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Farm Equipment Market Size, Share & Analysis

Report Code AT 2835
Published in Mar, 2025, By MarketsandMarkets™
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Farm Equipment Market by Power (<30, 31-70, 71-130, 131-250, >250HP), Type (Tractors, Balers, Sprayers, Harvesters), Function, Tractor Drive Type, Forestry Machinery, Electric Tractor, Type & Propulsion, Rental, & Region - Global Forecast to 2032

 

Overview

The farm equipment market is projected to grow from USD 39.95 billion in 2025 to USD 52.79 billion by 2032, registering a CAGR of 4.1%. According to the Association of Equipment Manufacturers (AEM) and the European Agricultural Machinery Industry Association (CEMA) the farm equipment market is expected to remain soft for the next 2–3 years due to a various factor such as low crop prices, high operating costs, tighter profit margins for farmers, and higher interest rates in the US with a stronger US dollar have impacted the farmers spending on farm equipment and their finance option for equipment purchases. In 2024, as the net farm income in the US is projected to fall by 25.5% Year-Over-Year to USD 116.1 billion, negatively impacting farmer’s purchasing power for new equipment. Moreover, according to AEM, Turktraktor and CEMA, the farm tractor sales in the US in January 2025 is decreased by ~15%, Europe by ~11.9%, Asia Oceania ~7.0%. the same trend was observed in combines, balers, sprayers, and other farm equipment’s. However, in the long term, many potential opportunities will be generated in the market, gaining momentum in the future. As equipment prices adjust, interest rates may drop, and the farmers' spending will become affordable to invest in new equipment.

Farm Equipment Market

Attractive Opportunities in the Farm Equipment Market

ASIA OCEANIA

The Asia-Pacific farm equipment market is driven by increasing mechanization to boost productivity, government support through subsidies and favorable policies, technological advancements in precision agriculture, rising consumer demand for high-quality food products, and expansion opportunities in Southeast Asia's large agricultural sectors.

The increase in product offering for electric, and CNG tractors by OEMs and demand for emission free equipment would create growth opportunity in sustainable farming.

Technological advancement, advanced mechanization, automation in farming offer lucrative opportunities for market player in next 5 years.

The growth for farm equipment will remain soft for the next 2-3 years, and expected to rise due to increase in mechanization, and farm yield.

The market for high powered tractor is expected to witness a higher CAGR during the forecast period during the growing demand for higher pulling tractor and commercial application.

Global Farm Equipment Market Dynamics

Driver: Government support with farm loan waivers/ credit finance

The implementation of farm loan waiver schemes encourages farmers to buy farm equipment. Governments launched various schemes in different parts of the world to relieve farmers from their loans and encourage farm mechanization. According to the Agricultural Policy Monitoring and Evaluation, 2024, conducted by the Organization for Economic Co-operation and Development (OECD) from 2021 to 2023, comprehensive assistance to the agricultural sector surged to USD 842 billion annually across 54 covered countries which includes OECD member states, non-OECD EU member states, reflecting a 12.6% upswing from the USD 720 billion recorded during 2018 to 2020. A price of USD 400 billion annually is allocated from public budgets, while the remainder is facilitated through adjustments in pricing structures. This considerable increase in support underscores the commitment to bolstering the agricultural industry and signifies both public investment and market-driven mechanisms playing pivotal roles in sustaining this growth. For instance, the Reverse Bank of India (RBI) has increased the limit of collateral-free farm loans from USD 1,836 07 to USD 2,303 per borrower, effective January 2025. This move was made to remove the financial burden on farmers by removing collateral requirements for loans related to agricultural activities and allied sectors. Hence, these initiatives from the farmers support the farmers with loan and credit financing and drive the farm equipment market.

Restraint: High equipment cost in emerging economies

Continuous R&D efforts have developed advanced products capable of handling multiple tasks. Advanced machinery includes complex mechatronic systems that require specialized manufacturing and assembly processes. All the steps involved in designing, producing, and distributing the equipment require huge investments, which is reflected in the cost of the machinery made available to farmers. Small farmers' inability to invest significantly contributes to the low penetration rate of farm equipment in developing countries. The higher cost of equipment extends beyond the purchase price. Maintenance, spare parts, and operational expenses can also strain farmers' financial viability in emerging economies. Limited access to financing options and credit facilities further exacerbates the challenge, making it difficult for farmers to overcome the initial financial barrier and invest in modern farm equipment.

Farmers in emerging economies are reluctant to invest in expensive machinery. However, the adoption of farm equipment in North America and Europe is high due to the unavailability of labor and the high cost of farm labor. Agriculture equipment manufacturers need to upgrade their products regularly, owing to the constantly changing emission norms, which increases the equipment cost. Thus, the high cost of agricultural machinery such as high horsepower (HP) tractors, combines, balers, and sprayers limit their sales and thereby slow down the growth of the farm equipment market, especially in emerging economies. Hence, these factors are restraining the farm equipment market.

 

Opportunity: Increasing R&D and adoption of electric tractors

The increasing R&D activities and several companies' launches of hybrid and electric tractors are expected to create growth opportunities for the agriculture sector. According to the China SCIO, the Chinese government has allocated significant funding to support R&D in agricultural machinery, including tractors. For example, an allocation of USD 3.5 billion (24.6 billion yuan) in 2024 is designated for subsidizing the purchase and application of agricultural machinery, including tractors. Also, the trend in R&D expenses for agricultural tractors in the US for 2024 reflects a strong commitment by leading manufacturers like Deere & Company, actively investing in technological advancements that cater to evolving agricultural needs.

John Deere aims to produce at least one fully electric autonomous tractor by 2026. New Holland T4.70e, Kioti CK430 CE, and Case IH EVX 110 are some electric tractors developed by New Holland, KIOTI, and Case IHI. Sonalika (India) launched Tiger Electric in December 2024, which had 15 HP power and 25.5 kW battery, fast charging option; Autonxt (India) launched X45H2 on August 202 4, which had 45 HP, automated steering, crop health analysis, Cellestial (India) had launched 55HP tractor on July 2022, Monarch Tractor (US) had launched MK-V in December 2022. These tractors were launched as a sustainable alternative to diesel engines but have limitations of battery energy density, lack of robust charging infrastructure, and high prices that may challenge the market growth for electric tractors in emerging economies. Thus, the advancements in farm equipment are expected to provide business prospects for advanced technology solution providers and improve the operational efficiency of farm equipment, therefore offering promising growth opportunities for the farm equipment market.

Challenge: Rapidly changing emission norms and mandates

One of the key issues arising from changing emission norms is the need for farm equipment manufacturers to continually invest in R&D to develop and adapt engines and exhaust systems that comply with the latest standards. Meeting these evolving regulations can entail significant engineering, testing, and certification costs. From January 2023, the implementation of updated emission standards in India, designated as Bharat Stage TREM IV, was set to apply to tractors with a horsepower exceeding 50. This adjustment follows a series of postponements, initially scheduled for October 2020, responding to industry representations during the pandemic-induced disruptions. Notably, a substantial portion of the industry, constituting around 92% of sales in FY2022, will persist under the governance of Bharat Stage TREM IIIA norms, encompassing tractors with horsepower less than 50. The transition to the new emission standards for the higher horsepower segment reflects a measured approach by the government, considering the industry’s context and evolving circumstances. Hence, adapting to altered emission regulations to meet government mandates might challenge tractor sales. The TREM V regulations will be implemented in India from mid of 2026 whereas other region, follows different regulation which creates difficulties for key players to provide standard common model for all region.

In Europe, the current regulation for tractor engines is primarily governed by Regulation (EU) No 167/2013, which sets out requirements for the approval and market surveillance of agricultural and forestry vehicles, including their engines, and mandates that all new tractor engines must comply with the "Stage V" emission standards to reduce emissions significantly; this applies to most tractors, with some exceptions for smaller power ranges that may have a slightly extended transition period depending on their engine size and power output. Major manufacturers are working to develop engines that meet the government's mandates to achieve high efficiency and reduced emissions. Hence, synchronizing several technologies, emission standards, protocols, and changing equipment patterns are concerns that must be overcome during the forecast period.

Global Farm Equipment Market Ecosystem Analysis

Top Companies in Farm Equipment Market

Note: The above diagram only shows the representation of the Farm Equipment Market ecosystem; it is not limited to the companies represented above.
Source: Secondary Research and MarketsandMarkets Analysis

 

31–70 HP segment is estimated to be the largest market during the forecast period

In the 31–70 HP segment, it is projected to hold the largest market during the forecast period, accounting more than 50% of the market share for the year 2025. This trend is driven by the increasing adoption of farm mechanization, particularly in emerging markets where small to medium-sized farms dominate in Asia Oceania mainly due to the Indian market. India had a market share more than 80% for 31–70 HP in 2024 and expected to continue with the leading positions. Further, the updated TREM Stage IV regulation was introduced in January 2023, due to which the price increased by 1 lakh rupees (approx. USD 1,340) for tractor with >50 HP. This price hike is mainly due to mandatory installation of Common Rail Direct Fuel Injection (CRDI) in the tractor engines. To which there was a shift in consumer preference for 45-50 HP tractors as these tractors were provided with 4WD option with the same power capacity as compared to >50-60 HP tractors and with lower price.

