The farm machinery and equipment market size has grown strongly in recent years. It will grow from $211.09 billion in 2023 to $225.51 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historical period can be attributed to several factors, including the mechanization of agriculture, the impact of the industrial revolution, population growth leading to increased food demand, government support, subsidies, and the agricultural boom post-war.
The farm machinery and equipment market size is expected to see strong growth in the next few years. It will grow to $288.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. Forecasted growth is fueled by precision agriculture, robotics, IoT, sustainable farming, and electric/hybrid machinery. Major trends include blockchain traceability, robotics for planting/harvesting, hydroponics/aeroponics, multi-functional implements, and remote monitoring/control systems.
The integration of Internet of Things (IoT) applications in farm equipment is poised to stimulate the market for farm machinery and equipment. With the global population projected to exceed 9 billion by 2050, there is a growing imperative for farmers to access advanced tools and methodologies that enhance agricultural output within constrained timeframes. In response to this demand, the adoption of new and sophisticated technologies becomes paramount for farmers to meet the needs of the expanding population. For example, the implementation of IoT-driven smart greenhouses allows for automated climate monitoring and control, optimizing factors such as light levels, pressure, humidity, and temperature. By leveraging IoT sensors, these smart greenhouses autonomously regulate actuators, enabling functions such as window operation, lighting control, heating, misting, and fan operation. Consequently, the integration of IoT facilitates increased production efficiency with reduced labor, thereby propelling the farm machinery and equipment market.
The farm machinery and equipment market is experiencing growth driven by an escalating number of government initiatives aimed at promoting agricultural mechanization. Agricultural mechanization involves the application of mechanical and technological equipment, machinery, and techniques to enhance efficiency, productivity, and sustainability in farming operations. Governments worldwide are actively supporting this market through initiatives that encompass subsidies, mechanization promotion, research funding, infrastructure improvement, trade policy influence, sustainability advocacy, and the integration of modern equipment into rural development programs. An illustration of this trend is evident in the UK, where, as of August 2022, the government is offering farmers and growers substantial funding incentives, up to $591,220 (£500,000), to invest in cutting-edge robotics and technology. This financial support is accessible through initiatives such as the Farming Futures Automation and Robotics competition, a component of the government’s $319.25 (£270) million Farming Innovation Program. Consequently, the increasing number of government initiatives endorsing agricultural mechanization is a key driver fueling the growth of the farm machinery and equipment market.
Anticipated as a burgeoning trend in the farm machinery and equipment market, eco-friendly electric tractors are gaining prominence. These tractors utilize electronic batteries, rechargeable through a standard socket, eliminating the need for environmentally harmful fuels that contribute to air pollution. Moreover, some models allow farmers to incorporate renewable energy sources such as wind or solar power to generate electricity for recharging tractor batteries. An illustration of this eco-friendly innovation is exemplified by Solectrac, a US-based tractor company that unveiled the e70N electric tractor in August 2021. This 70-horsepower, 4WD narrow tractor is tailored for substantial agricultural tasks in farms, orchards, and vineyards, boasting a commendable operational duration of up to eight hours on a single charge with its 60 kWh battery. Solectrac offers an optional swappable battery pack for an additional cost of $18,000, aligning with the company's commitment to meeting the rising demand for zero-emission, heavy-duty tractors in the agricultural sector. The adoption of such eco-friendly electric tractors is not only conducive to reducing emissions but also addresses concerns related to noise pollution.
Major industry players are actively developing autonomous solutions to fortify their market positioning in response to the dynamic landscape of the farm machinery and equipment market. Autonomous tractors, characterized by their self-driving or driverless capabilities, leverage advanced technologies including sensors, cameras, GPS, and artificial intelligence to execute diverse farming tasks without direct human intervention. A noteworthy example is Deere & Company, a prominent US-based tractor and machinery manufacturing company, which introduced the John Deere 8R autonomous tractor in January 2022. This cutting-edge tractor integrates multiple stereo cameras, GPS navigation, and geofencing features, enabling it to autonomously perform tasks such as tillage. The incorporation of autonomous technology not only holds the potential to enhance productivity but also addresses the evolving landscape of labor demands in the agricultural sector.
