Home > Agriculture > Agri Machinery & Tech > Agri Equipment > Agriculture Equipment Market

Agriculture Equipment Market Size

Report ID: GMI2845
Published Date: Apr 2024
Report Format: PDF

Download Free Sample

Agriculture Equipment Market Size

Agriculture Equipment Market was valued at USD 155.7 billion in 2023 and is estimated to register a CAGR of 5.5% between 2024 and 2032.

To get key market trends

Download Free Sample

Global industry recorded significant growth in 2023 and will demonstrate a remarkable CAGR between 2024 and 2032, owing to the increasing demand for sustainable farming practices and smart equipment. With a focus on environmental sustainability, farmers are seeking efficient and eco-friendly solutions. This demand drives the market toward smart equipment embedded with sensors and data analytics, allowing for precise management of crops and resources. As the industry moves towards sustainability and efficiency, the agriculture equipment industry continues to grow. For instance, in June 2023, Dhaksha Unmanned Systems Pvt. Ltd. unveiled the DH-AGRIGATOR-E10 agricultural spraying drone, addressing the demand for advanced unmanned aerial system (UAS) technology with innovative solutions.

Agriculture Equipment Market Report Attributes
Report Attribute	Details
Base Year:	2023
Agriculture Equipment Market Size in 2023:	USD 155.7 Billion
Forecast Period:	2024-2032
Forecast Period 2024-2032 CAGR:	5.5%
2032 Value Projection:	USD 261.7 Billion
Historical Data for:	2021-2023
No. of Pages:	288
Tables, Charts & Figures:	368
Segments covered:	Machinery and Region
Growth Drivers:	Growing demand for high-capacity machinery globally Increasing demand for self-propelled machines globally Focus on productivity to maximize ROI from agriculture in Asian countries Emergence of contract farming and dedicated sourcing with corporate
Pitfalls & Challenges:	High costs of agricultural equipment Volatility of commodity prices Fluctuating raw material prices

Learn more about the key segments shaping this market

Download Free Sample

The agriculture equipment market is experiencing rapid growth due to the swift development and adoption of advanced technologies such as GPS, IoT, and AI. These innovations are transforming farming practices, leading to increased efficiency and productivity. Furthermore, the industry is witnessing a growing trend towards farm mechanization, where farmers are increasingly relying on machinery for various tasks. This dual drive towards technology and mechanization is fueling the demand for modern agricultural equipment.

For instance, in October 2023, BigHaat introduced the latest Pahalwaan sprayers under their in-house brand, House of Tapas. This addition to BigHaat's digital agri ecosystem aims to enhance the lives of Indian farmers and the agricultural sector.

Though the growth of the agriculture equipment industry faces barriers due to high initial investments, they signify a shift toward advanced and efficient agricultural equipment. These investments lead to improved productivity and profitability in the long term. Also, there may be initial resistance to adopting new technologies. However, it fosters innovation and modernization in farming practices. Overcoming these barriers enhances farm efficiency and ensures sustainability and competitiveness in the agriculture sector.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Market size for agriculture equipment was USD 155.7 billion in 2023 and is expected to register 5.5% CAGR from 2024-2032 owing to the increasing demand for sustainable farming practices and smart equipment worldwide.

Agriculture equipment industry from the farm tractor segment held over 50% share in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to the crucial role tractors play in modern farming practices, enhancing efficiency and productivity.

Asia Pacific industry recorded USD 74 billion in 2023 and is expected to register a commendable CAGR from 2024-2032 due to dynamic economic growth and technological prowess in the region.

Alamo Group Inc., Deere & Company, Argo Tractors SpA, Bamford (JC) Excavators Limited, Bucher Industries AG, Escorts Ltd., China National Machinery Industry Corporation, CLAAS KGaA mbH, and CNH Industrial NV, are some of the major agriculture equipment companies worldwide.