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 consolidated. John Deere (US), AGCO Corporation (US), CNH Industrial (UK), Kubota Corporation (Japan), and CLAAS (Germany) are the top players in the farm equipment market. The companies have mostly focused on creating new products, forming partnerships, and engaging in joint ventures from 2018-2023. These strategic approaches have enabled them to enhance their offerings, collaborate effectively, and tap into broader markets.
To know about the assumptions considered for the study download the pdf brochure
The farm equipment market is set to experience rapid growth due to technological advancements, the need for efficiency, labor shortages, sustainability concerns, government support, market expansion in developing countries, climate resilience requirements, and the integration of digital agriculture platforms. This confluence of factors underscores the pivotal role that advanced farm machinery plays in ensuring global food security, sustainable farming practices, and agricultural prosperity.
The farm equipment market is dominated by globally established players such as John Deere (US), AGCO Corporation (US), CNH Industrial (UK), Kubota Corporation (Japan), and CLAAS KGAA (Germany).
John Deere (US) is engaged in developing, manufacturing, and distributing a diverse range of agricultural and construction equipment. It operates through four business segments: agriculture & turf, construction & forestry, financial services, and other revenues. It offers agricultural equipment and machinery under the agricultural & turf segment. The company invested USD 1.9 billion in R&D activities in 2022, which accounted for 3.6% of the company’s total revenue. The agriculture & turf segment is further sub-segmented into three product lines: agriculture, small agriculture, and turf. The large agriculture segment includes net sales of tractors with more than approximately 200 horsepower and associated attachments, combines, cotton pickers, cotton strippers, self-propelled forage harvesters and related attachments, sugarcane harvesters, harvesting front-end equipment, sugarcane loaders and pull behind scrapers, tillage, and seeding. The company is also investing in Autonomous tractors and Electric Farming tractors. The company also acquired Bear Flag Robotics, a start-up company that helps John Deere in R&D activities. The company made a minority investment in Hello Tractor, an agricultural technology company based in Nairobi, Kenya. John Deere is developing its electrification infrastructure, offering various solutions for charging, data and connectivity, machine support, and financial services. John Deere is also working on several other electric products, such as excavators, harvesters, and combines. For instance, a fully autonomous tractor was launched by John Deere in January 2022.
CNH Industrial (Netherlands) offers its products under five business segments: agriculture, construction, commercial and specialty vehicles, powertrain, and financial services. The agriculture segment designs manufacture, and sales farm machinery and implements, including two-wheel and four-wheel drive tractors, crawler tractors (Quadtrac), combines, cotton pickers, grape and sugar cane harvesters, hay & forage equipment, planting & seeding equipment, soil preparation and cultivation implements, and material handling equipment. The company also focuses on sustainable technologies such as green fuels, electric and hydrogen propulsion technologies, digitalization, and related intelligent capabilities, including precision farming, smart water management, etc.
Kubota Corporation (Japan) operates through three segments: farm & industrial machinery, water & environment, and others. It offers farm equipment under various brands, including Kverneland Group, Great Plains Manufacturing, Vicon, and Land Pride. The company has a strong sales network in North America, Thailand, and Japan, offering a wide range of products. As of 2022, it had a total workforce of 41,605 employees globally. In the farm & industrial machinery segment, the company offers tractors, implements, combine harvesters, rice transplanters, utility vehicles, and riding mowers. It has deployed more than 4 million tractors worldwide. The company invests in small start-ups like Parcel and AgTech to strengthen its existing business with new technologies and advancements. Currently, Kubota is focused on developing autonomous tractors, which may provide it an edge over its competitors in the coming years. Its focus on electric tractors, electric small-scale construction machinery, hybrids, and others is a testament to its R&D in future technologies.
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
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.SEND ME A FREE SAMPLE