In August 2023, Brandt Industries Ltd., Canada-based grain handling products company acquired Wairarapa Machinery Services Ltd. in New Zealand for an undisclosed sum. This strategic move has broadened Brandt's footprint in the Greater Wellington region, facilitating improved access to parts and services. The acquisition strengthens Brandt's support infrastructure and enables increased community engagement. Wairarapa Machinery Services Ltd. specializes in agricultural machinery sales, services, and parts.
Major companies operating in the farm machinery and equipment market report are Pfizer Inc., Johnson & Johnson Services Inc., F Hoffmann-La Roche Ltd., Roche Holding AG, Novartis International AG, LG Life Sciences Ltd., LG Chem Ltd., Amgen Inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, Chugai Pharmaceutical Co. Ltd., Meiji Seika Pharma Co. Ltd., Sun Pharmaceutical Industries Ltd., Kyowa Kirin Co. Ltd., Dr Reddy’s Laboratories Ltd., 3SBio Inc., Celltrion Inc., Watson Pharmaceuticals Inc., Biocon Limited, Emcure Pharmaceuticals Ltd., Dong-A ST Co. Ltd., Intas Pharmaceuticals Ltd., JCR Pharmaceuticals Co. Ltd., BioSidus SA, Probiomed SA de CV, Polifarma SpA, Shenyang Sunshine Pharmaceutical Co. Ltd., Hospira Inc., Cilag AG, Mitsubishi Tanabe Pharma Corporation.
The Asia-Pacific was the largest region in the farm machinery and equipment market in 2023. North America was the second largest region in the global farm machinery and equipment market share. The regions covered in the farm machinery and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the farm machinery and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Key types of farm machinery and equipment include cultivators, rotators, chisel plows, harvesters, rollers, field sprayers and spreaders, irrigation systems, livestock equipment, tractors, and other variants. A chisel plow is a soil tillage device towed by a tractor or animal, designed to break and stir soil deep below the surface without turning it. These tools come in small, medium, and large capacities, operated manually, semi-autonomously, or fully autonomously. Applications for this equipment span spraying, water supply and conservation, cultivation, harvesting, seeding, weeding, livestock farming, and various other agricultural tasks.
The farm machinery and equipment market research report is one of a series of new reports that provides farm machinery and equipment market statistics, including farm machinery and equipment industry global market size, regional shares, competitors with a farm machinery and equipment market share, detailed farm machinery and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the farm machinery and equipment industry. This farm machinery and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The farm machinery and equipment market consists of sales of combine harvester, rotavator or rotary tiller, plough or plow, tractor trailer, power harrow, leveler, water bowser, ripper machine, and disc harrow. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this farm machinery and equipment market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The farm machinery and equipment market size is expected to see strong growth in the next few years. It will grow to $288.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. Forecasted growth is fueled by precision agriculture, robotics, IoT, sustainable farming, and electric/hybrid machinery. Major trends include blockchain traceability, robotics for planting/harvesting, hydroponics/aeroponics, multi-functional implements, and remote monitoring/control systems.
The integration of Internet of Things (IoT) applications in farm equipment is poised to stimulate the market for farm machinery and equipment. With the global population projected to exceed 9 billion by 2050, there is a growing imperative for farmers to access advanced tools and methodologies that enhance agricultural output within constrained timeframes. In response to this demand, the adoption of new and sophisticated technologies becomes paramount for farmers to meet the needs of the expanding population. For example, the implementation of IoT-driven smart greenhouses allows for automated climate monitoring and control, optimizing factors such as light levels, pressure, humidity, and temperature. By leveraging IoT sensors, these smart greenhouses autonomously regulate actuators, enabling functions such as window operation, lighting control, heating, misting, and fan operation. Consequently, the integration of IoT facilitates increased production efficiency with reduced labor, thereby propelling the farm machinery and equipment market.
The farm machinery and equipment market is experiencing growth driven by an escalating number of government initiatives aimed at promoting agricultural mechanization. Agricultural mechanization involves the application of mechanical and technological equipment, machinery, and techniques to enhance efficiency, productivity, and sustainability in farming operations. Governments worldwide are actively supporting this market through initiatives that encompass subsidies, mechanization promotion, research funding, infrastructure improvement, trade policy influence, sustainability advocacy, and the integration of modern equipment into rural development programs. An illustration of this trend is evident in the UK, where, as of August 2022, the government is offering farmers and growers substantial funding incentives, up to $591,220 (£500,000), to invest in cutting-edge robotics and technology. This financial support is accessible through initiatives such as the Farming Futures Automation and Robotics competition, a component of the government’s $319.25 (£270) million Farming Innovation Program. Consequently, the increasing number of government initiatives endorsing agricultural mechanization is a key driver fueling the growth of the farm machinery and equipment market.
