The farm machinery and equipment market has shown robust growth, rising from $211.09 billion in 2023 to $225.51 billion in 2024, at a CAGR of 6.8%. This growth is largely due to advancements in precision agriculture and government support. By 2028, the market is expected to reach $288.89 billion, with a CAGR of 6.4%, driven by innovations in robotics and sustainable farming practices.
Major Driver In The Farm Machinery And Equipment Market
The integration of Internet of Things (IoT) applications into farm equipment is anticipated to propel the farm machinery and equipment market. As the global population is expected to exceed 9 billion by 2050, farmers seek improved tools and practices to enhance agricultural productivity. The adoption of modern technologies, such as IoT-enabled smart greenhouses, allows for climate monitoring and control without human intervention. IoT sensors provide data on light levels, pressure, humidity, and temperature, automatically adjusting actuators to manage various conditions. This technology aids in increasing production efficiency with reduced labor, thereby driving the farm machinery and equipment market. These advancements shape the market sizes for 2023, 2024, and 2028.
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Farm Machinery And Equipment Market Competitive Landscape
Pfizer Inc., Johnson & Johnson Services Inc., F Hoffmann-La Roche Ltd., Roche Holding AG, Novartis International AG, LG Life Sciences Ltd., LG Chem Ltd., Amgen Inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, Chugai Pharmaceutical Co. Ltd., Meiji Seika Pharma Co. Ltd., Sun Pharmaceutical Industries Ltd., Kyowa Kirin Co. Ltd., Dr Reddy’s Laboratories Ltd., 3SBio Inc., Celltrion Inc., Watson Pharmaceuticals Inc., Biocon Limited, Emcure Pharmaceuticals Ltd., Dong-A ST Co. Ltd., Intas Pharmaceuticals Ltd., JCR Pharmaceuticals Co. Ltd., BioSidus SA, Probiomed SA de CV, Polifarma SpA, Shenyang Sunshine Pharmaceutical Co. Ltd., Hospira Inc., Cilag AG, Mitsubishi Tanabe Pharma Corporation
Key Farm Machinery And Equipment Market Trend
Major players in the farm machinery and equipment market are advancing autonomous solutions to maintain their competitive edge. Autonomous tractors, which are self-driving agricultural vehicles equipped with sensors, cameras, GPS, and AI, are designed to perform various farming tasks without human intervention. For example, in January 2022, Deere & Company introduced the John Deere 8R autonomous tractor. This model features advanced capabilities like stereo cameras, GPS navigation, and geofencing, allowing it to carry out tasks such as tillage independently, potentially boosting productivity and lowering labor requirements.
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Farm Machinery And Equipment Market Segmentation
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
By Geography:The regions covered in the farm machinery and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The Asia-Pacific was the largest region in the farm machinery and equipment market in 2032. 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.
The Farm Machinery And Equipment Global Market Report 2024 furnishes information about the global farm machinery and equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
