Agriculture Equipment Market Current Industry Figures with Forecasts Growth to Reach $192.5 bn by 2032

According to a new report published by Allied Market Research, titled, "Agriculture Equipment Market," The agriculture equipment market size was valued at $121.2 billion in 2022, and is estimated to reach $192.5 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

Agricultural equipment plays a crucial role in enhancing agricultural productivity worldwide, comprising machinery and fabricated components designed to optimize land yield. This global trend reflects the growing inclination of farmers and land operators towards incorporating automation technologies into traditional farming practices. The current landscape is marked by a shift from manual labor to modernized equipment, driven not only by the desire for increased efficiency but also by the challenges posed by the scarcity of human workforce and the high maintenance costs associated with traditional farming methods.

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Furthermore, the adoption of Internet of Things (IoT) integration in traditional farming equipment is emerging as a complementary trend, augmenting market size and value over the forecast period. The integration of IoT technology into agriculture equipment enhances overall efficiency, providing farmers with real-time data and insights for informed decision-making. This transformative approach is contributing to the modernization of agriculture practices, aligning them with the demands of a rapidly evolving world.

The growth of the agricultural equipment market is also propelled by increasing mechanization in the agricultural sector and a concurrent rise in farmers' income. Favorable climatic conditions for food production and governmental support, including loan waiver schemes for farmers across income categories, further contribute to the positive trajectory of the market. Notably, the advent of technologically advanced agricultural robotics, exemplified by autonomous tractors and flying drones, holds promise in enabling farmers to produce food at lower costs, addressing the escalating global demand for food. These innovations are anticipated to be key drivers for market growth, presenting better prospects over the forecast period.

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OEMs collaborate with technology providers to update their agricultural machinery with the latest technologies. For instance, the company CNH Industrial N.V., operating in the UK, signed an agreement through its brand CASE IH with Farmers Edge Inc., a Canadian agricultural technology provider. This agreement is expected to focus on offering better services and equipment for the customer.

The agreement aims at the development of digital agricultural solutions such as connectivity and agronomic solutions for its various agricultural equipment products. Moreover, it plans to offer unique technology platforms, which feature execution, planning, analysis, and decision-making capabilities to improve the agricultural processes using various agriculture equipment. For instance, in January 2020, CASE IH launched a new suspended front axle for its CASE IH Quantum V, N, and F model tractors. The new suspended axle offers front suspension option, which allows manual setting of the suspension height from the cab to provide comfort during operations.

The COVID-19 pandemic-induced economic downturn, coupled with an expanding supply gap for fossil fuels in both developing and developed economies, has prompted a strategic focus on alternative fuel sources. Countries like India, China, Canada, Mexico, South Africa, among others, have responded by initiating efforts to replace fossil fuels with agro-based alternatives such as ethanol and biodiesel. This shift has significantly spurred the demand for a variety of agricultural equipment, including tractors, cultivation tools, crop processing machinery, and other specialized equipment for applications like land development, threshing and harvesting, plant protection, and post-agro-processing.

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COMPETITION ANALYSIS
The major players profiled in the agriculture equipment market include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelhřimov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.

Key findings of the study
• The report provides an extensive analysis of the current and emerging global agriculture equipment market trends and dynamics.
• Depending on type, the tractors segment accounted for maximum share of the agriculture equipment industry in 2022.
• In automation, automatic segment is anticipated to grow with the highest CAGR throughout the forecast period.
• By business, the OEM businesses segment generated the highest revenue in 2022.
• Region wise, Asia-Pacific accounted for largest share of the global agriculture equipment market share in 2022. LAMEA is anticipated to grow at the highest rate in the agriculture equipment market during the analysis period, followed by Asia-Pacific.
• The report provides an extensive analysis of the global agriculture equipment market analysis, trends and emerging opportunities of the market.
• The global agriculture equipment market forecast analysis from 2022 to 2032 is included in the report.

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