Agricultural Implement Global Market Opportunities and Strategies to 2033

This report describes and explains the agricultural implement market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global agricultural implement market reached a value of nearly $241.6 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.76% since 2018. The market is expected to grow from $241.6 billion in 2023 to $325.11 billion in 2028 at a rate of 6.12%. The market is then expected to grow at a CAGR of 5.56% from 2028 and reach $426.02 billion in 2033.

Growth in the historic period resulted from the increasing agricultural commodity prices, rising wages and shortage of agricultural labor in developed countries and migration to urban areas. Factors that negatively affected growth in the historic period were a lack of awareness and education and high initial costs of modern agricultural implements.

Going forward, supportive government policies and financial incentives, increasing world population and water scarcity in certain regions will drive the market. Factors that could hinder the growth of the agricultural implement market in the future include restrictions on imports of agricultural implements and economic uncertainties or downturns.

The agricultural implement market is segmented by type into farm machinery and equipment, lawn and garden tractor and home lawn and garden equipment, tools, gearboxes, clutches and parts and other types. The farm machinery and equipment market was the largest segment of the agricultural implement market segmented by type, accounting for 33.98% or $87.44 billion of the total in 2023. Going forward, the gearboxes segment is expected to be the fastest growing segment in the agricultural implement market segmented by type, at a CAGR of 7.68% during 2023-2028.

The farm machinery and equipment market is segmented by type into cotton ginning machinery, combines (i.e., harvester-threshers), fertilizing machinery, haying machines, poultry brooders, feeders and waterers, milking machines, planting machines, feed processing equipment, plows and other farm machinery and equipment. The other farm machinery and equipment market was the largest segment of the farm machinery and equipment market segmented by type, accounting for 29.76% or $24.43 billion of the total in 2023. Going forward, the milking machines segment is expected to be the fastest growing segment in the farm machinery and equipment market segmented by type, at a CAGR of 9.21% during 2023-2028.

The lawn and garden tractor and home lawn and garden equipment market is segmented by type into push lawn mowers, riding mowers and other lawn and garden tractor and home lawn and garden equipment. The push lawn mowers market was the largest segment of the lawn and garden tractor and home lawn and garden equipment market segmented by type, accounting for 58.23% or $24.54 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the lawn and garden tractor and home lawn and garden equipment market segmented by type, at a CAGR of 6.90% during 2023-2028.

The agricultural implement market is segmented by operation into autonomous, semi-autonomous and manual. The manual market was the largest segment of the agricultural implement market segmented by operation, accounting for 57.20% or $142.17 billion of the total in 2023. Going forward, the autonomous segment is expected to be the fastest growing segment in the agricultural implement market segmented by operation, at a CAGR of 25.21% during 2023-2028.

The agricultural implement market is segmented by application into land development and seed bed preparation, sowing and planting, weed cultivation, plant protection, harvesting and threshing and post-harvest and agro processing and other applications. The other applications market was the largest segment of the agricultural implement market segmented by application, accounting for 35.3% or $85.33 billion of the total in 2023. Going forward, the post-harvest and agro processing segment is expected to be the fastest growing segment in the agricultural implement market segmented by application, at a CAGR of 12.64% during 2023-2028.

The agricultural implement market is segmented by capacity into small, medium and large. The small market was the largest segment of the agricultural implement market segmented by capacity, accounting for 42.9% or $103.57 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the agricultural implement market segmented by capacity, at a CAGR of 6.20% during 2023-2028.

North America was the largest region in the agricultural implement market, accounting for 33.11% or $80.0 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the agricultural implement market will be the Middle East and Africa, where growth will be at CAGRs of 11.91% and 11.80% respectively. These will be followed by South America and Asia-Pacific, where the markets are expected to grow at CAGRs of 10.64% and 7.21% respectively.

The agricultural implement market is fairly concentrated, with a large number of players operating in the market. The top ten competitors in the market made up to 35.02% of the total market in 2022. The market concentration can be attributed to the presence of a large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Deere & Company was the largest competitor with a 14.14% share of the market, followed by CNH Industrial N.V. with 7.98%, AGCO Corporation with 4.87%, CLAAS KGaA mbH with 2.02%, Kubota Corporation with 1.74%, Mahindra Group with 1.48%, China National Machinery Industry Corporation (Sinomach) with 1.20%, SDF Group with 0.73%, Iseki & Co. Ltd. with 0.48% and J.C. Bamford Excavators Limited with 0.37%.

The top opportunities in the agricultural implement market segmented by type will arise in the farm machinery and equipment segment, which will gain $27.95 billion of global annual sales by 2028. The top opportunities in the farm machinery and equipment market segmented by type will arise in the other farm machinery and equipment segment, which will gain $10.41 billion of global annual sales by 2028. The top opportunities in the lawn and garden tractor and home lawn and garden equipment market segmented by type will arise in the push lawn mowers segment, which will gain $9.72 billion of global annual sales by 2028. The top opportunities in the agricultural implement market segmented by capacity will arise in the small segment, which will gain $36.36 billion of global annual sales by 2028. The top opportunities in the agricultural implement market segmented by application will arise in the other applications segment, which will gain $24.99 billion of global annual sales by 2028. The top opportunities in the agricultural implement market segmented by mode will arise in the semi-autonomous segment, which will gain $50.88 billion of global annual sales by 2028. The agricultural implement market size will gain the most in the USA at $17.78 billion.

Market-trend-based strategies for the agricultural implement market include introduction of eco-friendly or electric tractors, strategic partnerships and collaborations to develop new products, focus on developing innovative and advanced products, development of compact and lightweight agricultural implements, adoption of new technologies to launch automated products and technological innovations in agricultural implements.

Player-adopted strategies in the agricultural implement market include strategic partnerships and collaborations, expanding digital services in agricultural products through strategic acquisition of innovative companies and enhancing business operations through launching new product solutions.

To take advantage of the opportunities, the analyst recommends the agricultural implement companies to focus on sustainable agriculture with eco-friendly implements, focus on advancing agricultural implements for enhanced efficiency, focus on affordable and compact agricultural implements for emerging markets, focus on technological advancements and automation in agricultural implements, focus on milking machines and haying machines for market growth, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations for market expansion, focus on diversifying distribution channels, provide competitively priced offerings, focus on strategic pricing for agricultural implement market success, participate in trade shows and events, continue to use B2B promotions, focus on strategic promotion, focus on post-harvest and agro processing and plant protection applications and focus on targeting end-users with customer-centric approaches.