The governing bodies are also promoting subsidy schemes for the farmers to increase the adoption of mid-range HP tractors in this market. For instance, the Indian government has started offering subsidies to promote agricultural mechanization under the Macro-Management Scheme of Agriculture, where the Indian government is providing a subsidy of 25% for tractors up to 35 PTO HP, up to USD 300–350.

Japan is the second largest market in Asia Oceania for 31-70 HP tractors. In Japan, all the tractor sells have declined due to ageing farmers where the farming practice have declined in Japan. Due to this reason, some key players are shifting their production plant in other countries for better opportunity. For instance, ISEKI had announced to shift their production to Indonesia in August 2024 and it will manufacture 90% of its products for overseas markets in Indonesia by 2030.

The 4WD is estimated to be the fastest-growing segment in drive type over the forecast period.

4WD is dominated by European region with a market share more than 80% in the year 2024. The Europe has higher farmlands which increase the need of high-performance tractors as it has ability to cover extensive farmland area very efficiently with a better traction and stability. Countries like France, UK, and Germany has the highest demand 4WD tractors due to labor shortage which has increased the demand for mechanized farming equipment, including tractors to increase the efficiency and productivity. The major key players in Europe who offers 4WD tractors and other equipment are Deere & Company with 9R, 6R, 7R Series; CNH Industrial offers 4WD under the brands of Case IH Magnum and New Holland T9, AGCO Corporation featuring Massey Ferguson with 8700 Series for 4WD and Fendt with 1000 Vario series. The OEMs are actively investing in R&D for developing new products and precision agriculture features in tractors.

Asia Oceania is the second largest market for 4WD tractors, in which India is the largest market. These tractors are used in very few states of India which does contract farming. These tractors need a heavy mechanization while farming which has increased the demand for 4WD tractors. Key players such as Swaraj from Mahindra & Mahindra, Deere & Company, New Holland, and Sonalika offers 4WD tractors for farming. Due to TREM V regulation which will be implemented in mid of 2026, India will be exporting TREM V compiled tractors in European countries which will increase the trade exports in international market creating gradual increase in demand in coming future.

Asia Oceania holds the largest market for farm equipment market during the forecast period.

The Asia Oceania region is the fastest growing region with a CAGR of 5.2% during the forecast period. Factors such as lack of farm labor, increasing farm wages, and government incentives drive the farm equipment market. The major countries holding the highest market share for farm equipment is India followed by China. India holds the largest market for tractors whose sales declined by ~5.0% whereas the other equipment’s sales declined by 6–8%. In China, the combines have the highest market in terms of revenue which is more than 70% in the year 2024. The sales for combines and self-propelled sprinkler equipment have observed a decline from past 2 years and is expected to remain low till 2026. According to FAO.org, China’s export for barley declined by 2.1 million tons m/m and maize export declined by 0.7 million tons m/m. This decline is export have impacted the demand for self-propelled sprinklers and combines in China. This decline in demand for food product is due to decrease in commodity pricing which has lowered the farmers spending on new equipment’s. Hence, it is estimated that the till 2027 the commodity pricing might increase by 2026-2027, after which the farmers spending might increase for all the equipment and will drive the market.

HIGHEST CAGR MARKET BY 2032
INDIA: FASTEST GROWING MARKET IN THE REGION
Farm Equipment Market by region

Recent Developments of Farm Equipment Market

  • In October 2024, Case IH showcased its new 2025 Farmall C models for commercial sale. This tractor has an ActiveDrive 2 Transmission and can carry a gross vehicle weight of up to 7,000 kg.
  • In October 2024, Mahindra & Mahindra launched a “Mahindra Arjun 605 DI 4WD” tractor in India. This model had a 4-cylinder 3531 cc engine, which gave a power output of 55 HP.
  • In June 2024, John Deere launched a new technology called “MACHINE SYNC,” which allows walker combine operators to control the attached tractors' speed, direction, and position.
  • In March 2024, New Holland has unveiled the T3 Electric Power. The T3 electric tractor has a 75-kWh battery pack that operates at 800 volts and produces 100 HP.

