PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1462567
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1462567
Farm Equipment Market - By Equipment (Tractors, Harvesting Equipment, Sprayers, Balers), By Power Source (Mechanical, Tractor-powered, Electric & Battery-powered), By Application, By End Users & Forecast, 2024 - 2032
Farm Equipment Market size is projected to expand at over 4% CAGR from 2024 to 2032, led by the increasing adoption of mechanized farming practices to improve productivity and efficiency. Rapid advancements in technology like precision agriculture and automation is facilitating farmers to optimize operations and reduce labor costs.
The influx of government subsidies and incentives for agricultural mechanization is increasing the appeal of farm equipment and attracting innovations in the agriculture sector. For instance, in February 2024, Mahindra unveiled two new tractors, consisting of subcompact 1100 models equipped with 20- to 26-horsepower engines, and compact 2100 models featuring 23-26 hp engines. The rising need to meet the growing food demand due to population growth and changing dietary patterns is accelerating the demand for farm equipment. The expansion of commercial farming and the adoption of modern farming techniques in emerging economies will further compliment the industry growth.
The farm equipment market is segregated into equipment, power source, application, end-user, and region.
With respect to end-user, the market size from the individual farmers segment is anticipated to grow at substantial CAGR from 2024 to 2032, owing to the increasing adoption of mechanized farming practices to improve efficiency and productivity. Rising government subsidies and financial assistance programs are promoting equipment purchases for small-scale farmers. Significant innovations in farm equipment, like precision agriculture technologies are allowing individual farmers to optimize resource utilization and enhance crop yields.
In terms of equipment, the farm equipment industry from the sprayers segment is estimated to grow at notable pace until 2032, on account of the growing demand for precision application of fertilizers, pesticides, and herbicides to optimize crop yields. The development in sprayer technology like, GPS guidance systems and variable rate technology is facilitating farmers to achieve accurate and efficient spraying operations. The ever rising need to minimize chemical usage and environmental impacts will also add to the segment growth.
Regionally, the North America farm equipment market size is projected to depict substantial growth between 2024 and 2032, owing to the increasing adoption of advanced agricultural technologies, including precision farming and autonomous machinery. The rising trend of farm consolidation and larger farm sizes across the region is spurring the demand for larger and more efficient equipment. The jump in government subsidies and incentives for promoting agricultural mechanization will further boost the regional industry expansion.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definitions
- 1.2 Base estimates & calculations
- 1.3 Forecast calculations
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360 degree synopsis, 2018 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Raw material supplier
- 3.2.2 Component supplier
- 3.2.3 Manufacturer
- 3.2.4 Distributor
- 3.2.5 End User
- 3.3 Profit margin analysis
- 3.4 Technology & innovation landscape
- 3.5 Patent analysis
- 3.6 Price trend analysis
- 3.7 Cost structure analysis
- 3.8 Key news & initiatives
- 3.9 Regulatory landscape
- 3.10 Impact forces
- 3.10.1 Growth drivers
- 3.10.1.1 Rising demand for food
- 3.10.1.2 Growing mechanization in different farming activities
- 3.10.1.3 Increasing use of precision agriculture techniques
- 3.10.1.4 Advancements in technology
- 3.10.2 Industry pitfalls & challenges
- 3.10.2.1 High equipment cost
- 3.10.2.2 Skilled labor shortage
- 3.10.1 Growth drivers
- 3.11 Growth potential analysis
- 3.12 Porter's analysis
- 3.12.1 Supplier power
- 3.12.2 Buyer power
- 3.12.3 Threat of new entrants
- 3.12.4 Threat of substitutes
- 3.12.5 Industry rivalry
- 3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Equipment, 2018 - 2032 ($Bn, Units)
- 5.1 Key trends
- 5.2 Tractors
- 5.3 Harvesting equipment
- 5.4 Sprayers
- 5.5 Balers
- 5.6 Others
Chapter 6 Market Estimates & Forecast, By Power Source, 2018 - 2032 ($Bn, Units)
- 6.1 Key trends
- 6.2 Mechanical
- 6.3 Tractor-powered
- 6.4 Electric & battery-powered
Chapter 7 Market Estimates & Forecast, By Application, 2018 - 2032 ($Bn, Units)
- 7.1 Key trends
- 7.2 Cultivation & soil preparation
- 7.3 Planting & seeding
- 7.4 Harvesting
- 7.5 Livestock
Chapter 8 Market Estimates & Forecast, By End Users, 2018 - 2032 ($Bn, Units)
- 8.1 Key trends
- 8.2 Individual farmers
- 8.3 Commercial farm
Chapter 9 Market Estimates & Forecast, By Region, 2018 - 2032 ($Bn, Units)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.3.8 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
- 9.6 MEA
- 9.6.1 South Africa
- 9.6.2 Saudi Arabia
- 9.6.3 UAE
- 9.6.4 Rest of MEA
Chapter 10 Company Profiles
- 10.1 AGCO Corporation
- 10.2 Alamo Group, Inc.
- 10.3 Autonomous Solutions, Inc.
- 10.4 Case IH
- 10.5 Caterpillar Inc.
- 10.6 CLAAS KGaA mbH
- 10.7 Deere & Company
- 10.8 GEA Group
- 10.9 J.C. Bamford Excavators Limited
- 10.10 Kinze Manufacturing
- 10.11 Kubota Corporation
- 10.12 KUHN SAS
- 10.13 Lovol Heavy Industry Co., Ltd.
- 10.14 Mahindra&Mahindra Ltd.
- 10.15 Minsk Tractor Works
- 10.16 New Holland
- 10.17 OLIVER AGRO S.R.L.
- 10.18 TTQ
- 10.19 Vermeer Corporation
- 10.20 Wagner Systems Inc.
