Global market share for agriculture and farm equipment is estimated to exceed USD 111.17 billion by 2032, at 4.67% CAGR Growth: Polaris Market Research (2023)

New York, NY, May 22, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled"Agriculture & Farm Equipment Market Share, Size, Trends, Industry Analysis Report, By Type (Tractors, Combines, Soil Preparation & Cultivation, Irrigation & Crop Treatment, Agriculture Spray Equipment, Hay & Forage Machinery, Others), By End, -Users, By Region, Segments & Forecast, 2023 – 2032”in the research database.

"According to the latest research analysis, the globalagriculture and farm equipment market size/sharewill be valued at around $70.57 billion in 2022 and its revenue isit is projected to reach approximately $111.17 billion by 2032. The market is expected to expand to acompound annual growth rate of about 4.67%between 2023 and 2032".

What isAgriculture and Farm Equipment; How big is the market share of agriculture and farm equipment?

  • overview

Farming and farm equipment is any type of machinery used on a farm to facilitate farming. There are a number of devices available that are used in agriculture and farming, including tractors and sprayers. Combine harvester, brush cutters, lawn mowers, rakes, cultivators and more. These types of equipment are used in both organic and non-organic farming. With rapid industrialization various technologically advanced machines were introduced.

These machines save time when it comes to manual cultivation. They are also designed to increase efficiency and reduce waste and productivity. Overall, agriculture and farm equipment play a critical role in modern agriculture. Growing demand for agricultural mechanization in the agriculture sectors of developing countries and increasing income of farmers are driving the size of the agriculture and farm equipment market. Increased use of advanced technology is expected to drive market growth.

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(A sample of this report is readily available upon request. The sample report contains a brief introduction to the research report, a table of contents, a graphical introduction to the regional analysis, leading market players with their revenue analysis, and our research methodology .)

Our reference sample covers:

  • 2032 Updated report Introduction, Overview and in-depth analysis of the industry.
  • 115+ Page Research Report (Including Up-to-date Research).
  • Provide capital guidance on requests.
  • Updated regional analysis 2023 with graphical representation of size, share and trends
  • Includes Updated List of Tables and Figures.
  • The updated report includes leading market players with their business strategy, sales volume, and revenue analysis.

Some of the leading market players are:

  • Deere & Company
  • CNH Industrial NV
  • AGCO Corporation
  • Kuhn Group
  • Krushi Chang Combine Harvesters
  • Morris Equipment Ltd.
  • Tractors & Farm Equipment Limited
  • Valmont Industries Inc.
  • Mahindra & Mahindra Ltd.
  • Tractor and Farm Equipment Limited (TAFE)
  • Excel Industries
  • The Krone UK Group
  • Kubota Corporation
  • SDF S.p.A

To know an additional list of key players, request here to download a free reference PDF brochure:

Prominent factors driving growth

  • Favorable government regulations: Increasing introduction of beneficial government policies and regulations related to agriculture and farming is fueling the growth of the agriculture and farm equipment market.
  • Technological developments: The market for agriculture and farm equipment is expanding as a result of technological developments that help increase productivity, reduce labor costs and enhance the precision of agricultural operations.
  • Population growth and urbanization: Growing population and urbanization in developing countries has led to an increase in the requirement for efficient and supportive agricultural activities to meet the growing demand for food is expected to stimulate the expansion of the industry. There is also an increase in demand for farm mechanization in developing countries.
  • Government support:Governments around the world provide subsidies and incentives to support farmers in purchasing agricultural equipment. These initiatives aim to promote modernisation, increase productivity and improve the overall efficiency of the agricultural sector. These factors positively influence the growth of the market.

Talk to the Analystunderstand the scope and latest trends in the global market

Top reference findings:

  • Increasing mechanization in the agricultural sector and increasing technological advancements are likely to boost the market demand for agriculture and farm equipment.
  • The market is segmented on the basis of type, automation, end users, and region
  • Europe is expected to witness significant growth during the forecast period.

Top market trends

  • Continuous innovation:Many manufacturers and suppliers active in the industry are constantly developing new and improved equipment and technologies to meet the growing needs of farmers and the agricultural industry.
  • For example, based on data from the Association of Equipment Manufacturers (AEM), tractor sales in the United States showed a remarkable increase 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, reaching 228,300 sales.
  • Farm Loan Waiver Schemes:The implementation of farm loan waiver programs can enhance the purchasing power of farmers by easing their financial burdens, thereby boosting the demand for farm machinery and equipment. This is one of the key market trends in the agriculture and farm equipment sector that are boosting its growth.

Sectional Analysis

  • The Harvester segment is projected to register the fastest CAGR during the forecast period

Based on the type of agriculture and farm equipment market segmentation, the harvester category is expected to grow at the fastest CAGR during the forecast period owing to the increasing demand for efficient harvesting machines that can save labor costs and operational time required for harvesting . Moreover, the growing trends of precision agriculture and the requirement for greater agricultural productivity and efficiency have accelerated the growth of the segment. In addition, the increasing adoption of cutting-edge technologies such as GPS, sensors and automation in modern combines has improved accuracy, productivity and user-friendliness, leading to a further increase in their popularity in the market.

  • The semi-automatic equipment segment is estimated to hold the largest market share in the agriculture and farm equipment sector during the forecast period

Based on automation, the semi-automatic equipment category has dominated the market in recent years, especially in developing countries. This growth can be attributed to the low cost and availability of semi-automated equipment over fully automated equipment. Semi-automatic equipment saves costs, making it the best choice for small and medium farmers in developing economies. In addition, semi-automatic equipment can be used in numerous applications such as ploughing, seeding, harvesting and ploughing, which is likely to accelerate the growth of the agricultural and farming equipment market segment.

  • The original equipment manufacturers (OEM) segment is expected to witness the fastest growth throughout the study period

Among the end-users, the original equipment manufacturer (OEM) category is projected to generate the fastest growth in the coming years. In the agriculture and farm equipment industry, original equipment manufacturers (OEMs) play a critical role in the design and manufacture of a variety of machinery, including tractors, combines, irrigation systems and seed drills. By providing farmers with essential tools to optimize productivity and efficiency, they play a central role in the agricultural sector. Another factor supporting the growth of the segment is the increasing mechanization in the agricultural industry, which has led farmers to become more dependent on advanced equipment to perform various tasks.

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Agriculture and Farm Equipment Market: Segments & Scope Analysis

Attribute reference Details
Revenue forecast for 2032 111.17 billion US dollars
Market size value in 2023 73.72 billion USD
Expected CAGR growth 4.67% from 2023 - 2032
Base year 2022
Forecast year 2023 – 2032
Leading 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
Covered sections By Type, By Automation, By End Users, By Region
Customization options Custom purchase options are available to meet any research needs.Explore custom purchase options

Geographical Survey

Europe: The market is witnessing steady growth due to factors such as increased productivity, escalating use of cutting-edge technologies in agriculture, and growing food needs. In addition, there is a growing need for smaller, more efficient agricultural equipment from various small and medium-sized farms. In addition, the growing demand for sustainable agriculture and organic farming has led to an increase in the demand for specialized equipment for these practices, thereby driving regional growth in agriculture and the agricultural equipment market.

Browse the detailed report"Agriculture & Farm Equipment Market Share, Size, Trends, Industry Analysis Report, By Type (Tractors, Combines, Soil Preparation & Cultivation, Irrigation & Crop Treatment, Agriculture Spray Equipment, Hay & Forage Machinery, Others), By End, -Users, By Region, Segments & Forecast, 2023 – 2032”with detailed TOC:

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Recent developments

  • In September 2022, as part of its efforts to mitigate CO2 emissions, KUBOTA Corporation introduced a new electric tractor model, the LXe-261, to the European market.
  • In March 2022, New Holland Agriculture, a subsidiary of CNH Industrial, expanded its dealer network in India by appointing 12 additional dealers at various locations. This expansion aims to provide advanced mechanization solutions to farmers across the country.

The Report answers the following key questions

  • What will be the market size and growth rate by the end of the forecast period?
  • What are the main trends affecting its development?
  • Who are the key players in this market?
  • What are the key application areas and product types likely to expect huge demand during the forecast period?
  • What are the main findings of Porter's five forces analysis and SWOT analysis of major market companies?
  • What are the key strategies adopted by companies in the impact market?

PolarisMarket Research has segmented the Agriculture and Farm Equipment market by type, automation, end-users and region:

By Outlook type

  • Tractor
  • Combine harvester
  • Soil Preparation & Cultivation
  • Irrigation & Crop Processing
  • Agricultural Spraying Equipment
  • Hay & Forage Machinery
  • Others

With Automation Outlook

  • Automatic
  • Semiautomatic
  • Handbook

From end-user Outlook

  • Original Equipment Manufacturers (OEM)
  • After the sale

By Region Outlook

  • North America (USA, Canada, Mexico)
  • Asia Pacific (China, Japan, India, Australia, Rest of Asia Pacific)
  • Europe (Germany, United Kingdom, France, Spain, Italy, Rest of Europe)
  • LAMEA (Latin America, Middle East and Africa)

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About Polaris Market Research:

Polaris Market Researchis a global market research and consulting firm. The company specializes in providing excellent market intelligence and in-depth business research services to PMR's cross-business clientele. We at Polaris are committed to serving PMR's diverse customer base that exists across the healthcare, technology, semiconductor, and chemical industries, among various other industries that exist around the world. We strive to provide PMR clients with up-to-date information on innovative technologies, high growth markets, emerging business environments and latest business applications, thereby helping them to always make informed decisions and capitalize on new opportunities. Seasoned with a highly skilled, experienced and highly qualified team of experts consisting of SMEs, analysts and consultants, we at Polaris strive to deliver value-added business solutions to PMR clients.


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Global market share for agriculture and farm equipment is estimated to exceed USD 111.17 billion by 2032, at 4.67% CAGR Growth: Polaris Market Research (1)

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