Global Agricultural Implements Market - 2023-2030

Overview

Global Agricultural Implements Market reached US$ 15.12 billion in 2022 and is expected to reach US$ 26.01 billion by 2030, growing with a CAGR of 7.2% during the forecast period 2023-2030.

The global agricultural implements market has witnessed significant growth over the years, as farmers are highly adopting these advanced technologies or machinery as they operate a wide range of agricultural tasks such as planting, harvesting, and irrigation more effectively and quickly, and also help in reducing manual labor. Hence, such factors can help in driving the global agricultural implements market.

Furthermore, as many farmers are showing more willingness to adopt these types of machinery for various purposes, many manufacturing companies are also launching innovative high-quality products to expand their markets. For instance, in January 2022, John Deere launched the John Deere 5045D power Oro 4WD V3 tractor, this model helps in preventing slippage and performs effectively in toughest tasks. Hence, such products can help in increasing the market growth.

The tractors segment accounts for over half of the market share. Similarly, the Asia-Pacific dominates the agricultural implements market, capturing the largest market share, as the region has vast agricultural lands which helps in increasing the usage of these machinery for agricultural purposes. Hence, it can help in increasing the market growth.

Dynamics

Raising Demand for the Usage of Advanced Technologies in Agriculture

Farmers are highly adopting these advanced technologies or machinery for various agricultural practices as they help increase the efficiency of farming operations in less period of time, this helps in increasing the crop productivity and quality. These machineries also help in reducing the dependency on manual labor. Hence, such factors help in increasing the market growth.

Furthermore, as the demand for these machinery is increasing, many companies are highly investing in launching high-quality products in order to attract larger consumer bases. For instance, in October 2023, BigHaat company launched a new range of Pahalwaan Sprayers, strong, durable, and stylish sprayers for agricultural use, These sprayers come in four models, each equipped with unique features tailored to meet diverse needs. Hence, such products can help in increasing the market growth.

Increasing number of Product launches

The demand for advanced machinery is rising among farmers, as they help ensure that crops are planted, cultivated, and harvested at the optimal time, resulting in better quality produce, also they operate more effectively and quickly which helps reduce the dependency on manual labor. Hence, such factors can help in increasing the market growth.

Furthermore, manufacturing companies are launching products in order to expand their portfolios and attract larger consumers. For instance, in September 2023, the Swaraj Tractors, a part of Mahindra Group launched a new range of tractors in the 40 to 50 HP category. These new tractors are designed to meet the diverse and evolving needs of Indian farmers, offering them power, reliability, and style. Hence, such products can help in increasing the market.

Less Awareness about the Machinery

Some farmers may not be aware of operating the machinery, benefits, and capabilities of advanced agricultural implements, They may continue to rely on traditional, manual methods or may opt for other alternatives, which could affect the adoption rate, hence, the lack of awareness about the machinery can hamper the market growth.

Segment Analysis

The global agricultural implements market is segmented based on type, product, distribution channel, operation, capacity, application and region.

Increase in Demand for Effective Farming

The tractor segment holds the maximum share of the global agricultural implements market, farmers are highly adopting advanced agricultural tractors as they help in completing various agricultural activities more effectively and quickly, which can help in increasing crop productivity, hence, such factors can help in increasing the market growth.

Furthermore, the demand for tractors is increasing among farmers, so many manufacturing companies are focusing on launching innovative products to attract larger consumer bases. For instance, in May 2022, Tractors and Farm Equipment Limited launched an Eicher Prima G3 Series, it has a 40 - 60 hp range, that offers premium styling and progressive technology. Hence, such a product. Hence, such products can help in increasing the market growth.

Geographical Penetration

Vast Agricultural land and Government Initiatives in Asia-Pacific

Asia-Pacific region holds the largest share in the global agricultural implements market, farmers in this region are highly adopting this machinery, as the presence of vast agricultural lands, and the demand for high productivity is increasing in this region, hence, it can help in increasing the market growth in this region.

Furthermore, the presence of vast agricultural lands in this region, for instance, according to the Department of Agriculture, Fisheries and Forestry report, Australia has around 427 million hectares of agricultural land, which can help in increasing the usage of agricultural implements for various agricultural purposes.

Additionally, as the demand for this machinery is increasing, the government in this region is providing some initiatives in order to help the farmers adopt this machinery. For instance, the government of India has provided a Sub Mission on Agricultural Mechanization (SMAM), making farm machines accessible and affordable for small and marginal farmers through the establishment of Custom Hiring Centers (CHCs).

The creation of Hubs for hi-tech & high-value farm equipment and Farm Machinery Banks by the government. As of now, more than 13 lakh agricultural machines have been distributed and more than 27.5 thousand Custom Hiring Institutions established. Hence, such initiatives can help in increasing the market growth in this region.

Competitive Landscape

The major global players in the market include AGCO Corporation, Abanga and Grace Agro Industries Ghana Limited, APV GmbH, Bellota Agrisolutions, CLAAS KGaA mbH, Escorts Limited., HORSCH, ISEKI & CO., LTD., J C Bamford Excavators Ltd., and Deere & Company.

COVID-19 Impact Analysis

The pandemic has brought a disruption in the supply chain, many agricultural practices are also affected due to less availability of labor, raw materials, and others. Also, many manufacturing companies are shut down due to government lockdown restrictions, this has led to a decrease in the adoption rate, which has shown a negative impact on the global agricultural implements market.

By Type

• Farm Machinery and Equipment
• Lawn and Garden Tractor
• Home Lawn and Garden Equipment
• Tools, Gear Boxes, Clutches and Parts
• Others

By Product

• Tractors
• Harvesters
• Planting equipment
• Irrigation and Crop Processing Equipment
• Spraying Equipment
• Hay and Forage Equipment
• others

By Distribution Channel

• B2C
• B2B
• Others

By Operation

• Automatic
• Semi-Automatic
• Manual
• Others

By Capacity

• Small
• Medium
• Large

By Application

• Harvesting and Threshing
• Plant Protection
• Post-Harvest
• Agro-Processing
• Sowing and Planting
• Weed Cultivation
• Land Development
• Seed Bed Preparation
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In July 2023, Balwaan Krishi announced the launch of its ISI-certified latest range of Agricultural machinery This equipment such as the Balwaan Water Pump, Brush cutter backpack and side pack, Portable sprayer, and Knapsack prayer are set to revolutionize the agricultural industry.
• In November 2022, Mahindra & Mahindra Farm Equipment Sector (FES), a part of the Mahindra Group, inaugurated its first dedicated farm machinery plant (non-tractor) in Pithampur, Madhya Pradesh.
• In August 2021, Agritech startup Farmkart had launched a tech-enabled platform rent4farm. This rent4farm platform will help farmers rent high-quality machinery and equipment at competitive rates.

Why Purchase the Report?

• To visualize the global agricultural implements market segmentation based on type, product, distribution channel, operation, capacity, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of agricultural implements at the market with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global agricultural implements market report would provide approximately 85 tables, 100 figures and 186 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies