The global farm equipment market is evaluated at US$89.225 billion for the year 2022 growing at a CAGR of 5.69% reaching the market size of US$131.481 billion by the year 2029.
Farm equipment includes tools, machinery, and maintenance supplies created for use on farms in connection with the production or processing of food resources for market use. It includes tools for harvesting, haying and foraging, and irrigation. These tools aid in lowering labor requirements, enhancing crop quality, and cutting down on the amount of time required for agricultural activity.
Sprayers and self-propelled spreaders cover a large area per day while also operating more efficiently and quickly. These devices make sure that nutrients and safeguards are distributed uniformly, which helps to lower total expenses and increase crop yields. Machine-operated sprayers come in a wide variety of low-pressure, high-pressure, fogger, and air-carrying variations. There are manual, tractor-mounted, and aerial versions of these sprayers. The towed or vehicle-mounted sprayers also provide the modern farmer with many advantages, offering increased operating freedom.
Due to the expanding human population and the ensuing need for increased production to meet the demand for food, the market is gaining significant traction on a global scale. The demand for premium packaged foods as well as the accelerating pace of industrialization and rising purchasing power of consumers is enhancing the market outlook. The demand for planting and fertilizing technology, as opposed to hand planting and fertilizing procedures, is primarily driven by the rising demand for agricultural products. The market for planting and fertilizer equipment is also anticipated to expand significantly.
Additionally, government organizations are putting efforts into action in a number of nations around the world to assist the quick uptake of agricultural mechanization. It is anticipated that this element will have a favorable impact on the market for agricultural tractors and harvesters.
In agriculture, tractors are essential because they are the foundation of contemporary farming operations. In addition, a number of significant industry participants are spending more money on R&D to introduce cutting-edge tractors to the market. To cultivate, harrow, or tow harvester trailers, for example, John Deere introduced the new 6155MH Tractor, which offers all-around performance and dependability that have been proven in the field. Similar to this, Mahindra & Mahindra Ltd. introduced the new Sarpanch Plus Tractor series in India in June 2023. With 2 HP (1.49 kW) more power, a higher maximum torque, and backup torque to swiftly cover more ground, this tractor has a 6-year Mahindra warranty.
The food demands resulting from a population boom are expected to put more pressure on farmers who may have to increase their production levels. Farmers are expected, therefore, to manage their farmlands responsibly; embracing more effective farm machinery. To achieve a sustainable food balance, governments and businesses need to boost innovation, develop skills, and increase productivity. Shortly, it is anticipated that the growing demand for agricultural products will drive up demand for agricultural equipment. A significant shift in product offerings brought about by various farming techniques and farm expansion is anticipated to support the growth of the agriculture equipment market.
Farm machinery is one of the key elements in sustainable farming. For instance, tractors, which are essential in most farming activities, are just but a few examples of farm equipment. According to a 2022 study, agriculture has been mechanized by around 47% in India. Moreover, it was estimated in 2023 that it would take India 25 years to reach 75–80% mechanization. India needs to prioritize mechanization efforts, with a focus on small farms in particular, even as current programs like the Sub-Mission on Agricultural Mechanization (SMAM) encourage the use of contemporary farming equipment. These situations present profitable expansion prospects for the market as a whole. Furthermore, it is predicted that sales of agricultural equipment will increase due to farmers' growing tech-savvy and the adoption of GPS software products and telematics-equipped tractors.
Modern agricultural robotics, like drones that fly, self-driving tractors, and sensors that are based on the ground, help farmers meet the world's expanding food demand while also producing food at a reasonable cost. A growing number of tech-savvy farmers are expected to drive sales of agricultural equipment, as will the use of GPS software and telematics-equipped tractors. There should be plenty of room for market expansion due to the government subsidies offered for the purchase of farm equipment. The Chinese government claims that the agricultural industry is essential to the advancement of the country's economy and society.
Large amounts of farmland are the main factor driving the growth, and this has increased demand for farm mechanization. In addition, the area is seeing a rise in the use of smart combine harvesters with monitoring devices to boost agricultural productivity.
Over the course of the forecast period, a number of factors are anticipated to propel the growth of the regional market, including rising labor costs, the integration of robotic systems and Global Positioning Systems (GPS) in tractors and harvesters, the growing demand for high-capacity machinery due to large farms, and the growing popularity of self-propelled machines.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$89.225 billion |
| Market Size Value in 2029 | US$131.481 billion |
| Growth Rate | CAGR of 5.69% from 2022 to 2029 |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2023 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
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| Companies Covered | |
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Farm Equipment Market Segmentation: