The agriculture equipment industry was valued at USD 286.03 billion in 2022
Agriculture Equipment Industry | Forecast 2030
Grand View Research’s agriculture equipment industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
The agriculture equipment industry was valued at USD 286.03 billion in 2022 and is expected to register a growth of 6.2% throughout the forecast period. The anticipated growth of the market is supported by factors such as growing demand for products worldwide coupled with changes in farming practices, integration technologies such as telematics, framing as a service, and software to monitor the growth & temperature of the plants is expected to propel the market growth.
Access the Global Agriculture Equipment Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Additionally, the technical evolution of farming vehicles such as tractors is leading to the practice of precision farming Information and technology-based farm management, which recognizes, evaluates, and coordinates agricultural production activities, is a component of precision farming. Additionally, the use of precision farming promotes profitability, sustainability, and the preservation of land resources. For efficient and improved output, the agricultural equipment industry is embracing technologies like, positioning systems such as GNSS and GPS, integrated electronic communications, spatial-mapping, automated steering systems, use of sensors such as LIDAR, radar and cameras, and variable rate technology (VRT).
Agriculture Equipment Market Insights
The global agriculture equipment market size was valued at USD 163.97 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. Increasing mechanization in agriculture sector coupled with surge in farmers’ income is expected to be a primary factor driving the growth. Favorable climatic conditions for food production and government support with loan waiver schemes for farmers of all income categories are also presumed to favor the market growth. Technologically advanced agricultural robotics, such as autonomous tractors and flying drones to help farmers produce food at low costs to fulfill the growing demand for food, are anticipated to be better prospects for market growth over the forecast period.
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The COVID-19 outbreak caused a slight slump in the agricultural equipment market in 2020. Restrictions imposed by governments to curb the novel coronavirus led to temporary shutdown of manufacturing facilities, leading to production delays. As a result, the industry was negatively impacted in the first half of 2020. Several players such as AGCO Industries, Deere & Company, and Kubota Corporation witnessed a decline in agriculture equipment sales in H1/2020. However, as governments opened up economies in H2/2020, the demand for agriculture equipment bounced back and witnessed double-digit growth, a trend that continued till H1/2021.
The sudden increase in demand for tractors, harvesters, and planters in H1 /2021 led to lower inventory levels for OEMs and their dealers in H2/2021. In addition, OEMs worldwide are currently experiencing a shortage of semiconductors and high commodity prices of steel, aluminum, and other raw materials. As a result, OEMs are unable to balance supply and demand, which may allow OEMs to increase their product prices ranging from 4% to 22% in the next few quarters of 2022, a trend that is expected to continue till 2023. However, strong crop production in Asian economies, notably in China and India, along with need to replace aging equipment are expected to drive the growth of the market.
Agricultural Tractors Market Insights
The global agricultural tractors market size was valued at 3,098.2 thousand units in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2030. The increase in demand for compact tractors on small farms and technical developments such as the integration of telematics with agricultural tractors are expected to drive growth. Furthermore, the quick adoption of mechanization is expected to be favorable for the market’s expansion during the following eight years. Additionally, it is anticipated that the market will witness growth due to the migration of farm workers to cities, which would result in a labor shortage. Due to the brief production halt and supply chain disruption caused by the COVID-19 outbreak, product demand was impeded.
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