Anticipated as a burgeoning trend in the farm machinery and equipment market, eco-friendly electric tractors are gaining prominence. These tractors utilize electronic batteries, rechargeable through a standard socket, eliminating the need for environmentally harmful fuels that contribute to air pollution. Moreover, some models allow farmers to incorporate renewable energy sources such as wind or solar power to generate electricity for recharging tractor batteries. An illustration of this eco-friendly innovation is exemplified by Solectrac, a US-based tractor company that unveiled the e70N electric tractor in August 2021. This 70-horsepower, 4WD narrow tractor is tailored for substantial agricultural tasks in farms, orchards, and vineyards, boasting a commendable operational duration of up to eight hours on a single charge with its 60 kWh battery. Solectrac offers an optional swappable battery pack for an additional cost of $18,000, aligning with the company's commitment to meeting the rising demand for zero-emission, heavy-duty tractors in the agricultural sector. The adoption of such eco-friendly electric tractors is not only conducive to reducing emissions but also addresses concerns related to noise pollution.
Major industry players are actively developing autonomous solutions to fortify their market positioning in response to the dynamic landscape of the farm machinery and equipment market. Autonomous tractors, characterized by their self-driving or driverless capabilities, leverage advanced technologies including sensors, cameras, GPS, and artificial intelligence to execute diverse farming tasks without direct human intervention. A noteworthy example is Deere & Company, a prominent US-based tractor and machinery manufacturing company, which introduced the John Deere 8R autonomous tractor in January 2022. This cutting-edge tractor integrates multiple stereo cameras, GPS navigation, and geofencing features, enabling it to autonomously perform tasks such as tillage. The incorporation of autonomous technology not only holds the potential to enhance productivity but also addresses the evolving landscape of labor demands in the agricultural sector.
In August 2023, Brandt Industries Ltd., Canada-based grain handling products company acquired Wairarapa Machinery Services Ltd. in New Zealand for an undisclosed sum. This strategic move has broadened Brandt's footprint in the Greater Wellington region, facilitating improved access to parts and services. The acquisition strengthens Brandt's support infrastructure and enables increased community engagement. Wairarapa Machinery Services Ltd. specializes in agricultural machinery sales, services, and parts.
Major companies operating in the farm machinery and equipment market report are Pfizer Inc., Johnson & Johnson Services Inc., F Hoffmann-La Roche Ltd., Roche Holding AG, Novartis International AG, LG Life Sciences Ltd., LG Chem Ltd., Amgen Inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, Chugai Pharmaceutical Co. Ltd., Meiji Seika Pharma Co. Ltd., Sun Pharmaceutical Industries Ltd., Kyowa Kirin Co. Ltd., Dr Reddy’s Laboratories Ltd., 3SBio Inc., Celltrion Inc., Watson Pharmaceuticals Inc., Biocon Limited, Emcure Pharmaceuticals Ltd., Dong-A ST Co. Ltd., Intas Pharmaceuticals Ltd., JCR Pharmaceuticals Co. Ltd., BioSidus SA, Probiomed SA de CV, Polifarma SpA, Shenyang Sunshine Pharmaceutical Co. Ltd., Hospira Inc., Cilag AG, Mitsubishi Tanabe Pharma Corporation.
The Asia-Pacific was the largest region in the farm machinery and equipment market in 2023. North America was the second largest region in the global farm machinery and equipment market share. The regions covered in the farm machinery and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the farm machinery and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Key types of farm machinery and equipment include cultivators, rotators, chisel plows, harvesters, rollers, field sprayers and spreaders, irrigation systems, livestock equipment, tractors, and other variants. A chisel plow is a soil tillage device towed by a tractor or animal, designed to break and stir soil deep below the surface without turning it. These tools come in small, medium, and large capacities, operated manually, semi-autonomously, or fully autonomously. Applications for this equipment span spraying, water supply and conservation, cultivation, harvesting, seeding, weeding, livestock farming, and various other agricultural tasks.
