Agriculture Equipment Market Report 2023, Size (US$ 223.5 Billion), Industry Trends, Top Companies, Outlook 2028

The latest research study “Agriculture Equipment Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global agriculture equipment market size reached US$ 165.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 223.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028. 

Agriculture equipment represent devices that are used for performing numerous tasks, including harvesting crops, spraying fields, seeding, tilling fields, breeding cows, feeding livestock, etc. They comprise mowers, backhoe, harrow, cultivator, rake, tractor, combine harvester, sprayers, chain saw, brush cutters, sawmills, etc. Agriculture equipment enhance the efficiency and productivity of farming by minimizing human labor and reducing errors, physical shortcomings, wastage, etc. They aid in cultivating land by filling in depressions and gullies, smoothing hillocks, removing deep-rooted weeds while preventing soil erosion, etc.

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Agriculture Equipment Market Trends and Drivers:

The increasing awareness among farmers towards the benefits of using these instruments is primarily augmenting the agriculture equipment market. Furthermore, the launch of favorable policies by government bodies across several countries for providing loan waiver schemes is positively influencing the global market. Apart from this, they are also offering funds to farmers for adopting sustainable agriculture practices and enhancing productivity by using machinery, which is acting as another significant growth-inducing factor. Moreover, the growing integration of technologically advanced agricultural robotics, such as autonomous tractors and flying drones, in farming to produce food at low costs is bolstering the market growth. Besides this, the escalating demand for electric tractors to reduce air pollution levels and greenhouse gas emissions is further catalyzing the global market. Additionally, the rising investments by key market players in R&D activities to introduce self-propelled machines are also propelling the market growth. In line with this, they are focusing on various marketing strategies to expand their consumer base, which is expected to fuel the agriculture equipment market in the coming years.

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Agriculture Equipment Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • AGCO Corporation
  • Agromaster Agricultural Machinery
  • Argo Tractors S.p.A.
  • Bellota Agrisolutions
  • China National Machinery Industry Corporation
  • CLAAS KGaA mbH
  • CNH Industrial N.V.
  • Deere & Company
  • Escorts Limited
  • Iseki & Co. Ltd.
  • JC Bamford Excavators Ltd.
  • Kubota Corporation
  • Mahindra & Mahindra Limited
  • SDF Group

The report has segmented the market on the basis of type, application and sales channel.

Breakup by Equipment Type:

  • Agriculture Tractor
  • Harvesting Equipment
  • Irrigation and Crop Processing Equipment
  • Agriculture Spraying and Handling Equipment
  • Soil Preparation and Cultivation Equipment
  • Others

Breakup by Application:

  • Land Development
  • Threshing and Harvesting
  • Plant Protection
  • After Agro Processing

Breakup by Sales Channel:

  • Original Equipment Manufacturers (OEM)
  • Aftermarket

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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