Key Market Players

List of Top Farm Equipment Market Companies

The Farm Equipment Market is dominated by a few major players that have a wide regional presence. The major players in the Farm Equipment Market are

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Scope of the Report

Report Attribute Details
Market size available for years 2021–2032
Base year considered 2024
Forecast period 2025-2032
Forecast units Volume (’000 Units) and Value (USD Billion)
Segments Covered Power output, drive type, farm equipment market, rental market, by equipment type, forestry machinery market, by equipment type, by Implement, by equipment type, rental market, by power output, electric tractor market, by propulsion, and by region
Regions covered Asia Oceania, Europe, North America, and the Rest of the World

 

Key Questions Addressed by the Report

What is the current size of the global Farm Equipment market?
The Farm Equipment market is projected to grow from USD 39.95 Billion in 2025 to USD 52.79 Billion by 2032, at a CAGR of 4.1%, with Asia Oceania dominating the market.
Which factors are currently dragging the farm equipment market?
The rise in crop prices, increase in interest rates, change in climatic conditions, lower import of tractors, and aging farmer life have lowered the farm equipment market in the past 1-2 years, and the same trend is expected to continue for a few years.
Many companies operate in the global farm equipment market. Do you know who the front leaders are and what strategies they have adopted?
Many key players are investing in India to develop new manufacturing plants due to the gradually increasing demand at the global level, where the manufacturing cost is low.
How does the demand for Farm Equipment vary by region?
Asia Oceania is estimated to be the largest market for Farm Equipment during the forecast period. The growth of the Farm Equipment market in Asia Oceania is mainly attributed to the higher demand for Farm Equipment from India and China due to higher population and increasing farm mechanization.
What are the growth opportunities for the Farm Equipment supplier?
The demand for Four-wheel drive and electric tractors would create growth opportunities for the Farm Equipment market.

 

