Agriculture Equipment Market: Global Industry Analysis and Forecast (2024-2030) by Automation, Type, and Region

Agriculture Equipment Market Definition:

Farm machinery contains a wide range of devices with varying degrees of sophistication, ranging from simple hand-held implements used since prehistoric times to modern mechanised agriculture's complicated harvesters with a combine. Irrigation machinery is one of the most significant agricultural implements. Implements for soil cultivation and machines for planting is also commonly used by farmers. It is a term that refers to the mechanical structures and devices that are utilised in farming and other forms of agriculture. Hand tools and power tools, as well as tractors and the myriad sorts of farm implements that they tow or operate, are all examples of such equipment. Agriculture Equipment Market's segment analysis is provided by type, automation and region.

 

Agriculture equipment makes it possible to achieve a high crop output in a short length of time with low work. Additionally, the adoption of autonomous and semiautomatic agriculture technology reduces the demand for human labour on farms, cutting labour costs. This increases crop output by reducing downtime and allowing for more precise procedures.

 

 

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Agriculture Equipment Market Dynamics:

Farming activities are becoming more mechanised which is fuelling the growth of the market:

 

The global agriculture equipment sector is predicted to rise as the mechanisation of various farming processes such as ploughing, harrowing, planting, harvesting, and tilling increases. As the benefits of using mechanical equipment such as tractors, harvesters, and various attachments become increasingly obvious, farmers' reliance on agriculture equipment develops. The transition in agricultural activities from animal or manual processes to automated technologies can also be another major factor for driving the growth of the agriculture equipment market.  

 

Precision farming also secures the long-term viability of farming operations, increases profitability, and protects land resources, all of which help to raise agricultural productivity. Mechanization is an important component of agricultural crop production that has previously been overlooked in underdeveloped countries. Farmers may produce crops more effectively while using less energy by implementing new ecologically friendly technologies.

 

The market's expansion is being hampered by illiteracy and a lack of appropriate resources:

 

Knowledge has traditionally been seen as a driving force for agricultural development, and society's attention to information and knowledge is growing, as is people's demand for information and knowledge. A well-designed information literacy programme can help unreachable people gain access to information. The term agricultural illiterate refers to a large population of people who have little to no comprehension of where food comes from before it reaches the supermarket. As a result, these illiterate customers have no idea about the advantages of this equipment which is hampering the growth of the agriculture equipment market.

 

Government subsidies and support for mechanisation are providing a major opportunity for the market:

 

A government incentive granted to agribusinesses, agricultural organisations, and farms to supplement their income, manage the supply of agricultural commodities, and impact the cost and supply of such commodities is known as an agricultural subsidy which is also known as an agricultural incentive. Government give subsidy for fertilizers, power, seed, and credit to farmers. Subsidies safeguard the country's food supply. Pathogens, illnesses, and the weather can all affect farms. Subsidies assist farmers in weathering price fluctuations in commodities. Farmers rely on loans, which makes their company somewhat risky but this factor is considered a huge opportunity for the agriculture equipment market.

 

Farmers are unaware of the benefits, which presents a big commercial hurdle for the market:

 

Mechanization may drastically reduce labour costs, especially in labour-intensive crops like rice, corn, and sugar. These machines and automated methods will undoubtedly boost the machine output. Farm equipment mechanisation offers several assistances, counting precise and quick processes, continuous operation irrespective of weather or time, and long-term solutions for heavy and complex tasks like harvest and reinvest. Most of the farmers are not aware of these benefits, and thus these factors are considered a major challenge for the agriculture equipment market.

 

Agriculture Equipment Market Segment Analysis:

By Automation, the market is segmented as Manual, Automatic, Semi-automatic, and Others. The Manual segment dominated the market with a 45.1% share in 2023. Manual material handling operations (e.g. lifting, lowering, pulling, pushing, and carrying heavy items) are common in agricultural activities, resulting in musculoskeletal strains, falls, and spinal injuries, among other things. Apart from this, at the farm, human power is the primary source of operation for small implements and tools. Manual labour is also used for stationary tasks such as chaff cutting, lifting, water, threshing, and winnowing. For farm work, an average guy may create a maximum power of roughly 0.1 hp. Thus by using manually, agricultural equipment the task may be easily completed and considered as a major factor for driving the growth of segment in the agriculture equipment market.

 

However, the Automatic segment is expected to grow at a CAGR of 7.6% through the forecast period. A machine or machine tool such as a spinning machine or lathe that, once configured, operates automatically except for the application of power, lubrication, material supply, and power shutoff which is expected to rise in the forecast period.

 

 

 

By Type, the market is segmented as Tractors, Harvesters, Irrigation and Crop Processing, Hay and Forage Machines. The Harvesters segment dominated the agriculture equipment market with a 38.3% share in 2023. The contemporary combine harvester, often known as a combine, is flexible equipment that can harvest a wide range of grain crops efficiently. The term comes from the fact that it combines four independent harvesting procedures into a single process such as reaping, threshing, gathering, and winnowing. A combined harvester successfully separates weeds from grain, resulting in cleaner grains. The farm may be simply readied for the next crop in less time. From cutting through winnowing, farmers can reduce the entire cost of harvesting. It decreases reliance on human labour. Thus these advantages give lucrative growth for this segment.

 

Agriculture Equipment Market Regional Insights:

The Asia Pacific region dominated the agriculture equipment market with a 35% share in 2023. The Asia-Pacific market is characterised by significant economic development in the region, rising consumer disposable income, and a large consumer base. The Asia-Pacific region's expansion in the agricultural equipment market is being fuelled by rising demand for processed and packaged food, changing lifestyles, and a surge in demand for meat products. India is one of the most important markets for agricultural tractors. In 2019, India used 62.3% of agricultural land, according to the Central Intelligence Agency (CIA). This provides small and marginal farmers with the opportunity to increase farming operations, such as crop yields and harvesting, by adopting the most up-to-date agricultural technologies, hence increasing mechanisation across the world.

 

The objective of the report is to present a comprehensive analysis of the Global Agriculture Equipment market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Agriculture Equipment market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Agriculture Equipment market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Agriculture Equipment market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Global Agriculture Equipment market. The report also analyses if the Global Agriculture Equipment market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few Players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Agriculture Equipment market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Agriculture Equipment market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the global market is aided by legal factors.

 

Agriculture Equipment Market Scope:

Agriculture Equipment Market
Market Size in 2023	USD 127.18 Bn.
Market Size in 2030	USD 176.58 Bn.
CAGR (2024-2030)	4.8%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Automation Manual Automatic Semi-automatic Others
	By Type Tractors Harvesters Irrigation and Crop Processing Hay and Forage Machines
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Agriculture Equipment Market Key Players:

• AGCO Corporation (Duluth, GA)
• Alamo Group Inc. (Seguin, TX)
• ARGO SpA (Italy)
• Bucher Industries AG (Switzerland)
• China National Machinery Industry Corporation (China)
• CLAAS KGaA mbH (Germany)
• CNH Industrial NV (U.K)
• Deere & Company (Moline, IL)
• Escorts Limited, Iseki & Co. Ltd. (India)
• J C Bamford Excavators Ltd. (JCB) (U.K)
• Kubota Corporation (Japan)
• Mahindra & Mahindra Limited (India)
• Same Deutz-Fahr Group S.p.A. (SDF) (China)
• Valmont Industries, Inc. (U.S)
• Yanmar Co. Ltd., Zetor Tractors A.S. (Indonesia)