Global Agricultural Machinery Market Factbook (2023 Edition) – Analysis By Value and Volume, By Product Type, Applications, Energy Capacity: Market Size, Insights, Competition, Covid-19 Impact and Forecast (2023-2028)
- USD
Licensing options
Licensing options
Agricultural machinery refers to machinery and equipment used in agriculture or other agricultural activities. There are many different types of equipment, from hand tools and power tools to tractors and the different agricultural equipment they pull or operate. Both organic and non-organic agriculture use a variety of inputs. Agriculture machinery encompasses a wide range of equipment designed for different purposes, from land preparation to crop harvesting and processing. Examples of agriculture machinery such as tractors, harvesters, planting, seeding, and irrigation equipment.
The Agriculture Machinery market showcased growth at a CAGR of 6.13% during 2018-2021. The market was valued at USD 244.67 Billion in 2021 which is expected to reach USD 405.14 Billion in 2028. The growing need for sustainable farming practices and rises in higher crop yields of advanced cross-crop and organic farming around the globe are contributing to the increasing interest in agriculture machinery.
The Global Agriculture Machinery Market is expected to grow in the forecast period and register a market value of USD 405.14 Billion in 2028 at a CAGR of 7.69% during the forecast period. The growing prevalence of various diseases due to unhealthy eating, rising demand for fortified food products, rising disposable income, and growing health consciousness and demand for nutritional supplements are the major driving factors that are accelerating the overall market growth of the Global Human Nutritional Ingredients Market.
Another factor driving the growth of the agricultural machinery market is the increasing adoption of precision farming techniques. Precision farming involves using advanced technology such as GPS, sensors, and drones to optimize crop production. This technology allows farmers to make better decisions about planting, fertilization, and pest control, resulting in higher yields and lower costs. As precision farming becomes more widespread, the demand for advanced machinery will continue to grow.
Government policies and initiatives are also driving the growth of the agricultural machinery market by promoting sustainable agriculture. Many governments around the world are implementing policies and programs to incentivize farmers to adopt sustainable farming practices. For example, some governments are offering subsidies or tax incentives to farmers who use precision farming equipment, reduce their use of fertilizers and pesticides, or adopt conservation tillage practices. These policies and initiatives are helping to drive the adoption of sustainable agricultural practices, which in turn is driving the demand for advanced machinery.
The need for sustainable agriculture is also driving innovation in the agricultural machinery market. Manufacturers are developing new technologies and equipment that are designed to meet the needs of sustainable agriculture. For example, some manufacturers are developing machinery that can perform multiple tasks, such as planting, fertilizing, and harvesting, reducing the need for multiple passes over the field. Others are developing machinery that can improve soil health, such as strip tillage machines that leave more organic matter in the soil and reduce soil erosion.
One of the main reasons for the high cost of agricultural machinery is the high cost of production. Agricultural machinery is complex and requires a significant amount of research and development, specialized materials, and advanced manufacturing processes. Additionally, agricultural machinery must meet strict safety and environmental standards, which further adds to the cost of production. The high cost of production is passed on to the end consumer, making agricultural machinery expensive for farmers, particularly those in developing countries.
Another factor contributing to the high cost of agricultural machinery is the low volume of sales. Unlike other industries, such as automotive, where high volumes of sales allow manufacturers to lower the cost of production and offer competitive prices, the agricultural machinery market has a lower volume of sales. This is due to the relatively small number of farmers compared to the general population, making it difficult for manufacturers to achieve economies of scale. As a result, the cost of agricultural machinery remains high, making it less accessible to small-scale farmers.
The general-purpose tractor proved to be excellent in plowing, soil preparation, planting, and cultivating tasks for a wide variety of field crops. In addition, the tractor is fully capable of providing power for mowing hay and for harvesting wheat and other small grains which helps in the overall growth of the market of Agriculture Machinery.
Thresher is a farm machine for separating wheat, peas, soybeans, and other small grain and seed crops from their chaff and straw. As agriculture mechanization continues to gain ground across the globe, new technologies and equipment are being integrated into the development of advanced threshers that separate the seeds from the straw and chaff and also remove stalks and husks to protect the quality of grains. Hence threshers will continue to increase the profitability of such farming activities, eliminating the drudgery of labour–intensive agriculture systems.
According to Azoth Analytics Estimates, Asia Pacific accounts for the largest revenue share in 2022. The increasing awareness among farmers regarding advanced agricultural practices is the prime reason for the demand for agricultural machinery. Furthermore, the rise in technological advancements in agriculture equipment, and an increase in demand for pre-owned agriculture equipment, is likely to accelerate the revenue share. Additionally, population growth and high demand for agricultural products, primarily from countries, like India and China, are also aiding the growth of the market.
Also, improvement in the standard of living in developing countries, such as China and India, owing to increasing disposable income is the major factor supplementing the growth of the Asia-Pacific Agriculture Machinery.
The global Agriculture Machinery Market is fragmented with the top 12 companies accounting for a significant revenue share in the year 2022. Leading companies and brands in the market are executing different strategies and partnerships to strengthen their foothold and increase their competitiveness and product offerings in the market.
Bucher Industries, AGCO Corporation, Deere & Company, Excel Industries, Claas KGaA mph, CNH Industrial N.V., Mahindra, and Mahindra among others are the leading companies in the Global Agriculture Machinery Market.
Bucher Industries
AGCO Corporation
Deere & Company
Excel Industries
CLAAS KGaA mph
ISEKI & Co. Ltd
CNH Industrial N.V.
Krone UK Group
Kubota Corporation
Mahindra & Mahindra
Mitsubishi Mahindra Agriculture Machinery
LemKen Gmbh & Co. KG
By Product Type
By Applications
By Energy Capacity
By Region
1. What is the expected market value of the Agriculture Machinery Market in 2028?
Global Agriculture Machinery Market is expected to be valued at USD 405.14 Million in 2028.
2. At what growth rate is Agriculture Machinery Market expected to grow in the forecast period?
During 2023-2028, Agriculture Machinery Market is expected to grow at a CAGR of 7.69%.
3. Which Region dominates the Agriculture Machinery Market?
Asia Pacific contributes the largest revenue share in the Agriculture Machinery Market and is expected to continue in the forecast period as well.
4. Which are the leading companies in the Agriculture Machinery Market?
Bucher Industries, AGCO Corporation, Deere & Company, Excel Industries, Claas KGaA mph, CNH Industrial N.V., Mahindra, and Mahindra among others are the leading companies in the Global Agriculture Machinery Market.
5. At what rate will China's Agriculture Machinery Market Grow?
During 2023-2028, China’s Agriculture Machinery Market is expected to grow at a CAGR of 10.22%.
.jpg)
No matter the hour, we’re here to help.
Contact us now!.jpg){kind=logo}
Azoth Analytics (ISO 9001:2015) is a business research and analytics company that creates in-depth research reports and provides customized research solutions and consulting services.