic
7.4. Automatic
8. Global Agriculture Equipment Market, by Application
8.1. Introduction
8.2. Land Development
8.3. Harvesting
8.4. Crop Protection
8.5. Plowing & Cultivation
8.6. Other Applications
9. Agriculture Equipment Market, by Geography
9.1. Introduction
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.3.6. Rest of Europe
9.4. Asia-Pacific
9.4.1. China
9.4.2. Japan
9.4.3. India
9.4.4. Australia
9.4.5. Rest of Asia-Pacific
9.5. Latin America
9.6. Middle East & Africa
10. Competitive Landscape
10.1. Introduction
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
11.1. Deere & Company
11.2. AGCO Corporation
11.3. KUBOTA Corporation
11.4. Mahindra & Mahindra Ltd.
11.5. HORSCH Maschinen GmbH
11.6. Valmont Industries, Inc.
11.7. SDF S.p.A.
11.8. ISEKI & CO., LTD.
11.9. ROSTA AG
11.10. Tractors and Farm Equipment Limited (TAFE)
11.11. Other Companies
12. Appendix
12.1. Questionnaire
12.2. Available Customizations
List of Tables
Table 1 Global Agriculture Equipment Market Drivers: Impact Analysis (2022 Vs. 2029)
Table 2 Global Agriculture Equipment Market Restraints: Impact Analysis (2022 Vs. 2029)
Table 3 Global Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 4 Global Tractors Market Size, by Country/Region, 2020–2029 (USD Million)
Table 5 Global Harvesting Equipment Market Size, by Country/Region, 2020–2029 (USD Million)
Table 6 Global Irrigation & Crop Processing Equipment Market Size, by Country/Region, 2020–2029 (USD Million)
Table 7 Global Spraying & Handling Equipment Market Size, by Country/Region, 2020–2029 (USD Million)
Table 8 Global Soil Preparation & Cultivation Equipment Market Size, by Country/Region, 2020–2029 (USD Million)
Table 9 Global Agriculture Equipment Market Size, by Product, 2020–2029 (USD Million)
Table 10 Global Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 11 Manual Agriculture Equipment Market Size, by Country/Region, 2020-2029 (USD Million)
Table 12 Semi-automatic Agriculture Equipment Market Size, by Country/Region, 2020-2029 (USD Million)
Table 13 Automatic Agriculture Equipment Market Size, by Country/Region, 2020-2029 (USD Million)
Table 14 Global Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 15 Global Agriculture Equipment Market Size for Land Development, by Country/Region, 2020–2029 (USD Million)
Table 16 Global Agriculture Equipment Market Size for Harvesting, by Country/Region, 2020–2029 (USD Million)
Table 17 Global Agriculture Equipment Market Size for Crop Protection, by Country/Region, 2020–2029 (USD Million)
Table 18 Global Agriculture Equipment Market Size for Plowing & Cultivation, by Country/Region, 2020–2029 (USD Million)
Table 19 Global Agriculture Equipment Market Size for Other Application, by Country/Region, 2020–2029 (USD Million)
Table 20 Global Agriculture Equipment Market Size, by Country/Region, 2020–2029 (USD Million)
Table 21 North America: Agriculture Equipment Market Size, by Country, 2020–2029 (USD Million)
Table 22 North America: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 23 North America: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 24 North America: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 25 U.S.: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 26 U.S.: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 27 U.S.: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 28 Canada: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 29 Canada: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 30 Canada: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 31 Europe: Agriculture Equipment Market Size, by Country, 2020–2029 (USD Million)
Table 32 Europe: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 33 Europe: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 34 Europe: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 35 Germany: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 36 Germany: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 37 Germany: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 38 France: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 39 France: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 40 France: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 41 U.K.: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 42 U.K.: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 43 U.K.: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 44 Italy: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 45 Italy: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 46 Italy: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 47 Spain: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 48 Spain: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 49 Spain: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 50 Rest of Europe: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 51 Rest of Europe: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 52 Rest of Europe: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 53 Asia-Pacific: Agriculture Equipment Market Size, by Country, 2020–2029 (USD Million)
Table 54 Asia-Pacific: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 55 Asia-Pacific: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 56 Asia-Pacific: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 57 China: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 58 China: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 59 China: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 60 Japan: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 61 Japan: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 62 Japan: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 63 India: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 64 India: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 65 India: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 66 Australia: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 67 Australia: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 68 Australia: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 69 Rest of Asia-Pacific: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 70 Rest of Asia-Pacific: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 71 Rest of Asia-Pacific: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 72 Latin America: Agriculture Equipment Market Size, by Country, 2020–2029 (USD Million)
Table 73 Latin America: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 74 Latin America: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 75 Latin America: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 76 Brazil: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 77 Brazil: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 78 Brazil: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 79 Mexico: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 80 Mexico: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 81 Mexico: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 82 Rest of Lain America: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 83 Rest of Lain America: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 84 Rest of Lain America: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
Table 85 Middle East & Africa: Agriculture Equipment Market Size, by Type, 2020–2029 (USD Million)
Table 86 Middle East & Africa: Agriculture Equipment Market Size, by Mode of Operation, 2020–2029 (USD Million)
Table 87 Middle East & Africa: Agriculture Equipment Market Size, by Application, 2020–2029 (USD Million)
List of Figures
Figure 1 Research Process
Figure 2 Key Secondary Sources
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed
Figure 5 Breakdown of Primary Interviews (Supply-side & Demand-side)
Figure 6 Market Sizing and Growth Forecast Approach
Figure 7 Tractors Segment is estimated to Dominate the Market in 2022
Figure 8 Manual Segment is estimated to Dominate the Market in 2022
Figure 9 Land Development Segment is estimated to Dominate the Market in 2022
Figure 10 Global Agriculture Equipment Market Geographic Snapshot, 2022
Figure 11 Market Dynamics
Figure 12 Global Agriculture Equipment Market Size, by Type, 2022 Vs. 2029 (USD Million)
Figure 13 Global Agriculture Equipment Market Size, by Mode of Operation, 2022 Vs. 2029 (USD Million)
Figure 14 Global Agriculture Equipment Market Size, by Application, 2022 Vs. 2029 (USD Million)
Figure 15 Global Agriculture Equipment Market Size, by Region, 2022 Vs. 2029 (USD Million)
Figure 16 Key Growth Strategies Adopted by Leading Players (2019–2022)
Figure 17 Agriculture Equipment Market: Competitive Benchmarking, by Type
Figure 18 Deere & Company: Financial Overview (2022)
Figure 19 AGCO Corporation: Financial Overview (2021)
Figure 20 KUBOTA Corporation: Financial Overview (2021)
Figure 21 Mahindra & Mahindra Ltd.: Financial Overview (2022)
Figure 22 Valmont Industries, Inc.: Financial Overview (2021)
Figure 23 SDF S.p.A.: Financial Overview (2021)
Figure 24 ISEKI & CO., LTD.: Financial Overview (2021)
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Jan-2023
Published Date: Jan-2023
Published Date: Jan-2023
Published Date: Jan-2023
Published Date: Jan-2023
