Powered Agriculture Equipment Global Market Report 2024

Powered agriculture equipment refers to the machinery utilized by farmers for various activities in farming and agriculture. These tools are employed for tasks such as cultivation, weeding, sowing, and tillage.

The main types of products in powered agriculture equipment include tractors, combine harvesters, sprayers, soil preparation and cultivation equipment, seed drills, and other types of agricultural machinery. A tractor is a low-speed, high-power traction vehicle designed for off-road use. Propulsion types in powered agriculture equipment encompass battery-electric and hybrid-electric options. Power outputs of these machines vary and are categorized as < 30 hp, 31-70 hp, 71-130 hp, 131-250 hp, and >250 hp. Powered agriculture equipment finds applications in various tasks, including harvesting, sowing and planting, spraying and fertilizing, among others.

The powered agriculture equipment market research report is one of a series of new reports that provides powered agriculture equipment market statistics, including powered agriculture equipment industry global market size, regional shares, competitors with a powered agriculture equipment market share, detailed powered agriculture equipment market segments, market trends and opportunities, and any further data you may need to thrive in the powered agriculture equipment industry. This powered agriculture equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The powered agriculture equipment market size has grown strongly in recent years. It will grow from $95.75 billion in 2023 to $103.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historical period can be attributed to several factors, including the increasing demand for food due to a growing population, advancements in technology leading to more efficient and productive farming practices, the increasing adoption of precision agriculture techniques, a rising demand for biofuels, and growing government support for agriculture.

The powered agriculture equipment market size is expected to see strong growth in the next few years. It will grow to $140.81 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be attributed to factors such as the growing demand for organic and sustainable farming practices, increased adoption of autonomous and robotic farming equipment, rising demand for precision irrigation systems, a growing focus on reducing the carbon footprint in agriculture, and an increasing demand for smart farming solutions. Key trends expected during this period include the development of electrified and autonomous farm equipment, the integration of IoT (Internet of Things) in agricultural machinery, the use of advanced sensors for real-time monitoring, customization of equipment for precision farming, and the adoption of drone technology for crop monitoring and management.

The growth of the powered agriculture equipment market is anticipated to be driven by the increasing demand for organic food. Organic food is characterized by being certified to have grown in soil free of prohibited substances for three years before harvest. The surge in the organic food sector is expected to drive the need for powered agricultural equipment, as commercial farmers invest in advanced machinery to enhance efficiency, reduce operational costs, and increase overall profitability. According to the United States Department of Agriculture, organic products are now available in approximately 20,000 natural food stores and nearly three-quarters of conventional stores in the US. Consequently, the rising demand for organic food is poised to fuel the demand for powered agriculture equipment in the coming years.

The powered agriculture equipment market is expected to experience growth due to the increase in farm mechanization. Farm mechanization involves the utilization of machinery to replace human and animal labor in agricultural processes, aiming to enhance cropping intensity and the efficient use of various crop inputs. The adoption of enhanced farm equipment and tools is contributing to the growth of powered agriculture equipment. For instance, retail sales data released by the Federation of Automobile Dealers Association in December 2022 indicated a 5.23% increase in the combined retail sales of all tractor brands, reaching 78,563 units, compared to 74,653 units in December 2021. This rise in farm mechanization is anticipated to drive the demand for powered agriculture equipment.

A prominent trend in the powered agriculture equipment market is product innovation, with companies actively developing new solutions to boost crop productivity and household incomes. John Deere, a US-based agricultural machinery manufacturer, showcased a fully autonomous tractor at CES 2022, equipped with six stereo cameras for 360-degree obstacle detection and distance computation.

Strategic collaborations with other organizations to incorporate advanced technologies, such as electric-powered and autonomously operated solutions, are gaining traction in the powered agriculture equipment market. Electric-powered agriculture equipment utilizes battery-powered electrical drives instead of traditional engines and hydraulics. Bobcat Company, a US-based farm and construction equipment manufacturer, announced a partnership with Agtonomy in February 2023 to advance productivity in the agriculture industry. This collaboration aims to bring innovative ideas to enhance the functionality and performance of Bobcat machinery.

In August 2021, Deere & Company, a US-based agricultural machinery manufacturer, acquired Bear Flag Robotics for $250 million. This strategic acquisition is aimed at improving autonomous machinery for farmers and expanding the company's market share. Bear Flag Robotics specializes in autonomous driving technology compatible with existing farming machines.

Major companies operating in the in the powered agriculture equipment market report are AGCO Corporation, Deere & Company, Mahindra & Mahindra Limited, CNH Industrial NV, Kubota Corporation, CLAAS Group, Krone Group, J. C. Bamford Excavators Limited, Yanmar Co Ltd., Same Deutz-Fahr Group, Escorts Limited, Zetor Tractors, Daedong Industrial Company, Argo Tractors SpA, Tractors and Farm Equipment Limited, LS Tractor USA LLC, Iseki & Co. Ltd., Carraro Group, Lely Group, Deutz-Fahr Land, Sampo Rosenlew Ltd., Bucher Industries AG, Rostselmash Ltd., Shifeng Group, Tym Tractors, Kverneland Group, Kukje Machinery Co. Ltd., Art's Way Manufacturing Co. Inc., New Holland Agriculture, Kuhn Group

Asia-Pacific was the largest region in the powered agriculture equipment market in 2023. The regions covered in the powered agriculture equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the powered agriculture equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The powered agriculture equipment market consists of sales of plows, harrows, fertilizer spreaders, seeders and balers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.