Farm Equipment Market Size Worth $227.5 Billion By 2030: IndustryARC

Global Farm Equipment Market size is predicted to reach $227.5 billion by 2030, growing at a CAGR of 6.1% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. precision farming technology and the integration of IoT in machinery propel market growth, finds IndustryARC in its recent report, titled “Farm Equipment Market – By Automation (Fully automatic, Semi-automatic, and Manual), By Machinery Type (Tractor, Soil Cultivation, Planting, Irrigation, Fertilization, Harvesting, Hay Making, Loader and Agriculture Robots), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”

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APAC to Register Highest Growth:

The APAC region is expected to witness the highest growth in the Farm Equipment Market, fueled by a combination of economic development and rising investments in agricultural infrastructure. This growth is also supported by favorable government policies, including subsidies for machinery purchases and initiatives aimed at modernizing agriculture. Moreover, the expanding middle class in the region, for instance, the segment of the Indian population expected to grow from 31% to 38% by 2031 according to People Research on India’s Consumer Economy, is driving demand for higher-quality and organic produce. This, in turn, requires more sophisticated farming equipment. The shift towards sustainable and efficient farming practices, combined with the need to address labor shortages, is further accelerating the adoption of advanced farm machinery across APAC, positioning the region as a key driver of the global market.

Farm Equipment Market 2024-2030: Scope of the Report

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Farm Equipment Market Report – Key Takeaways:

• Dominance of Manual Segment in Farm Equipment Market

In 2023, the manual segment dominated the Farm Equipment Market, holding a 43% share. This dominance is attributed to the effective use of natural forces, cost-efficient labor, and precise task execution. In regions like China and India, where manual labor is readily available and economical, demand for manual farm equipment is expected to grow significantly. These areas benefit from the precision and cost advantages of manual machinery, particularly for tasks requiring careful handling. The increasing adoption of manual equipment reflects a blend of traditional practices with modern efficiency needs, driving market growth as farmers seek to balance operational accuracy with economic considerations.

• Tractor Segment leads the Farm Equipment Market

In 2023, the tractor segment led the Farm Equipment Market with a 29% revenue share. This growth is driven by the need to address labor shortages and meet rising global food demands. Tractors are crucial for boosting agricultural productivity amidst these challenges. In 2022, Europe recorded around 215,000 tractors, including 59,300 under 37 kW and 155,700 above 38 kW. The European Farm Equipment Association (CEMA) noted that 165,200 of these were agricultural tractors, highlighting a robust market. The advent of electric tractors, known for their cost-effectiveness, environmental benefits, and efficiency, offers new growth opportunities. As the demand for farm equipment increases, tractors are set to remain central to meeting global food production needs while embracing sustainable practices.

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Key Opportunity Analysis:

Expansion of Precision Agriculture

The rise of precision agriculture presents a major opportunity in the Farm Equipment Market. Precision farming leverages advanced technologies such as GPS, IoT sensors, and data analytics to optimize crop management and resource use. This shift towards data-driven farming is driven by the need for increased efficiency and sustainability in agriculture. Farmers are increasingly adopting precision equipment to enhance yield, reduce waste, and improve environmental impact. As technology advances, the demand for specialized machinery that integrates with these systems is expected to grow. Companies that innovate in this space, offering equipment that supports precision agriculture, stand to benefit significantly. The growing focus on sustainable farming practices and efficient resource management further amplifies this opportunity, positioning precision agriculture as a key growth area in the market.

Adoption of Electric Tractors

The adoption of electric tractors is a significant growth opportunity for the Farm Equipment Market. Electric tractors are gaining traction due to their environmental benefits, such as reduced emissions and lower operating costs compared to traditional diesel-powered models. As the agricultural sector increasingly prioritizes sustainability, electric tractors offer a compelling solution for farmers seeking to minimize their carbon footprint while maintaining productivity. Technological advancements in battery efficiency and charging infrastructure are further driving this trend. With governments and organizations offering incentives for green technologies, the market for electric tractors is poised for expansion. This shift not only aligns with global sustainability goals but also addresses the growing demand for cost-effective, eco-friendly farming solutions, making it a promising area for investment and development.

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The report also covers the following areas:

• Farm Equipment Market Size and Forecast
• Farm Equipment Market Trends
• Farm Equipment Market Analysis by Product Type

Farm Equipment Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Farm Equipment Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Farm Equipment Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic created notable challenges for the farm equipment market by disrupting global supply chains and causing delays in production and distribution. Lockdowns and restrictions impacted manufacturing facilities and transportation networks, leading to shortages of key components and longer lead times for equipment delivery. Additionally, the economic uncertainty and reduced purchasing power of farmers during the pandemic led to decreased investments in new equipment. Despite these challenges, the pandemic also accelerated the adoption of digital technologies in farming, as farmers sought innovative solutions to improve efficiency and manage their operations remotely.

• The Russia-Ukraine war significantly disrupted the global farm equipment market. Ukraine, a major grain producer, faced severe setbacks in agricultural production and export capabilities due to the conflict. This instability led to reduced availability of key agricultural commodities and strained supply chains. As a result, farmers worldwide experienced delays and increased costs for farm equipment and spare parts. The war also contributed to heightened uncertainty in global markets, affecting investment and development in the agricultural sector. The interruption of supply lines and the rising prices of raw materials further exacerbated the challenges faced by farmers and equipment manufacturers alike.

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List of Key Market Players in the Farm Equipment Market:

The Global Farm Equipment Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Deere & Company,
• Kubota Corporation
• Mahindra and Mahindra Limited
• AGCO Corporation.
• Iseki & Co. Ltd
• Escorts Limited
• Daedong Industrial Co. Ltd
• JCB
• Tractors and Farm Equipment Limited
• Sonalika

Related Reports:

Agricultural Machinery Market: Tractors and harvesters remain pivotal in the agricultural machinery market. Technological advancements, such as autonomous tractors and smart harvesters, are gaining traction.

India Farm Equipment Market: The tractors, power tillers, combine harvesters and rice transplanters are some of the equipment for which a surge in demand has been seen in the past few years.

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IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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