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Table of Contents

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TITLE
PAGE NO
INTRODUCTION
1
  • 1.1 STUDY OBJECTIVES
  • 1.2 MARKET DEFINITION AND SCOPE
    INCLUSIONS AND EXCLUSIONS
  • 1.3 STUDY SCOPE
    MARKETS COVERED
    GEOGRAPHIC SEGMENTATION
    YEARS CONSIDERED FOR THE STUDY
  • 1.4 CURRENCY CONSIDERED
  • 1.5 STAKEHOLDERS
  • 1.6 SUMMARY OF CHANGES
RESEARCH METHODOLOGY
2
  • 2.1 RESEARCH DATA
    SECONDARY DATA
    - Major Secondary Sources
    - Key Data from Secondary Sources
    PRIMARY DATA
    - Primary Interviews with Experts
    - Key Data from Primary Sources
    - Key Industry Insights
    - Breakdown of Primaries
  • 2.2 MARKET SIZE ESTIMATIONS
    BOTTOM-UP APPROACH
    - Approach for Capturing Market Share by Bottom-Up Analysis
    TOP-DOWN APPROACH
    - Approach for Capturing Market Share by Top-Down Analysis
  • 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
  • 2.4 FACTOR ANALYSIS
  • 2.5 RESEARCH ASSUMPTIONS
  • 2.6 RISK ASSESSMENT
  • 2.7 LIMITATIONS OF RESEARCH
EXECUTIVE SUMMARY
3
PREMIUM INSIGHTS
4
MARKET OVERVIEW
5
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    RESTRAINTS
    OPPORTUNITIES
    CHALLENGES
  • 5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
  • 5.4 PRICING ANALYSIS
    AVERAGE SELLING PRICE TREND, BY POWER OUTPUT
    AVERAGE SELLING PRICE TREND OF ELECTRIC TRACTOR, BY PROPULSION
    AVERAGE SELLING PRICE OF TRACTOR, BY OEM
    AVERAGE SELLING PRICE OF TRACTOR, BY DRIVE TYPE
    AVERAGE SELLING PRICE TREND, BY REGION
  • 5.5 SUPPLY CHAIN ANALYSIS
  • 5.6 ECOSYSTEM ANALYSIS
  • 5.7 INVESTMENT AND FUNDING SCENARIO
  • 5.8 TECHNOLOGY ANALYSIS
    KEY TECHNOLOGIES
    - Farm Equipment Automation
    - Agriculture 5.0
    - Electrification of Tractors
    - Autonomous Tractors
    COMPLEMENTARY TECHNOLOGIES
    - Farm Tractor: Battery Technology
    - Trends In Rental Industry
    - CNG Tractors
    ADJACENT TECHNOLOGIES
    - Precision Farming
  • 5.9 PATENT ANALYSIS
  • 5.10 TRADE ANALYSIS
  • 5.11 KEY CONFERENCES AND EVENTS (2025-2026)
  • 5.12 CASE STUDY ANALYSIS
  • 5.13 REGULATORY LANDSCAPE
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    REGULATORY FRAMEWORK
  • 5.14 KEY STAKEHOLDERS AND BUYING CRITERIA
    KEY STAKEHOLDERS IN BUYING PROCESS
    BUYING CRITERIA
  • 5.15 TOTAL COST OF OWNERSHIP: FARM EQUIPMENT MARKET
    TOTAL COST OF OWNERSHIP FOR DIESEL TRACTORS
    TOTAL COST OF OWNERSHIP FOR ELECTRIC TRACTORS
    DIESEL VS ELECTRIC TRACTORS - COMPARISON
  • 5.16 OEM ANALYSIS
    OEMS VS POWER OUTPUT
    OEMS VS BATTERY CHEMISTRY
  • 5.17 OEM STRATEGIES: FUTURE INVESTMENTS BY THE KEY PLAYERS
  • 5.18 FARM EQUIPMENT MARKET OUTLOOK, BY COUNTRIES
    INDIA
    - Market Share Analysis
    - Agriculture Equipment Market Size (Tractor & Combine Harvester)
    - Key Export Destination
    CHINA
    - Market Share Analysis
    - Agriculture Equipment Market Size (Tractor & Combine Harvester)
    - Key Export Destination
    US
    - Market Share Analysis
    - Agriculture Equipment Market Size (Tractor & Combine Harvester)
    - Key Export Destination
  • 5.19 GLOBAL SALES DATA, BY OEM, 2023-2024
    FARM TRACTORS
    COMBINE HARVESTERS
    BALERS
    TILLERS
FARM TRACTOR MARKET, BY POWER OUTPUT
6
  • 6.1 INTRODUCTION
  • 6.2 <30 HP
  • 6.3 31–70 HP
  • 6.4 71–130 HP
  • 6.5 131–250 HP
  • 6.6 >250 HP
FARM TRACTOR MARKET, BY DRIVE TYPE
7
  • 7.1 INTRODUCTION
  • 7.2 TWO-WHEEL DRIVE
  • 7.3 FOUR-WHEEL DRIVE
FARM EQUIPMENT RENTAL MARKET, BY EQUIPMENT TYPE
8
  • 8.1 INTRODUCTION
  • 8.2 TRACTORS
  • 8.3 COMBINES
  • 8.4 SPRAYERS
  • 8.5 BALERS
  • 8.6 OTHERS
FORESTRY MACHINERY MARKET, BY PRODUCT TYPE
9
  • 9.1 INTRODUCTION
  • 9.2 SKIDDERS
  • 9.3 FORWARDERS
  • 9.4 BUNCHERS
  • 9.5 SWING MACHINES
  • 9.6 HARVESTERS
  • 9.7 LOADERS
  • 9.8 OTHER FORESTRY MACHINERY
    FARM EQUIPMENT MARKET, BY FUNCTION
FARM EQUIPMENT MARKET, BY FUNCTION
10
  • 10.1 INTRODUCTION
  • 10.2 PLOUGHING & CULTIVATION
  • 10.3 SOWING & PLANTING
  • 10.4 HARVESTING & THRESHING
  • 10.5 OTHERS
FARM EQUIPMENT MARKET, BY EQUIPMENT TYPE
11
  • 11.1 INTRODUCTION
  • 11.2 CEREAL COMBINES
  • 11.3 NON-CEREAL COMBINES
  • 11.4 BALERS
  • 11.5 SELF-PROPELLED SPRAYERS
  • 11.6 TRACTOR-MOUNTED SPRAYERS
  • 11.7 TILLERS
FARM EQUIPMENT RENTAL MARKET, BY POWER OUTPUT
12
  • 12.1 INTRODUCTION
  • 12.2 <30 HP
  • 12.3 31–70 HP
  • 12.4 71–130 HP
  • 12.5 131–250 HP
  • 12.6 >250 HP
ELECTRIC TRACTOR MARKET, BY PROPULSION
13
  • 13.1 INTRODUCTION
  • 13.2 BATTERY ELECTRIC
  • 13.3 HYBRID ELECTRIC
  • 13.4 HYDROGEN
ELECTRIC TRACTOR MARKET, BY BATTERY CAPACITY
14
  • 14.1 INTRODUCTION
  • 14.2 <50 KWH
  • 14.3 51 – 100 KWH
  • 14.4 >100 KWH
FARM TRACTOR MARKET, BY REGION
15
  • 15.1 INTRODUCTION
  • 15.2 NORTH AMERICA
    MACROECONOMIC OUTLOOK FOR NORTH AMERICA
    US
    CANADA
    MEXICO
  • 15.3 EUROPE
    MACROECONOMIC OUTLOOK FOR EUROPE
    GERMANY
    FRANCE
    ITALY
    POLAND
    RUSSIA
    SPAIN
    TURKEY
    UK
    REST OF EUROPE
  • 15.4 ASIA OCEANIA
    MACROECONOMIC OUTLOOK FOR ASIA OCEANIA
    AUSTRALIA
    CHINA
    JAPAN
    SOUTH KOREA
    INDIA
    REST OF ASIA OCEANIA
  • 15.5 ROW
    MACROECONOMIC OUTLOOK FOR ROW
    BRAZIL
    ARGENTINA
    OTHERS
FARM EQUIPMENT MARKET, COMPETITIVE LANDSCAPE
16
  • 16.1 KEY PLAYER STRATEGIES/RIGHT TO WIN
  • 16.2 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS, 2024
  • 16.3 MARKET SHARE ANALYSIS, 2024
  • 16.4 COMPANY VALUATION AND FINANCIAL METRICS
  • 16.5 PRODUCT/BRAND COMPARISON
  • 16.6 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT: KEY PLAYERS, 2024
    - Company Footprint
    - Region Footprint
    - Propulsion Footprint
    - Equipment Footprint
    - Drive Footprint
  • 16.7 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
  • 16.8 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024
    DETAILED LIST OF KEY STARTUPS/SMES
    COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
  • 16.9 COMPETITIVE SCENARIO
FARM EQUIPMENT MARKET, COMPANY PROFILES
17
  • 17.1 KEY PLAYERS
    JOHN DEERE
    CNH INDUSTRIAL
    MAHINDRA & MAHINDRA
    AGCO CORPORATION
    KUBOTA CORPORATION
    CLAAS KGAA MBH
    ISEKI & CO., LTD.
    ESCORTS LIMITED
    SDF GROUP
    YANMAR HOLDINGS CO., LTD.
  • 17.2 OTHER PLAYERS
    JCB
    TRACTORS AND FARM EQUIPMENT LIMITED
    SONALIKA GROUP
    TONG YANG MOOLSAN (TYM)
    DAEDONG INDUSTRIAL COMPANY LTD.
    EXEL INDUSTRIES
    BUCHER INDUSTRIES
    ZETOR TRACTORS
    ARGO TRACTORS S.P.A.
    CONCERN TRACTOR PLANTS
    AMAZONE H. DREYER GMBH & CO. KG
    ALAMO GROUP INC.
    BUHLER INDUSTRIES INC.
    AUTONOMOUS TRACTOR CORPORATION
    CHANGZHOU DONGFENG AGRICULTURAL MACHINERY GROUP CO., LTD.
    CHINA NATIONAL MACHINERY INDUSTRY CORPORATION
    WEICHAI LOVOL HEAVY INDUSTRY CO., LTD
    KRONE GMBH & CO. KG
    VERMEER CORPORATION
    PÖTTINGER LANDTECHNIK GMBH
RECOMMENDATIONS
18
APPENDIX
19
  • 19.1 DISCUSSION GUIDE
  • 19.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
  • 19.3 AVAILABLE CUSTOMIZATIONS
  • 19.4 RELATED REPORTS
  • 19.5 AUTHOR DETAILS

