New York, NY, May 22, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Agriculture and Farm Equipment Market Share, Size, Trends, Industry Analysis Report, By Type (Tractors, Harvesters, Soil Preparation & Cultivation, Irrigation & Crop Processing, Agriculture Spraying Equipment, Hay & Forage Machines, Others), By Automation, By End-Users, By Region, Segments & Forecast, 2023 – 2032” in its research database.
“As per the latest research analysis, the global agriculture and farm equipment market size/share will be valued at roughly USD 70.57 Billion in 2022, and its revenue is projected to reach about USD 111.17 Billion by 2032. The market is forecasted to expand at a compound annual growth rate of approximately 4.67% between 2023 and 2032.”
What is Agriculture and Farm Equipment? How Big Is Agriculture and Farm Equipment Market Share?
- Overview
Agriculture and farm equipment is any type of machinery used on a farm to ease farming. There are a number of devices available used in farming and agriculture, including tractors, and sprayers. Combine harvester, brush cutters, mowers, rakes, cultivator, and others. These types of equipment are used in both organic and nonorganic farming. With rapid industrialization, various technologically advanced machines were introduced.
These machines save time in terms of manual farming. Also, they are designed to increase efficiency and reduce waste and productivity. Overall, agriculture and farm equipment play a critical role in modern agriculture. Growing demand for farm mechanization in the agriculture sectors of developing nations and an increase in farmers’ income are driving the agriculture and farming equipment market size. Increased use of advanced technology is expected to propel the market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Deere & Company
- CNH Industrial NV
- AGCO Corporation
- Kuhn Group
- Krushi Chang Harvesters
- Morris Equipment Ltd.
- Tractors & Farm Equipment Limited
- Valmont Industries Inc.
- Mahindra & Mahindra Ltd.
- Tractor and Farm Equipment Limited (TAFE)
- Excel Industries
- Krone UK Group
- Kubota Corporation
- SDF S.p.A
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Prominent Growth Driving Factors
- Favorable government regulations: Rising introduction of beneficial government policies and regulations associated with agriculture and farming fuels the agriculture and farming equipment market growth.
- Technological advancements: The market for agriculture and farm equipment is expanding as a result of technological developments that help boost productivity, lower labor costs, and enhance the accuracy of farming operations.
- Population growth and urbanization: Rising population and urbanization in developing nations have led to an increase in the requirement for efficient and supportable agricultural operations to fulfill the increasing demand for food is expected to boost the industry expansion. Also, there is an increase in demand for farm mechanization in developing countries.
- Government support: Governments around the world are providing subsidies and incentives to support farmers in purchasing agricultural equipment. These initiatives aim to promote modernization, increase productivity, and improve the overall efficiency of the agricultural sector. These factors positively influence market growth.
Speak to the Analyst to understand the scope and latest trends in the global market
Top Report Findings:
- Rising mechanization in the agriculture sector and increasing technological developments is likely to foster the agriculture and farming equipment market demand.
- The market is segmented based on type, automation, end users, and region
- Europe is anticipated to experience considerable growth during the forecast period.
Top Trends in the Market
- Continuous innovation: Many manufacturers and suppliers operating in the industry are continuously developing new and enhanced equipment and technologies to fulfill the growing needs of farmers and the agriculture industry.
- For instance, based on data from the Association of Equipment Manufacturers (AEM), tractor sales in the United States witnessed a notable growth of 15.3% in 2021, reaching a total of 244,637 units sold. Similarly, the China Association of Automobile Manufacturers (CAAM) reported a 12.8% increase in tractor sales in China in 2020, amounting to 228,300 units sold.
- Farm loan waiver schemes: The implementation of farm loan waiver schemes can enhance the purchasing power of farmers by relieving their financial burdens, thereby stimulating the demand for farm machinery and equipment. This is one of the key agriculture and farming equipment market trends enhancing its growth.
Segmental Analysis
- Harvester segment is predicted to register the fastest CAGR over the anticipated period
Based on the type of agriculture and farming equipment market segmentation, the harvester category is expected to grow at the fastest CAGR during the predicted period owing to the growing demand for efficient harvesting machines that can save labor costs and operational time required for harvesting. In addition, increasing precision farming trends and the requirement for greater agricultural productivity and efficiency have accelerated the segment’s growth. Furthermore, the increasing adoption of cutting-edge technologies like GPS, sensors, and automation in contemporary harvesters has enhanced their precision, productivity, and user-friendliness, leading to a further surge in their market popularity.
