Global Agriculture And Farm Equipment/Machinery market share 2024, Forecast To 2033
28 Feb, 2024
The agriculture and farm equipment/machinery market size has experienced robust growth in recent years, climbing from $174.12 billion in 2023 to$184.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. This growth in the historic period is attributed to education and research, infrastructure development, the industrialization of agriculture, advancements in crop science, and rural labor scarcity. Looking ahead, the market size is projected to continue its strong growth, reaching $233.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth is driven by factors such as rising global food demand, mechanization and automation, smart farming solutions, sustainable agriculture initiatives, and the adoption of precision agriculture.
Global Agriculture And Farm Equipment/Machinery Market Key Driver
The burgeoning global population is a driving force behind the expansion of the agriculture and farm equipment/machinery market. Population growth entails an increase in the number of individuals within a specific area over a given period. Mechanizing farms enhances productivity, and as the population grows, so does the demand for food. To meet this heightened food demand and sustainably feed the expanding population, increased mechanization of agriculture becomes imperative, thus propelling the agriculture and farm equipment/machinery market. According to The United Nations, the global population is projected to increase by 2 billion individuals over the next 30 years, reaching 9.7 billion by 2050. Therefore, the rapidly growing population is expected to drive the agriculture and farm equipment/machinery market.
Get A Free Sample Of The Global Agriculture And Farm Equipment/Machinery Market ReportGlobal Agriculture And Farm Equipment/Machinery Market Segments
The global agriculture and farm equipment/machinery market covered in this report is segmented –
1) By Product Type: Tractors, Rotavators, Threshers And Dehuskers, Power Tillers, Power Weeder, Plough, Baler, Seed Drill
2) By Ownership: Individual, Rental
3) By Application: Land Development And Seed Bed Preparation, Sowing And Planting, Plant Protection, Harvesting And Threshing, Post-Harvest And Agro-Processing
By Geography: The regions covered in the agriculture and farm equipment/machinery market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the agriculture and farm equipment/machinery market share in 2023. The regions covered in the agriculture and farm equipment/machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Agriculture And Farm Equipment/Machinery Industry Players
Deere & Company, AGCO Corporation, Mahindra & Mahindra Limited, Kubota Corporation, CNH Industrial N.V., Escorts Kubota Limited, AGROSTROJ Pelhrimov a.s., China National Machinery Industry Corporation, J.C. Bamford Excavators Limited, SDF Group, Agromaster, Iseki & Co. Ltd., Exel Industries, CLAAS Group, Bucher Industries AG, Yanmar Co.Ltd., Kverneland Group, The Kuhn Group, Farmtrac Tractors Europe sp. z o.o., JOST Werke AG, Pöttinger Landtechnik GmbH, SAME DEUTZ-FAHR Italia S.p.A., McCormick Tractors International Limited, Tractors and Farm Equipment Limited, New Holland Agriculture, Case IH, Massey Ferguson Limited, Valtra, GRIMME Landmaschinenfabrik GmbH & Co. KG, Lemkem
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Agriculture And Farm Equipment/Machinery Market Overview
Agriculture and farm equipment/machinery refers to various kinds of mechanized equipment and devices that perform various agriculture and related tasks that include plantation, harvesting, seeding, plowing, spraying pesticides, and so on. Their use offers benefits to the farmers such as it reduces dependence on extended labor and increasing the yield of the farm.
Agriculture And Farm Equipment/Machinery Global Market Report 2023 provides data on the global agriculture and farm equipment/machinery market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The agriculture and farm equipment/machinery market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.