Agriculture and Farm Equipment/Machinery Global Market Report 2024

The global agriculture and farm equipment/machinery market is expected to see strong growth in the next few years. It will grow to $233.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period is driven by increasing global demand for food, the widespread adoption of mechanization and automation, the integration of smart farming solutions, initiatives promoting sustainable agriculture, and the widespread adoption of precision agriculture practices. Key trends expected in the forecast period involve collaborative efforts and integration, addressing labor scarcity through enhanced efficiency, prioritizing customization and adaptability, adapting to climate change, and the widespread adoption of IoT sensors.

The expanding global population is poised to be a significant driver propelling growth within the agriculture and farm equipment/machinery market. As population numbers surge, the demand for food also rises, necessitating increased mechanization in agriculture to meet this heightened food demand efficiently. This surge in demand for mechanization is anticipated to significantly drive the market for agriculture and farm equipment/machinery. For instance, as forecasted by The United Nations, the global population is estimated to expand by 2 billion individuals in the next 30 years, reaching 9.7 billion by 2050. This substantial growth in population is expected to be a key impetus behind the flourishing agriculture and farm equipment/machinery market.

The escalating preference for organic food is projected to fuel the growth trajectory of the agriculture and farm equipment/machinery market. The burgeoning interest in organic food, produced without synthetic pesticides, GMOs, or artificial additives, has led to a demand for advanced equipment in organic farming. The integration of agricultural equipment in organic farming practices can enhance efficiency, precision, weed, and pest management, as well as soil health. Over time, this reliance on machinery can yield cost savings by augmenting productivity and reducing the reliance on manual labor. Notably, in May 2023, the Organic Trade Associations (OTA) reported a milestone achievement, with organic food sales in the US reaching $60 billion in 2022, underscoring the market impetus stemming from heightened demand for organic food.

Technological advancements are increasingly shaping the landscape of the agriculture and farm equipment/machinery market. Major industry players are at the forefront of pioneering cutting-edge technologies, exemplified by innovations like the Unnati drone spray service for farmers. Launched in May 2022 by Unnati, an India-based fintech-driven agriculture ecosystem platform, this service harnesses drone technology and artificial intelligence (AI) to deliver enhanced farming solutions. A notable feature of this service is the fleet of drones equipped with the capability to spray water, insecticides, and fertilizers over one acre of land in under eight minutes, thereby conserving up to 95% of water usage. These drones leverage high-precision spraying techniques and incorporate AI for optimized spray system utilization, ensuring safe application and minimizing exposure to harmful chemicals for farmers.

Major players within the agriculture and farm equipment/machinery market are directing their efforts towards pioneering product innovations, exemplified by the introduction of ISI marked agricultural equipment, to fortify their market positions and drive revenue growth. These advanced agricultural devices, as showcased by Balwaan Agri's launch in July 2023, significantly enhance farmers' capabilities, enabling them to achieve previously unattainable crop yields while promoting sustainable farming practices and bolstering overall agricultural productivity. This innovative range of equipment stands as a testament to extensive research and development, blending state-of-the-art technology with profound industry expertise. The primary aim of these cutting-edge solutions is to address farmers' challenges while striving for minimal environmental impact, empowering them to achieve superior outcomes.

In August 2021, John Deere, a prominent US-based agricultural machinery manufacturer, solidified its position in the market by acquiring Bear Flag Robotics for a substantial sum of $250 million. This strategic acquisition underscored John Deere's commitment to advancing automation and autonomy within farming practices. The acquisition aimed to leverage Bear Flag Robotics' expertise in autonomous farming technology to develop and deliver sophisticated machinery equipped with advanced automation, thus fostering smarter and more efficient agricultural practices for enhanced productivity.

Major companies operating in the agriculture and farm equipment/machinery market report are Deere & Company, AGCO Corporation, Mahindra & Mahindra Limited, Kubota Corporation, CNH Industrial N.V., Escorts Kubota Limited, AGROSTROJ Pelhrimov a.s., China National Machinery Industry Corporation, J.C. Bamford Excavators Limited, SDF Group, Agromaster, Iseki & Co. Ltd., Exel Industries, CLAAS Group, Bucher Industries AG, Yanmar Co.Ltd., Kverneland Group, The Kuhn Group, Farmtrac Tractors Europe sp. z o.o., JOST Werke AG, Pöttinger Landtechnik GmbH, SAME DEUTZ-FAHR Italia S.p.A., McCormick Tractors International Limited, Tractors and Farm Equipment Limited, New Holland Agriculture, Case IH, Massey Ferguson Limited, Valtra, GRIMME Landmaschinenfabrik GmbH & Co. KG, Lemkem

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

The countries covered in the agriculture and farm equipment/machinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The agriculture and farm equipment/machinery market consists of sales of harvesters, soil preparation and cultivation, irrigation and crop processing, agriculture spraying equipment, hay and forage machines, and other agriculture and farm equipment/machinery. 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 primary product categories within agriculture and farm equipment/machinery encompass tractors, rotavators, threshers and dehuskers, power tillers, power weeders, ploughs, balers, and seed drills. Tractors, a key component, facilitate various farm activities such as plowing, tilling, and sowing by attaching different implements. These large-wheeled vehicles play a crucial role in pulling farm machinery and providing the necessary power for other equipment to function effectively. Ownership models include individual ownership and rental arrangements. Applications of these machinery types span land development and seedbed preparation, sowing and planting, plant protection, harvesting and threshing, post-harvest processes, and agro-processing.

The global agriculture and farm equipment/machinery market has grown strongly in recent years. It will grow from $174.12 billion in 2023 to $184.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The expansion observed in the historical period can be credited to factors such as advancements in education and research, infrastructure development, the industrialization of agriculture, progress in crop science, and challenges arising from rural labor scarcity.

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.


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