This research study involved extensive secondary sources, such as company annual reports/presentations, industry association publications, industry magazine articles, directories, technical handbooks, World Economic Outlook, technical articles, and databases, to identify and collect information on the farm equipment market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players (farm equipment component/system providers, farm equipment OEMs, and technology suppliers), and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess market prospects.

Secondary Research

Secondary sources for this research study included farm equipment associations and organizations, corporate filings (such as annual reports, investor presentations, and financial statements), and trade, business, and industry associations. Secondary data was collected and analyzed to determine the overall market size, which was further validated by primary research.

Primary Research

Extensive primary research was conducted after understanding the farm equipment market scenario through secondary research. Several primary interviews were conducted with market experts from demand (OEMs) and supply (farm equipment suppliers and component manufacturers) across major regions, namely, North America, Europe, and Asia Pacific. Approximately 100% primary interviews were conducted from the demand sides. Primary data was collected through questionnaires, emails, and telephonic interviews.

The canvassing of primaries covered various departments within organizations, such as sales, operations, and marketing, to provide a holistic viewpoint in the report. After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from primaries. This and the opinions of in-house subject matter experts led to the conclusions described in the remainder of this report.

Farm Equipment Market Size, and Share

Note: Tier of companies are based on the value chain of the farm equipment market; revenues of companies were not considered. Tier I companies are farm equipment .