- Semi-automatic equipment segment is estimated to hold the largest agriculture and farming equipment market share during foreseen period
Based on automation, the semi-automatic equipment category dominated the market in recent years, especially in developing nations. This growth can be attributed to its low cost and availability of semi-automatic equipment than fully automated equipment. Semi-automatic equipment saves cost, making it the best option for option for small and medium-scale farmers in developing economies. In addition, semi-automatic equipment can be used in numerous applications such as tilling, sowing, harvesting, and plowing, which is likely to accelerate the segment growth of the agriculture and farming equipment market.
- The original equipment manufacturers (OEMs) segment is anticipated to experience the fastest growth throughout the study period
By end-users, the original equipment manufacturers (OEMs) category is projected to generate the fastest progress in the coming years. Within the agriculture and farm equipment industry, original equipment manufacturers (OEMs) play a crucial role in the design and manufacturing of a diverse array of machinery, encompassing tractors, harvesters, irrigation systems, and seed drills. By supplying farmers with essential tools for optimizing productivity and efficiency, they play a pivotal role in the agricultural sector. Another factor supporting the segment growth is the increasing mechanization in the agriculture industry which has led farmers to depend more on advanced equipment to accomplish various tasks.
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Agriculture and Farm Equipment Market: Segments & Scope Analysis
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 111.17 Billion |
| Market size value in 2023 | USD 73.72 Billion |
| Expected CAGR Growth | 4.67% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Deere & Company, CNH Industrial NV, AGCO Corporation, Kuhn Group, Krushi Chang Harvesters, Morris Equipment Ltd., Tractors & Farm Equipment Limited, Valmont Industries, Inc., Mahindra & Mahindra Ltd., Tractor and Farm Equipment Limited (TAFE), Excel Industries, Krone UK Group, Kubota Corporation, SDF S.p.A |
| Segments Covered | By Type, By Automation, By End Users, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographical Overview
Europe: The market is showing steady growth owing to factors such as increased productivity, the escalating use of cutting-edge farming technologies, and rising food need. Further, there is a rising need for smaller, more efficient farming equipment from various small and medium-sized farms. In addition, the growing demand for sustainable agriculture and organic farming has resulted in an increase in demand for specialized equipment for these practices, thereby driving the regional growth in agriculture and farming equipment market.
Browse the Detail Report “Agriculture and Farm Equipment Market Share, Size, Trends, Industry Analysis Report, By Type (Tractors, Harvesters, Soil Preparation & Cultivation, Irrigation & Crop Processing, Agriculture Spraying Equipment, Hay & Forage Machines, Others), By Automation, By End-Users, By Region, Segments & Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/agriculture-and-farm-equipment-market
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Recent Developments
- In September 2022, As part of its efforts to mitigate CO2 emissions, KUBOTA Corporation introduced a novel electric tractor model, the LXe-261, to the European market.
- In March 2022, New Holland Agriculture, a subsidiary of CNH Industrial, extended its dealership network in India by appointing 12 additional dealers in various locations. This expansion aims to provide advanced mechanization solutions to farmers across the country.
The Report Responds to The Following Key Questions
- What will be the market size and growth rate by the conclusion of the forecast period?
- What are the major trends that are influencing its growth?
- Who are the key players in this market?
- Which are the key areas of applications and product types that may expect a huge demand during the forecast period?
- What are the main findings of Porter’s five forces analysis and the SWOT analysis of the major companies in the market?
- What are the key strategies adopted by companies in the impact market?
Polaris Market Research has segmented the Agriculture and Farm Equipment market by type, automation, end users and region:
By Type Outlook
- Tractors
- Harvesters
- Soil Preparation & Cultivation
- Irrigation & Crop Processing
- Agriculture Spraying Equipment
- Hay & Forage Machines
- Others
By Automation Outlook
- Automatic
- Semi-automatic
- Manual
By End Users Outlook
- Original Equipment Manufacturers (OEMs)
- Aftersales
By Region Outlook
- North America (U.S, Canada, Mexico)
- Asia-pacific (China, Japan, India, Australia, Rest of Asia- pacific)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- LAMEA (Latin America, Middle East & Africa)
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