Agriculture Equipment Market

Agriculture Equipment Market Size, Share, Trends, Growth, and Industry Analysis, By Type (Tractors, Harvesters, Soil Preparation & Cultivation, Irrigation & Crop Processing, Agriculture Spraying Equipment, Hay & Forage Machines, and Others), Automation (Manual, Semi-Automatic, and Automatic Equipment), and Business (Original Equipment Manufacturers (OEMs), and Aftersales), Regional Insights and Forecast to 2031

Agriculture | April 2022 | Report ID: EMR0046 | Pages: 185

The global agriculture equipment market size was estimated at USD 195 billion in 2022, and it is expected to reach around USD 376 billion by 2031, registering growth at a compound annual growth rate (CAGR) of 9.2% during the forecast period from 2023 to 2031.


Agriculture equipment includes the use of tractors, harvesters, plows, and cultivators to assist in various farming activities. The utilization of agriculture equipment assists in obtaining a high crop yield in comparatively less time and with minimum efforts. In addition, the use of automatic and semiautomatic agriculture equipment reduces the necessity of human labor on farms, which in turn reduces the costs incurred on manpower. These further increases crop production by reducing downtime and allowing highly precise operations. 

An increase in mechanisation of various farming activities such as plowing, harrowing, planting, harvesting, and tilling is expected to boost demand for agriculture equipment, which drives the growth of the global agriculture equipment industry. The recognition of benefits owing to the implementation of mechanical equipment such as tractors, harvesters, and various attachments increases the dependency of farmers on the agriculture equipment. In addition, the implementation of precision farming enables sustainability in farming activities, increases profitability, and protects land resources, which results in improved agricultural production. Various products offered by major players in the agriculture equipment industry assist farmers in different farming activities such as sowing and harvesting, which further promotes the implementation of agriculture equipment. This significantly contributes to the growth of the global agriculture equipment market.

Agriculture Equipment Market REPORT SCOPE & SEGMENTATION

Report Attribute


Projected Market Value (2031)

376 billion

Estimated Market Value (2022)


Base Year


Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By Automation, By Business & Region

Segments Covered

By Type, By Automation, By Business & Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

Market Growth Factors

In the recent years, the number of technologies that are adopted in order to provide better machinery for farming purposes has increased to a great extent. Increased use of the internet of things, artificial intelligence, and equipment that is enabled with GPS will lead to the growth of the market during the forecast period. All of these factors will play an instrumental role and provide better opportunities for the growth of this market during the forecast period. The availability and usage of flying drones will also provide great opportunities for this market. The increased use of these modern equipments and their benefits have created more need for such equipments, and the manufacturers in the industry are constantly engaged in coming up with better products and developing the existing products to meet the demand of the end users. 

Agriculture and Farm Machinery Market Share, By Region, 2021 (%)


Revenue Share in 2021 (%)

North America


Asia Pacific




Latin America




Agriculture Equipment Market Dynamics

Market Key Drivers:

Regardless of the size of their operation, farmers need credit facilities to buy expensive farm equipment on a financial market that has seen significant development. So, large farmers that can afford the high expense of installing and maintaining the farm equipment are more likely to use it. Users place a high value on accessibility and ease of availability of agriculture equipment, which also draws potential customers. As a result of these rules, the range of machines and tools that are eligible for subsidies has been greatly increased. Farmers are entitled for support in other agricultural operations in addition to the specific subsidies on agricultural instruments, boosting the demand for specialist machinery and equipment.

Market Key Restraint:

Agriculture production is negatively impacted by both climatic changes and agricultural cycles. A region's weather influences crop yield, which has an impact on purchasing selections for farming equipment. Due to the food insecurity experienced by emerging nations during erratic weather patterns, many nations adopt farm machinery slowly. By product and region, agricultural tool demand varies. Tractors and planting, seeding, and application tools are frequently in demand from March to June in the Northern Hemisphere and from September to December in the Southern Hemisphere. Dealers from the Northern Hemisphere place orders for harvesting equipment between August and October to keep inventory on hand for the peak selling season, which runs from March to June. Conversely, dealers from the Southern Hemisphere place orders for the same equipment between August and October to keep inventory on hand for the peak season, which runs from November to February.

Market Key Opportunities:

Farmers who employ precision farming concentrate on producing more with fewer resources. With the use of this technology, farmers may monitor crop variability both within and between fields and take appropriate action to achieve their farming objectives. In addition, the growing demand puts ongoing pressure on the agriculture sector to deliver higher yields. Precision farming is anticipated to boost productivity and operational effectiveness, closing the supply-demand gap. Over the projected period, the farming method is anticipated to successfully address the issue of a high demand for agricultural products in all types of geographies.

Regional Insights

The Asia-Pacific region will have a top position during the forecast period. In the recent years, this region has shown strong growth in the economy, due to which the demand for this agriculture equipment will also increase during the forecast period. The growth of a few nations like Taiwan, India, and China is considerable. In the coming years, India will prove to be a nation that will provide maximum opportunities for the growth of this market. The need for agricultural tractors has grown drastically in India, and this will continue to grow well during the forecast period. As the farmers in this region seek ways to increase their productivity, the need for this equipment will grow. The mechanisation process will also help in the growth of the market during the forecast period.

The agricultural equipment market in North America is anticipated to increase as a result of rising investments in the sector. Also, during the study period, the market for agricultural equipment is anticipated to benefit greatly from the growing demand for contemporary agricultural equipment. Throughout the projected period, it is also anticipated that a rise in agricultural activity throughout the region will have a substantial impact on the expansion of the local market. The US Department of Agriculture reports that the government wants to boost agricultural output by 40% by the year 2050.

Competition Analysis

The key market players profiled in the report include:

  • Mahindra & Mahindra Ltd.
  • Escorts Limited
  • CNH Industrial N.V.
  • Deere & Company
  • AGCO Corporation
  • SDF S.p.A.
  • China National Machinery Industry Corporation Ltd. (Sinomach),
  • J C Bamford Excavators Ltd.
  • Kubota Corporation.

Key Benefits of the Report

  • This study presents an analytical depiction of the Agriculture Equipment industry along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to market key drivers, restraints, and opportunities, along with detailed analysis of the Agriculture Equipment Market share.
  • The current market is quantitatively analyzed to highlight the Agriculture Equipment Market's growth scenario.
  • Porter's five forces research demonstrates the market power of suppliers and buyers.
  • The report provides a detailed Agriculture Equipment market analysis based on competitive intensity and how the competition will take shape in the coming years.

Agriculture Equipment Market Report Segmentation



By Type

  • Tractors
  • Harvesters
  • Soil Preparation & Cultivation
  • Irrigation &Crop Processing
  • Agriculture Spraying Equipment
  • Hay &Forage Machines
  • Others

By Automation

  • Automatic
  • Semiautomatic
  • Manual

By Business

  • Original Equipment Manufacturers (OEMs)
  • Aftersales

By Geography

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request


  • Available upon request


The Report Answers Questions Such As:

  • What is the potential opportunity for the Agriculture Equipment Market
  • What are the major drivers, restraints, and opportunities of the Agriculture Equipment Market
  • What is the market share of the leading segments and sub-segments of the Agriculture Equipment Market in the forecast period (2023-2031)
  • How is each segment of the Agriculture Equipment Market expected to grow during the forecast period
  • What is the expected revenue to be generated by each of the segments by the end of 2031
  • What are the key development strategies implemented by the key players to stand out in this Agriculture Equipment Market
  • What is the preferred business model used for building Agriculture Equipment Market
  • Which area of application is expected to be the highest revenue generator in the Agriculture Equipment Market during the forecast period
  • Which end-user segment is expected to be the highest revenue generator in this industry during the forecast period
  • What is the potential of Agriculture Equipment Market in the emerging countries during the forecast period

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

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