Agricultural Machinery Market Industry Analysis, Future Trends, Latest Innovations, Growth, Key Players and Research Development Report 2022-2030

Agricultural equipment market Expected to be worth USD 189.42 billion by 2030, registering a CAGR of 8.53% during the forecast period (2022 to 2030), the market was valued at USD 103.61 billion in 2021. Tractors, harvesters, plows, and cultivators are examples of farm equipment used to aid in various farming tasks. Agricultural equipment makes it possible to obtain a high crop yield in a short time with little work. Furthermore, the use of automated or semi-automated agricultural equipment reduces the need for human labor on the farm, reducing labor-related expenses. This further improves crop productivity by eliminating downtime and thus enabling more precise operations.

Competitive landscape

The prominent key players in the agricultural equipment market are the following:

  • AGCO Corp. (U.S)
  • JC Bamford Excavators Limited (UK)
  • Deere & Company (USA)
  • CNH Industrial NV (United Kingdom)
  • Kubota Corporation (Japan)
  • Iseki & Co., Ltd. (Japan)
  • Daedong Industrial Co., Ltd. (USA)
  • CLASS KGaA mbH (Germany),
  • Mahindra & Mahindra Limited (India), f
  • Escort Limited (India)

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Market segmentation

Product type, function, sales channel, and region were all used to segment the global market research.

Depends on the product

The global market is segmented into harvesters, tractors, tillage, soil separation equipment, and others, based on product type. During the forecast period, the need for autonomous tractors as well as low-weight tractors, which are used in a variety of cash-intensive enterprises, will expand at a significant rate.

Depends on the function

Harvesting, plowing and cultivating, planting and fertilizing, haying and other functions are the global market segments. During the assessment period, the plowing and cultivation category held the largest market share due to the increased demand for improving soil fertility, conserving nutrients and increasing productivity.

Depends on the sales channel

Based on the sales channel, the global market trends are divided into OEM and aftermarket segments. The aftermarket segment is expected to develop at the fastest pace during the forecast period, owing to the growing number of agricultural machinery aftermarket centers in emerging countries such as India, Brazil, China, and Argentina, which have a major agricultural base.

regional classification

The global market is divided into four regions: Asia-Pacific, North America, Europe and the rest of the world. As the populations of India and China grow, they require more food. They increase grain exports, resulting in the Asia-Pacific region having the largest market share during the review period.

Industry news

The global agricultural equipment sector is expected to increase as the mechanization of various agricultural processes such as ploughing, ploughing, planting, harvesting and processing increases. The awareness of the benefits arising from the use of mechanical equipment such as harvesters, tractors and other auxiliary equipment increases the dependence of farmers on agricultural equipment.

Furthermore, precision agriculture ensures the long-term viability of farming operations, increases profitability and protects land resources, contributing to increased agricultural productivity. Various goods produced by prominent participants in the farm equipment sector help farmers in various farming tasks such as sowing and harvesting, further promoting the use of farm equipment. This has a substantial impact on the development of the global agricultural equipment market.

Furthermore, the growing world population needs increased food production. The adoption of automated and semi-automated farming technology to increase crop productivity can help meet this demand. Agricultural equipment helps cultivate more crops with less time and effort, resulting in increased food supply for the growing population. Consequently, as the population around the world increases, the demand for agricultural equipment drives the agricultural equipment market forward.

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