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

A detailed market estimation approach was followed to estimate and validate the value and volume of the farm equipment market and other dependent submarkets, as mentioned below:

  • The bottom-up approach was used to estimate and validate the size of the farm tractor market. The farm tractor market size by power output, in terms of volume, was derived by multiplying the country-level breakup for each power output category (<30 HP, 31–70 HP, 71–130 HP, 131–250 HP, and >250 HP) with regional-level farm equipment sales.
  • The country-level farm tractor market, by power output by volume, was multiplied by the country-level average selling price (ASP) for each application to get the farm tractor market for each application by value.
  • The summation of the regional-level market would give the global farm tractor market by power output category (<30 HP, 31–70 HP, 71–130 HP, 131–250 HP, and >250 HP). The total value of each region was then summed up to derive the total value of the farm tractor market by power output.
  • All key macro indicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the validated and verified quantitative and qualitative data.

The market data was consolidated and added with detailed inputs, analyzed, and presented in this report.

Farm Equipment Market : Top-Down and Bottom-Up Approach

Farm Equipment Market Top Down and Bottom Up Approach

Data Triangulation

After arriving at the overall market size, the market was split into several segments and subsegments using the market size estimation processes explained above. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Market Definition

Farm equipment is machines used on farmlands to perform various agricultural activities. These machines help enhance efficiency and productivity. Tractors, combines, sprayers, balers, and implements are the key farm equipment categories used in several farming activities, such as plowing, planting and seeding, harvesting, crop care, and threshing.

Stakeholders

  • Farm Equipment Manufacturers
  • Farm Equipment and Component Manufacturing Associations
  • Farm Equipment Component Suppliers
  • Farm Equipment Dealers and Distributors
  • Government and Regulatory Authorities
  • Research Professionals
  • Farm Equipment Importers, Retailers, and Dealers
  • Tier 1 System Suppliers

Report Objectives

  • To segment and forecast the size of the farm equipment market in terms of volume (units) and value (USD million) from 2021 to 2032
  • To define, describe, and forecast the farm tractor market by value and volume based on
    • Power output (<30 HP, 31–70 HP, 71–130 HP, 131–250 HP, and >250 HP) at country and regional levels
    • Drive type (two-wheel drive and four-wheel drive) at the regional level
    • Region [Asia Oceania, Europe, North America, and the Rest of the World (RoW)], along with key countries in each of these regions
  • To define, describe, and forecast the farm equipment market by value based on equipment type (cereal combines, non-cereal combines, balers, self-propelled sprayers, and tractor-mounted sprayers)
  • To define, describe, and forecast the farm implements market by value, based on function (plowing & cultivating, sowing & planting, plant protection & fertilizing, harvesting & threshing, and others) at the regional level
  • To define, describe, and forecast the farm equipment rental market by value based on equipment type (tractors, combines, sprayers, balers, and others) at the regional level
  • To define, describe, and forecast the farm tractor rental market by value based on
    • Power output (<30 HP, 31–70 HP, 71–130 HP, 131–250 HP, and >250 HP) at the regional level
  • To define, describe, and forecast the electric tractor market, by value and volume, based on propulsion (battery electric, hybrid electric, hydrogen) at the regional level
  • To define, describe, and forecast the forestry equipment market by value based on equipment type (Feller Buncher, Harvester, Forwarder, Skidder, Swing Machines, Knuckleboom Loader, Others)
  • To understand the market dynamics (drivers, restraints, opportunities, and challenges) of the farm equipment market
  • To strategically analyze markets concerning individual growth trends, prospects, and contributions to the total market
  • To analyze the opportunities for stakeholders and details of the competitive landscape for market leaders
  • To analyze the market share of the key players in the farm equipment market
  • To strategically analyze the market with supply chain analysis, market ecosystem, trade analysis, case studies, ASP analysis, conferences and events, OEM analysis, OEM wise sales data for key countries, OEM wise sales data for combine harvester in key countries, patent analysis, Tractor models from top OEMs with price range, farm equipment market outlook by country, OEM strategy for future investment by the key players, total cost of ownership for electric and diesel tractor, total cost of ownership, investment and funding scenario, trends/disruptions impacting buyers, technology trends, and regulatory analysis
  • To track and analyze competitive developments such as deals (joint ventures, mergers & acquisitions, partnerships, collaborations), new product developments, and other activities carried out by key industry participants.
  • To study the following concerning the market:
    • Supply Chain Analysis
    • Ecosystem Analysis
    • Technology Analysis
    • Trade Analysis
    • Case Study Analysis
    • Patent Analysis
    • Regulatory Landscape
    • Conferences and Events
    • Average Selling Price Analysis
    • Buying Criteria
  • To analyze opportunities for stakeholders and the competitive landscape for market leaders
  • To track and analyze competitive developments such as product developments, deals, and others undertaken by the key industry participants

Available Customizations

With the given market data, MarketsandMarkets offers customizations based on the company’s needs.

