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3. Farm Equipment Market Size & Share - Future Growth Expectations

The global farm equipment market is projected to grow from USD 107.7 billion in 2023 to USD 136.3 billion by 2028, at a CAGR of 4.8% during the forecast period. The base year for the report is 2021, and the forecast period is from 2023 to 2028. Increasing farm mechanization, demand for food due to increasing population and rising labor costs, especially skilled labor, and growing penetration of electric vehicles and mechanization are driving the growth and advancements in the farm equipment market.

The farm equipment market is poised for substantial growth in the coming years, driven by several key factors:

• Technological Advancements
• Increasing Demand for Food
• Adoption of Sustainable Practices
• Government Support and Subsidies
• Expansion of Precision Farming

To know about the assumptions considered for the study download the pdf brochure

Technological Innovations Drive Growth:

• Rapid advancements in farm equipment technology, including precision agriculture tools and autonomous machinery, are poised to revolutionize farming practices and bolster productivity.

Rising Food Demand Spurs Market Growth:

• With the global population on the rise, the escalating demand for food underscores the necessity for advanced farm equipment to optimize agricultural output and address food security concerns.

Embrace of Sustainable Agriculture:

• A growing emphasis on sustainability prompts farmers to seek eco-friendly farm equipment solutions that minimize environmental impact and promote resource conservation, shaping the trajectory of market growth.

Government Initiatives Propel Market Expansion:

• Supportive government policies and subsidies aimed at incentivizing agricultural modernization and mechanization are anticipated to provide a significant impetus to the farm equipment market.

Precision Farming Gains Momentum:

• The widespread adoption of precision farming methodologies, facilitated by technologies like GPS-guided tractors and drones for crop monitoring, is set to drive the demand for precision farming equipment, fostering market growth.

Farm Equipment Market Share - Global Industry Landscape

The farm equipment market is characterized by the presence of several key players competing for market share. Some of the leading companies in the farm equipment industry include:

• John Deere (US),
• AGCO Corporation (US),
• CNH Industrial (UK),
• Kubota Corporation (Japan),
• CLAAS (Germany).

These companies, along with several others, collectively shape the global farm equipment industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for farm equipments continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in biomarker discovery, development, and commercialization.

John Deere (US):

• Market Share: John Deere maintains a notable market presence within the farm equipment industry, particularly within the United States and globally.
• Key Offerings: John Deere offers an extensive lineup of farm equipment, ranging from tractors and combines to planters, sprayers, and precision agriculture technology. Their products are renowned for their reliability, innovation, and advanced features, catering comprehensively to farmers' diverse needs worldwide.

AGCO Corporation (US):

• Market Share: AGCO Corporation stands as a significant player in the global farm equipment market, with a noteworthy footprint across North America, Europe, and other regions.
• Key Offerings: AGCO Corporation delivers a diverse array of agricultural machinery and solutions, spanning tractors, harvesters, hay and forage equipment, seeding and tillage implements, and precision agriculture technologies. Their offerings prioritize enhancing farm productivity, efficiency, and sustainability.

CNH Industrial (UK):

• Market Share: CNH Industrial holds a substantial market share in the farm equipment sector, operating across Europe, North America, Latin America, and beyond.
• Key Offerings: CNH Industrial manufactures a broad spectrum of agricultural machinery under brands such as Case IH, New Holland Agriculture, and STEYR. Their product portfolio encompasses tractors, combines, hay tools, sprayers, and precision farming solutions, crafted to meet the evolving demands of modern agriculture.

Kubota Corporation (Japan):

• Market Share: Kubota Corporation emerges as a leading force in the global farm equipment market, boasting a robust presence in Asia-Pacific, North America, and Europe.
• Key Offerings: Kubota Corporation provides an extensive range of agricultural equipment, including compact tractors, utility tractors, implements, and hay tools. Renowned for their durability, versatility, and user-friendly design, Kubota products serve the needs of small and mid-sized farmers worldwide.

CLAAS (Germany):

• Market Share: CLAAS holds a prominent position within the farm equipment industry, boasting significant market share in Europe and beyond.
• Key Offerings: Specializing in advanced harvesting machinery, CLAAS offers combine harvesters, forage harvesters, and balers. Their product lineup also includes tractors, hay and forage equipment, and precision farming solutions, characterized by innovation, performance, and customer-centric design.

Related Reports:

Farm Equipment Market by Tractor Power Output (<30, 31-70, 71-130, 131-250, >250HP), Type (Tractors, Balers, Sprayers), Tractor Drive Type, Electric Tractor by Type & Propulsion, Implement by Function, Rental & Region - Global Forecast to 2028