Farm Machinery Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

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Farm Machinery Market: By Type (Cultivator, Rotator, Chisel Plow, Harvester, Roller, Field Sprayer and Spreader, Irrigation System, Livestock Equipment, Tractors, and Others), By Capacity (Small, Medium, and Large), By Operation (Manual, Semi-Autonomous, and Fully-Autonomous), By Application (Spraying, Water Supply and Conservation, Cultivation, Harvesting, Seeding, Weeding, Livestock Farming, and Others), and Geography

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Report

Description

Farm Machinery Market size was valued at USD 10,956.3 million in 2021 and is expanded to grow at a significant CAGR of 3.9% over 2022-2028. The agricultural sector is heavily reliant on farming machinery since it aids in boosting output at lower prices and with less human and animal effort. The demand for farm technology has also increased in recent years, and this trend is projected to continue as the world’s population grows. Common farm machinery used includes cultivators, tractors, and planter mowing tools. The market is also driven by increasing mechanization rates in developing countries, which may impact the long-term. The shrinking land, water resources, and labor force increase the need for farm mechanization in developing countries. Governments are also providing incentives to farmers who invest in improved equipment to meet the demands for increased output more efficiently. Over the next seven years, rising global food demand is predicted to positively impact the market. The agricultural equipment industry is being driven by a rapidly rising population, urbanization, favorable government initiatives, and skyrocketing food demand worldwide. The transition from traditional farming methods to modern agricultural gear has given the equipment market a new lease on life. Farm machinery has shown to be quite efficient in terms of both saving time and improving crop productivity. In 2021, the tractor segment had the most market share by type. The agriculture sector is likely to benefit from increased R&D activity and the launch of hybrid and electric tractors by a number of companies. Farm mechanization is becoming more popular, and governments’ push for it may improve sales and lead to innovations like driverless machinery, which might drive the market throughout the projection period.

Recent Market Developments:

In Aug 2021, Deere & Company has signed a definitive agreement to acquire Bear Flag Robotics for $250 million USD. Founded in 2017, the Silicon Valley-based startup develops autonomous driving technology compatible with existing machines. The deal accelerates the development and delivery of automation and autonomy on the farm and supports John Deere’s long-term strategy to create smarter machines with advanced technology to support individual customer needs.

In June 2021, CNH Industrial N.V, has entered into an agreement to acquire 100% of the capital stock of Raven Industries, Inc. a US-based leader in precision agriculture technology for US$58 per share, representing a 33.6% premium to the Raven Industries 4-week volume-weighted average stock price, and US$2.1 billion Enterprise Value.

Farm Machinery Market

MARKET SUMMARY
-
3.9%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 3.9%
  • Largest Market– Asia Pacific
  • Fastest Growing Market– North America

Farm Machinery Market

  • The report on global farm machinery market gives historical, current and future market sizes (US$ Mn) on the basis of type, capacity, operation, application, and geography.
  • The farm machinery market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Key Players
  • Deere and Co
  • CNH Industrial
  • AGCO Corporation
  • Kubota
  • Mahindra and Mahindra Limited
Farm Machinery Market Dynamics

The government’s support for the worldwide farm machinery segment in the form of farm loan exemptions and credit finance is a major driving element. Farmers are encouraged to purchase farm equipment by the development of farm loan waiver programs. In different parts of the world, governments developed various programs to help farmers pay off their loans and boost farm mechanization. However, the high cost of equipment, growth of the rental market, and the growing market for used/second-hand equipment are restraints in the growth of the market.


Asia Pacific Got Significant Share

Farm Machinery Market

Due to the rise in demographic in countries such as India and China, among others, whose primary population depends on farming for a living, Asia-Pacific is predicted to hold the biggest market share throughout the study period. Because of the substantial implementation of mechanisation systems in the region, North America is likely to account for a significant market share, closely followed by Europe in the worldwide market. Planting and fertilising machinery, as well as ploughing and cultivating machinery, are predicted to grow at a moderate rate.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The farm machinery market report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Farm Machinery Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The farm machinery market is projected to expand at a CAGR of 3.9% during the forecast period

Deere and Co, CNH Industrial, AGCO Corporation, Kubota, Mahindra and Mahindra Limited, Iseki & Co. Ltd, JC Bamford Excavators Limited, Lindsay Corporation.

Asia Pacific is the fastest-growing region for farm machinery market


Report

Company Profile

  • Deere and Co
  • CNH Industrial
  • AGCO Corporation
  • Kubota
  • Mahindra and Mahindra Limited
  • Iseki & Co. Ltd
  • JC Bamford Excavators Limited
  • Lindsay Corporation.

Description

Farm Machinery Market size was valued at USD 10,956.3 million in 2021 and is expanded to grow at a significant CAGR of 3.9% over 2022-2028. The agricultural sector is heavily reliant on farming machinery since it aids in boosting output at lower prices and with less human and animal effort. The demand for farm technology has also increased in recent years, and this trend is projected to continue as the world’s population grows. Common farm machinery used includes cultivators, tractors, and planter mowing tools. The market is also driven by increasing mechanization rates in developing countries, which may impact the long-term. The shrinking land, water resources, and labor force increase the need for farm mechanization in developing countries. Governments are also providing incentives to farmers who invest in improved equipment to meet the demands for increased output more efficiently. Over the next seven years, rising global food demand is predicted to positively impact the market. The agricultural equipment industry is being driven by a rapidly rising population, urbanization, favorable government initiatives, and skyrocketing food demand worldwide. The transition from traditional farming methods to modern agricultural gear has given the equipment market a new lease on life. Farm machinery has shown to be quite efficient in terms of both saving time and improving crop productivity. In 2021, the tractor segment had the most market share by type. The agriculture sector is likely to benefit from increased R&D activity and the launch of hybrid and electric tractors by a number of companies. Farm mechanization is becoming more popular, and governments’ push for it may improve sales and lead to innovations like driverless machinery, which might drive the market throughout the projection period.

Recent Market Developments:

In Aug 2021, Deere & Company has signed a definitive agreement to acquire Bear Flag Robotics for $250 million USD. Founded in 2017, the Silicon Valley-based startup develops autonomous driving technology compatible with existing machines. The deal accelerates the development and delivery of automation and autonomy on the farm and supports John Deere’s long-term strategy to create smarter machines with advanced technology to support individual customer needs.

In June 2021, CNH Industrial N.V, has entered into an agreement to acquire 100% of the capital stock of Raven Industries, Inc. a US-based leader in precision agriculture technology for US$58 per share, representing a 33.6% premium to the Raven Industries 4-week volume-weighted average stock price, and US$2.1 billion Enterprise Value.

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