  • Farm Equipment Market, by Drive Type, at Country level (for countries covered in the scope of the report)
  • Agriculture Sprayer Market, by Type (for countries covered in the scope of the report)
  • Profiling of additional market players (up to 5)

Previous Versions of this Report

Farm Equipment Market by Tractor Power Output (<30, 31-70, 71-130, 131-250, >250HP), Type (Tractors, Balers, Sprayers), Tractor Drive Type, Electric Tractor by Type & Propulsion, Implement by Function, Rental & Region - Global Forecast to 2028

Report Code AT 2835
Published in Sep, 2023, By MarketsandMarkets™

Farm Equipment Market by Tractor Power Output (<30, 31-70, 71-130, 131-250, >250HP), Tractor Drive Type, Autonomous Tractor, Electric Tractor (Hybrid, Electric), Farm Equipment (Combine, Baler, Sprayer), Implement, Rental & Region - Global Forecast to 2027

Report Code AT 2835
Published in Jan, 2022, By MarketsandMarkets™

Farm Equipment Market by Tractor Power Output (<30,31–70,71–130,131–250,>250HP), Drive (2WD,4WD) & Autonomous, Combines, Baler, Sprayer, implement (Plowing & Cultivating, Sowing & Planting, Harvesting & Threshing), Rental & Region - Global Forecast to 2025

Report Code AT 2835
Published in Sep, 2020, By MarketsandMarkets™

Farm Equipment Market by Tractor Power Output (<30,31–70, 71–130, 131–250, >250), Drive (2WD, 4WD, & Autonomous), Combines, Baler, Sprayer, Implement (Plow & Cultivate, Sow, Harvest, Plant Protection & Fertilizer), Rental, & Region - Global Forecast to 2025

Report Code AT 2835
Published in Jan, 2019, By MarketsandMarkets™

Farm Tractor Market by (Power Output (30, 31–100, 101–200, >200hp), Drive Type (2WD, 4WD, & Autonomous Tractor), Combines Market (Corn, Rice, Wheat, Soybean), Implements Market (Harvest, Hay, Plant & Fertilize, Plow & Cultivate, Spray) - Forecast to 2022

Report Code AT 2835
Published in Jun, 2017, By MarketsandMarkets™

Agriculture Equipment Market by Region & Propulsion (Self-propelled & Implements); Self-propelled Equipment Market, by Type; Implements Market, by Function (Harvesting, Planting & Fertilizing, Haying, and Plowing & Cultivating) - Forecast to 2019

Report Code AT 2835
Published in Nov, 2014, By MarketsandMarkets™
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Growth opportunities and latent adjacency in Farm Equipment Market

David

May, 2022

What are the Farm Equipment Market government efforts in emerging countries to increase farm mechanization? .

Farooq

Jul, 2022

MarketsandMarkets report in Farm Equipment was updated in Jan 2022, and it covers the market trends and growth factors with respect to Farm Equipment Market. It also covered the Market estimations of Farm Equipment’s in terms of Value (USD Million)and Volume (‘000 Units) by Tractor Power Output/ Tractor Drive Type/ Autonomous Tractor/ Electric Tractor/ Farm Equipment/ Implement/ Rental at regional and country level for the period 2016-2027. The report also covers the detail competitive landscape with key players Market Share Analysis, Developments of Key Market Players Like There Contracts & Agreements, Investments & Expansions, Joint Venture, Partnerships, And Collaborations and their Business Overview, Products/solutions/services Offered, Recent Developments, SWOT Analysis. Our report is primarily a demand-based coverage that states the Historic, Current and Future revenues at a regional and country level for which we had contacted several primary respondents from supply and demand side of the business to obtain the qualitative and quantitative information. We have forecasted the market size both in terms of Volume (Units) and Value (USD Million) till year 2027, which is broken down by Farm tractor market by Power Output, Farm tractor market by Drive Type, Farm equipment market, by equipment type, Implements market, by function, Farm equipment Rental market, Farm equipment market by region, Farm equipment Rental market by region.Farm Equipment Market report for your kind evaluation. Based on our conversation, I understood your company Quality Tractor Parts Ltd. being the Ireland's leading national and international tractor parts supplier and the importer & distributor for new and replacement parts for agricultural tractors you are currently looking to understand available total addressable market for these equipment’s globally, which is precisely covered in our report with profiles of the top leading Farm Equipment Manufacturer and Component Manufacturers..

Daniel

Jun, 2022

How emerging markets offering revenue expansion opportunities in Farm Equipment Market?.

apoorv

Jul, 2019

I want to understand the current and future Global market/business potential of Farm Equipments - Tractor attachments .

Nilesh

Jun, 2019

we are looking for No. of Tractor Engines manufactured /forecasted in the coming years for the Tractor segment in India. We are supplying some components for Engine Assly..

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