Global Farm Equipment Market to Reach USD 285.66 Billion by 2034, Growing at a CAGR of 5.3%

Farm Equipment Market

The global farm equipment market size was valued at USD 169.94 billion in 2024. It is anticipated to generate an estimated revenue of USD 285.66 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust compound annual growth rate (CAGR) of 5.3% over the forecasted timeframe of 2025-2034.

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Market Introduction

Modern farmers have varied farming equipment alternatives at their disposal, from technologically advanced combine harvesters to simple tractors, which satisfy small-scale homesteaders and industry-size farming functions. Of the varied types of farm equipment, vehicles are the most crucial and portray sizeable investments. Tractors like compact and wheeled tractors are extensively utilized for pulling farm equipment.

The combine and forage harvester equipment utilizes intricate systems of blades, gears, belts, and wheels to convert cereal crops into grains. They are utilized for reaping, threshing, and winnowing. Tractor attachments such as plows and harrows operate at a new functionality level. Plows use long blades to cut furrows in the soil, whereas harrows disintegrate clumps of soil, leveling the soil surface and redistributing crop and weed residue.

Market Drivers

Labor Shortage: The number of agricultural workers in the global agriculture sector is declining. Because of this, agriprenuers are moving to mechanized solutions such as farm equipment. As per the World Bank, in India alone, agricultural engagement reduced to 42.86% of the entire population in 2022, portraying the dearth of labor in the agricultural sector. This shortage is caused by urbanization, where a lot of people have migrated from villages to urban dwellings, which is having a favorable impact on farm equipment market growth.

Increasing Implementation of Sustainable Farming Practices: Sustainable farming practices are gaining prominence as ecological concerns grow. There is the utilization of green equipment designed to decrease carbon emissions, lessen water usage, and reduce pesticide usage. The ecologically aware farmers are extensively using methods such as water conservation and decrease in soil disturbance.

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Competitive Landscape

Competition in farm equipment is being driven by product differentiation and innovation. Major companies are noted below:

AGCO Corporation
Case IH
Claas
CNH Industrial
Escorts Group
Deere & Company
Kubota Corporation
Mahindra & Mahindra
New Holland
Raven Industries
SDF Group
TAFE
Trimble
Yanmar Holdings

Farm Equipment Industry Developments

January 2025: John Deere introduced several new autonomous equipment models during a press conference at CES 2025, aimed at supporting customers across agriculture, construction, and commercial landscaping industries.

September 2024: AGCO announced its acquisition of Trimble Inc., a company specializing in advanced robotics technologies. This strategic move is designed to strengthen AGCO's automation capabilities in the agricultural sector by integrating cutting-edge robotics solutions into its existing precision farming tools.

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Segmental Outlook

By Product Outlook (Revenue - USD Billion, 2020-2034)
Tractors
Harvesters Machinery
Planting Equipment
Spraying Equipment
Others

By Application Outlook (Revenue - USD Billion, 2020-2034)
Land Development & Seed Bed Preparation
Sowing & Planting
Weed Cultivation
Plant Protection
Harvesting & Threshing
Post-harvest & Agro-processing

Regional Perspective

North America dominated the farm equipment market in 2024, owing to advanced farming methodologies and extensive agricultural operations. Farmers are extensively adopting technologically advanced machinery such as harvesters, tractors, and precision farming tools to escalate productivity and efficiency.

Asia Pacific is anticipated to record a notable share in the forecast period due to rapid urbanization and growing population causing improved agricultural productivity.

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