The farm machinery and equipment market research report is one of a series of new reports that provides farm machinery and equipment market statistics, including farm machinery and equipment industry global market size, regional shares, competitors with a farm machinery and equipment market share, detailed farm machinery and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the farm machinery and equipment industry. This farm machinery and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The farm machinery and equipment market consists of sales of combine harvester, rotavator or rotary tiller, plough or plow, tractor trailer, power harrow, leveler, water bowser, ripper machine, and disc harrow. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this farm machinery and equipment market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Farm Machinery and Equipment Market Characteristics3. Farm Machinery and Equipment Market Trends and Strategies32. Global Farm Machinery and Equipment Market Competitive Benchmarking33. Global Farm Machinery and Equipment Market Competitive Dashboard34. Key Mergers and Acquisitions in the Farm Machinery and Equipment Market
4. Farm Machinery and Equipment Market - Macro Economic Scenario
5. Global Farm Machinery and Equipment Market Size and Growth
6. Farm Machinery and Equipment Market Segmentation
7. Farm Machinery and Equipment Market Regional and Country Analysis
8. Asia-Pacific Farm Machinery and Equipment Market
9. China Farm Machinery and Equipment Market
10. India Farm Machinery and Equipment Market
11. Japan Farm Machinery and Equipment Market
12. Australia Farm Machinery and Equipment Market
13. Indonesia Farm Machinery and Equipment Market
14. South Korea Farm Machinery and Equipment Market
15. Western Europe Farm Machinery and Equipment Market
16. UK Farm Machinery and Equipment Market
17. Germany Farm Machinery and Equipment Market
18. France Farm Machinery and Equipment Market
19. Italy Farm Machinery and Equipment Market
20. Spain Farm Machinery and Equipment Market
21. Eastern Europe Farm Machinery and Equipment Market
22. Russia Farm Machinery and Equipment Market
23. North America Farm Machinery and Equipment Market
24. USA Farm Machinery and Equipment Market
25. Canada Farm Machinery and Equipment Market
26. South America Farm Machinery and Equipment Market
27. Brazil Farm Machinery and Equipment Market
28. Middle East Farm Machinery and Equipment Market
29. Africa Farm Machinery and Equipment Market
30. Farm Machinery and Equipment Market Competitive Landscape and Company Profiles
31. Farm Machinery and Equipment Market Other Major and Innovative Companies
35. Farm Machinery and Equipment Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Farm Machinery and Equipment Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on farm machinery and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for farm machinery and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Cultivator; Rotator; Chisel Plow; Harvester; Roller; Field Sprayer and Spreader; Irrigation System; Livestock equipment; Tractors; Other Types
2) By Capacity: Small, Medium, Large
3) By Operation: Manual; Semi-Autonomous; Fully-Autonomous
4) By Application: Spraying; Water Supply and Conservation; Cultivation; Harvesting; Seeding; Weeding; Livestock Farming; Other Applications
Key Companies Mentioned: Pfizer Inc.; Johnson & Johnson Services Inc.; F Hoffmann-La Roche Ltd.; Roche Holding AG; Novartis International AG
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Pfizer Inc.
- Johnson & Johnson Services Inc.
- F Hoffmann-La Roche Ltd.
- Roche Holding AG
- Novartis International AG
- LG Life Sciences Ltd.
- LG Chem Ltd.
- Amgen Inc.
- Teva Pharmaceutical Industries Ltd.
- Sandoz International GmbH
- Chugai Pharmaceutical Co. Ltd.
- Meiji Seika Pharma Co. Ltd.
- Sun Pharmaceutical Industries Ltd.
- Kyowa Kirin Co. Ltd.
- Dr Reddy’s Laboratories Ltd.
- 3SBio Inc.
- Celltrion Inc.
- Watson Pharmaceuticals Inc.
- Biocon Limited
- Emcure Pharmaceuticals Ltd.
- Dong-A ST Co. Ltd.
- Intas Pharmaceuticals Ltd.
- JCR Pharmaceuticals Co. Ltd.
- BioSidus SA
- Probiomed SA de CV
- Polifarma SpA
- Shenyang Sunshine Pharmaceutical Co. Ltd.
- Hospira Inc.
- Cilag AG
- Mitsubishi Tanabe Pharma Corporation
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 225.51 Billion |
Forecasted Market Value ( USD | $ 288.89 Billion |
Compound Annual Growth Rate | 6.4% |
Regions Covered | Global |