What is Global Agricultural Machinery and Equipment Market?
The Global Agricultural Machinery and Equipment Market is a vast and dynamic sector that encompasses a wide range of tools and machinery used in agricultural practices worldwide. This market includes everything from tractors and harvesters to spraying and planting equipment, as well as hay and forage equipment and other specialized machinery. These tools and machines are essential for modern agriculture, helping farmers to increase productivity, reduce labor costs, and improve the quality of their crops. The market is driven by various factors such as technological advancements, increasing mechanization of farming operations, and the growing demand for food due to the rising global population. However, it also faces several challenges such as high equipment costs and the need for skilled operators. Despite these challenges, the market has shown robust growth in recent years and is expected to continue its upward trajectory in the future.
Tractors, Harvesters, Spraying Equipment, Planting Equipment, Hay & Forage Equipment, Others in the Global Agricultural Machinery and Equipment Market:
Tractors, harvesters, spraying equipment, planting equipment, hay and forage equipment, and other types of machinery are all integral parts of the Global Agricultural Machinery and Equipment Market. Tractors are perhaps the most recognizable and widely used type of agricultural machinery. They are versatile machines that can perform a variety of tasks, from plowing and tilling to hauling and transporting goods. Harvesters, on the other hand, are specialized machines designed to harvest various types of crops, including grains, fruits, and vegetables. Spraying equipment is used to apply pesticides, herbicides, and fertilizers to crops, while planting equipment is used to sow seeds in a precise and efficient manner. Hay and forage equipment, which includes balers, mowers, and rakes, is used to harvest and process hay and other forage crops for livestock feed. Other types of machinery in this market include irrigation equipment, tillage machines, and various types of specialized machinery for specific crops or farming practices.
Crops, Forestry, Horticulture, Others in the Global Agricultural Machinery and Equipment Market:
The Global Agricultural Machinery and Equipment Market plays a crucial role in various areas of agriculture, including crop production, forestry, horticulture, and others. In crop production, these machines are used for a variety of tasks, from preparing the soil and planting seeds to harvesting and processing the crops. In forestry, they are used for tasks such as logging, land clearing, and tree planting. In horticulture, which includes the cultivation of fruits, vegetables, and ornamental plants, these machines are used for tasks such as soil preparation, planting, pruning, and harvesting. Other areas where these machines are used include livestock farming, where they are used for tasks such as feeding and milking animals, and aquaculture, where they are used for tasks such as feeding fish and maintaining water quality.
Global Agricultural Machinery and Equipment Market Outlook:
The global Agricultural Machinery and Equipment market, valued at US$ 123490 million in 2022, is projected to reach a value of US$ 179070 million by 2029. This represents a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2023 to 2029. The market is dominated by the top five players, who collectively hold a market share of over 48%. Geographically, Asia-Pacific is the largest market, accounting for about 41% of the total market share. This is followed by North America and Europe, which hold market shares of 24% and 23%, respectively. In terms of product type, tractors represent the largest segment, accounting for a market share of 53%. In terms of application, crops represent the largest segment, accounting for a market share of about 72%.
| Report Metric | Details |
| Report Name | Agricultural Machinery and Equipment Market |
| Accounted market size in 2023 | US$ 134850 million |
| Forecasted market size in 2029 | US$ 179070 million |
| CAGR | 4.8 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | John Deere, CNH Industrial(Case IH and New Holland), Kubota, AGCO, Claas, Mahindra, Yanmar, LOVOL, WORLD, SDF, JCB, YTO Group, Tractors and Farm Equipment (TAFE), ISEKI, Exel Industries, Escorts Kubota, Wuzheng, Horsch Maschinen, Rostselmash, Dongfeng Farm, Lemken, Shandong Shifeng, Zoomlion |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
