How Has The Farm Machinery And Equipment Market Size Evolved In Recent Years?
The farm machinery and equipment market has seen considerable growth due to a variety of factors.
• The dimensions of the farm machinery and equipment market have seen significant expansion in the past years. The market is projected to rise from $221.3 billion in 2024 to $235.67 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%.
Factors such as agricultural mechanization, the effects of the industrial revolution, population surge and consequently food demand, government backing and subsidies, as well as the post-war agricultural surge, have contributed to the growth during the historic period.
What is the Market Size Forecast for the Farm Machinery And Equipment Market?
The farm machinery and equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size for farm machinery and equipment is expected to witness robust growth, reaching $295.1 billion in 2029 with a 5.8% compound annual growth rate (CAGR). This expected growth during the forecast period is due to the advancements in precision agriculture, automation and robotics, IoT and data analysis, sustainable farming methods, and electric and hybrid machinery. The forecast period will likely see trends such as blockchain traceability, the use of robotics for planting and harvesting, the implementation of hydroponics and aeroponics technologies, multi-functional tools, and remote monitoring and control.
Which Factors Are Boosting Growth In The Farm Machinery And Equipment Market?
The incorporation of Internet of Things (IoT) technology in agricultural equipment is projected to stimulate the farm machinery and equipment market. By 2050, the global population is forecasted to exceed 9 billion, creating an urgency for farmers to procure superior tools and methods that enhance the speed of agricultural production. The rising population necessitates the adoption of novel and sophisticated technologies by farmers to meet the escalating food demand. For example, smart greenhouses powered by IoT operate autonomously, monitoring and adjusting the internal conditions without human intervention. IoT sensors within these greenhouses continuously relay data about light intensity, pressure, humidity, and temperature and can autonomically control actuators to perform tasks such as opening a window, switching on lights, controlling a heater, activating a mister, or turning on a fan. Consequently, IoT not only augments productivity by reducing manual labor but also propels the growth of the farm machinery and equipment market.
What Are The Major Segments Within The Farm Machinery And Equipment Market?
The farm machinery and equipment market covered in this report is segmented –
1) By Type: Cultivator, Rotator, Chisel Plow, Harvester, Roller, Field Sprayer And Spreader, Irrigation System, Livestock Equipment, Tractors, Other Types
2) By Capacity: Small, Medium, Large
3) By Operation: Manual, Semi-Autonomous, Fully-Autonomous
4) By Application: Spraying, Water Supply And Conservation, Cultivation, Harvesting, Seeding, Weeding, Livestock Farming, Other Applications
Subsegments:
1) By Cultivator: Tine Cultivators, Disc Cultivators
2) By Rotator: Rotary Tillers, Rotary Hoes
3) By Chisel Plow: Rigid Frame Chisel Plows, Folding Chisel Plows
4) By Harvester: Combine Harvesters, Forage Harvesters, Grain Harvesters
5) By Roller: Land Rollers, Turf Rollers
6) By Field Sprayer And Spreader: Boom Sprayers, ATV Sprayers, Broadcast Spreaders
7) By Irrigation System: Drip Irrigation, Sprinkler Irrigation, Surface Irrigation
8) By Livestock Equipment: Feeding Equipment, Milking Machines, Fencing Equipment
9) By Tractors: Utility Tractors, Row Crop Tractors, Compact Tractors
10) By Other Types: Seeders and Planters, Tillage Equipment, Harvesting Accessories
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Which Trends Are Expected To Transform The Farm Machinery And Equipment Market?
Leading corporations in the agricultural machinery and equipment market are concentrating on creating superior technology-based solutions such as electric tractors, aimed at optimizing and improving farm work. Unlike the conventional internal combustion engine tractors, the electric tractors are powered by electric motors and batteries, providing benefits like decreased emissions, cost-effective running, and silent operation while accomplishing various agricultural duties. To demonstrate, Fendt, an agricultural machinery firm based in Germany, revealed in October 2023, the introduction of its latest electric tractor model, the e107 V Vario. This novel vehicle is engineered for usage in vineyards, orchards, greenhouses, and city territories. The e107 V Vario possesses a 100kWh battery, delivering 90 horsepower and is capable of functioning for 4 to 7 hours. It also has rapid charging capabilities, going from 20% to 80% in merely 45 minutes. Moreover, it incorporates Fendt’s Vario transmission, the FendtONE operational system, and three distinct operating modules, including Eco, Dynamic, and Dynamic+ to cater to varying power demands.
Who Are the Key Players in the Farm Machinery And Equipment Market?
Major companies operating in the farm machinery and equipment market include:
• John Deere
• AGCO Corporation
• CNH Industrial
• Kubota Corporation
• Mahindra & Mahindra Ltd.
• CLAAS KGaA mbH
• Yanmar Co. Ltd.
• Escorts Limited
• Valmont Industries. Inc.
• Bucher Industries
• Fendt
• SAME Deutz-Fahr Group
• Iseki & Co. Ltd.
• Kioti Tractor
• JCB Limited
• Massey Ferguson
• Zetor Tractors a.s.
• New Holland Agriculture
• McCormick Tractors International Ltd.
• V.S.T. Tillers Tractors Ltd.
• Argo Tractors S.p.A.
• Kuhn Group
• Lindsay Corporation
• TAFE - Tractors and Farm Equipment Limited
• Vermeer Corporation
• Alamo Group Inc.
• Krone Group
• HORSCH Maschinen GmbH
• Amazone H. Dreyer GmbH & Co. KG
• Hardi International
What Is The Most Dominant Region In The Farm Machinery And Equipment Market?
Asia-Pacific was the largest region in the farm machinery and equipment market in 2024. North America was the second largest region in the global farm machinery and equipment market share. The regions covered in the farm machinery and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
