Agricultural Implement Global Market Report 2024

The agricultural implement market size has grown strongly in recent years. It will grow from $241.6 billion in 2023 to $257.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed in the historical period can be attributed to factors such as migration, population growth, and economic expansion. These factors likely contributed positively to the development and demand within the relevant context. On the other hand, challenges that negatively impacted growth in the historic period included high costs and a lack of awareness, potentially hindering progress and adoption in the specified domain.

The agricultural implement market size is expected to see strong growth in the next few years. It will grow to $325.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. Anticipated growth is driven by favorable government policies, increased access to agriculture finance, technological advances, and growing industry awareness. Key trends include the development of autonomous farm equipment, integration of telematics technology, introduction of robotic lawn mowers, and implementation of robotic milking systems.

The increasing demand for food crops is poised to fuel the expansion of the agricultural implement market. Food crops represent cultivated produce utilized for human consumption. Agricultural implements encompass various tools and machinery used throughout the stages of food crop production to enhance efficiency, diminish labor, and elevate overall agricultural productivity. In December 2022, the Food and Agriculture Organization (FAO), a specialized agency of the United Nations, reported a 2% global uptick in primary crop commodities production, reaching 9.5 billion metric tons in 2021. Cereals constituted 32% of this production, followed by sugar crops at 22% during the same period. This rise in food crop demand is projected to significantly influence the growth trajectory of the agricultural implement market.

The growth trajectory of the agricultural implement market is being bolstered by the anticipated steady economic progress across numerous developed and developing nations. Projections by the International Monetary Fund (IMF) forecast a 3.3% global GDP growth in 2020, rising to 3.4% in 2021. A rebound in commodity prices after a substantial decline in the previous period is expected to further support market expansion. Moreover, stable economic growth predictions in both developed and emerging markets are anticipated, with the latter likely to maintain a slightly higher growth rate compared to developed economies throughout the forecast period. This steady economic growth is anticipated to drive increased investments within end-user markets, consequently propelling growth within the agricultural implement market.

Major corporations within the agriculture implement market are actively pursuing technologically sophisticated agricultural machinery to bolster their competitive edge and enrich their product portfolios. This advanced machinery pertains to the utilization of contemporary technology and equipment in farming operations, aiming to enhance efficiency, productivity, and sustainability. For example, in August 2021, AGCO Corporation, a prominent US-based agricultural machinery manufacturer, unveiled the Massey Ferguson VE Series planters. This extensive range of planters encompasses various models, such as rigid and folding-frame planters, narrow transport variants, and track planters. The Massey Ferguson VE Series planters represent cutting-edge precision planting tools and technologies, ensuring precise planting performance while minimizing downtime, wear and tear, and maintenance requirements. Engineered to furnish farmers with dependable, straightforward, and robust planting equipment, these planters ensure accurate seed placement, ultimately fostering optimal yields.

Farm machinery manufacturers are now offering driverless tractors and robots to both individual farmers and corporate farming enterprises. These driverless tractors and robots mechanize the weeding and harvesting processes, employing GPS and sensors, and can be operated via a tablet or smartphone. Such technological advancements are notably known to amplify farm output significantly while concurrently reducing labor costs. As per a Goldman Sachs report, automated tractors have the potential to elevate farmer revenue by over 10% and slash farm labor expenses. Companies such as CNH Industrial, Deere, and AGCO are actively engaged in developing and implementing these driverless tractor and robot technologies.

Major companies operating in the agricultural implement market report are Deere & Company, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, CLAAS KGaA mbH, China National Machinery Industry Corporation (Sinomach), Mahindra Group, Iseki & Co., Ltd., SDF Group, Escorts Limited, Tractors and Farm Equipment Limited (TAFE), Sonalika Group, HMT Limited, Force Motors, Singha Components Pvt Ltd., PREET, Standard Tractors, YTO Group, Cixi City Best Power Tools Co., Ltd., Lovol Heavy Industry CO., LTD., Weichai Power, Wuyang Huifang Modern Agri-Machinery Co. Ltd., Wendeng First General Machinery Manufacturing, Mitsubishi Agricultural Machinery, Yanmar, Iseki and Sun SelectJapan co., Ltd., Fendt, Deutz-Fahr, Husqvarna, Kuhn Group, Kverneland Group, Krone, Grimme Group, JCB Limited, Väderstad, Maschio Gaspardo S.p.A., Alo AB, Horsch, New Holland, Zetor, Ursus, Case IH, Pronar, Farmtrac, Crystal Traktor, VUAZ AGRO, AGROSTROJ Pelhrimov, Massey Ferguson, AriensCo, Great Plains Manufacturing, Venture Products, Amerequip, Crary, Koenig Equipment, Saba International Co. Company, Al-muktar Llc, Al Falah Agricultural Equipments, Prime Tech Middle East Fze, Agripak Tractors General Trading Llc, Star Holland Used Heavy Equipment Trading LLC, Timothy Agricultural Equipment, Modern Machinery Egypt, Elmasrya Co. For Agricultural Machinery, Hawk Egypt, Agrozenit Agricultural Equipment, Çelmak Tarım Makinaları San. Tic. Ltd. Şti., Agri Supplies, Agro Master, ARGO Industrial, Bell Equipment, BEPCO, Bestbier, BHBW, Big Dutchman, BPI Manufacturing, Cape Agricultural Products, Morris Industries Limited, DICKEY-John Corporation and Jupidex, DICLA, Enorossi, Falcon Equipment, GC Tillage, Gomselmash, Green Zone, Hose Manufacturer's (PTY) Limited, Jinma Tractors South Africa, Landini, Mascor, Monosem, Netafim Limited, NHSA Agriculture Parts, Northmec, Orchard Agrimek, Radium Engineering, Rebelo Agricultural Group, Southtrade, Valmont Industries Incorporated, Valtra, Vermeer equipment Sales, World Group Company Limited, Yanmar Company Limited.

Asia-Pacific was the largest region in the agricultural implement market in 2023. North America was the second largest region of the agricultural implement market. The regions covered in the agricultural implement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the agricultural implement market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The agricultural implements market consists of sales of harvesting implements, planting machines, soil cultivation implements, and irrigation 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 types of agricultural implements include farm machinery and equipment, as well as lawn and garden tractors, along with home lawn and garden equipment. Farm machinery and equipment encompass various tools utilized in farming operations, which can be autonomous, semi-autonomous, or manual. These machines come in different capacities, including small, medium, and large. They are employed in various stages of the agricultural process, including land development and seedbed preparation, sowing and planting, weed cultivation, plant protection, harvesting and threshing, and post-harvest and agro-processing.

The agricultural implement market research report is one of a series of new reports that provides agricultural implementation market statistics, including agricultural implement industry global market size, regional shares, competitors with an agricultural implement market share, detailed agricultural implement market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural implement industry. This agricultural implement 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 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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