Agriculture Equipment market expansion in the near future at a CAGR of 5.3% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published on the “Global Agriculture Equipment Market”.

The Agriculture Equipment market is estimated to register a CAGR of 5.3% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the Global Agriculture Equipment market— AGCO Corporation, Deere & Company, CNH Industrial, Kubota Corporation, Mahindra & Mahindra Ltd., Iseki & Co., Ltd., JC Bamford Excavators Limited, Daedong Industrial Co., Escorts Limited, Claas KGAA MBH, SDF S.P.A., Yanmar Holdings Co., Ltd., Alamo Group Inc., Bucher Industries, Lovol Heavy Industry Co., Ltd., among others.

Market Highlights

The Global Agriculture Equipment market is accounted for to register a CAGR of 5.3% during the forecast period and is estimated to reach USD 3,62,958 Million by 2032.

The increasing focus on agriculture mechanization, both in developed and developing regions, present a significant opportunity for the agricultural equipment market. As societies worldwide recognized the importance of enhancing agricultural productivity and sustainability, there is growing demand for advanced machinery and equipment to streamline farming processes. In developed countries, where labor cost is high and the workforce in agriculture is shrinking, mechanization offers a solution to improve efficiency and reduce dependence on manual labor. Similarly, in developing regions, mechanization enables smallholder farmers to increase their productivity, reduce post-harvest losses, and elevate their livelihoods. This trend is further fueled by technological advancement such as precision agriculture, robotics, and smart farming solutions, which enhances the accuracy and effectiveness of agricultural operations.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Agriculture Equipment Market Research Report

Segment Analysis

The Global Agriculture Equipment market has been segmented into Product Type, and Function.

Based on Product Type, the global Agriculture Equipment Market is segmented across the following segments: tractor, harvester, planting and crop processing equipment, cultivation & soil separation equipment, hay & forage equipment, spraying equipment, and others. The tractor segment dominates the market share in 2023. Tractors are the most popular and diverse equipment used in the agriculture industry. It is the go-to equipment for anyone looking to move, pull, plow, haul, and till soil or land. Harvester held the second largest market share in 2023. A harvester is used to cut and often collect crops such as wheat, corn, or vegetables. A harvester is also called a modern combine harvester or combine. A combine harvester is a large agricultural machine that combines several function into one machine, threshing, cleaning, and cutting the grains. The harvester performs four separate harvesting operations such as reaping, threshing, gathering, and winnowing into a single process. Some common type of harvester includes combine harvester for cereal like wheat and corn, cotton pickers for harvesting cotton, sugarcane harvester, potato harvester and fruit harvester for crop like grapes, apples, or oranges.

Based on Function, the global Agriculture Equipment Market is segmented across the following segments: harvesting, planting & fertilizing, haying, plowing & cultivation, and post harvest & agro processing. The harvesting segment dominates the market share in 2023. Harvesting refers to removing and gathering crops from the field where they are grown and moving them to other places for processing, storing, and consumption purposes. Plowing and cultivation held the second largest market share in 2023. Plowing is a process used for removing horizontal clods from the soil. The clods get rolled over and destroyed to restore the soil to its original phase. This helps the passage of organic substances, providing space and nutriments to the new crop. Cultivating is the process of tilling or unsettling the soil to make it more suitable for planting. It is an essential component of a nontoxic, integrated pest-management solution. A tractor, rototiller, or hand tools such as a shovel or soil fork are generally used for cultivation.

Regional Analysis

The global Agriculture Equipment market, based on region, has been divided into North America, Europe, Asia Pacific, Rest of world. Asia-Pacific accounted for largest market share in 2023. Asia-Pacific is one of the most attractive markets for agricultural equipment as there is the availability of agricultural fields, especially in China, India, Indonesia, and Vietnam. According to the India Brand Equity Foundation, the agricultural sector is the primary source of livelihood, as nearly 58% of the country’s population is dependent on the sector. Additionally, India was the ninth-largest exporter of agricultural products registering a value of USD 37.4 billion in 2019. Moreover, the authorities aim to increase the country’s agricultural export to USD 60 billion by 2022. China is one of the leading countries in terms of wheat, rice, potatoes, cotton, and other crop and vegetable production. This has increased the demand for agricultural tractors in the country.

Europe accounted for the third largest market share in 2023. The increasing demand for innovative and technologically developed agricultural equipment is expected to increase with the sale in the region. According to the European Commission, the harvest production of cereals in the region was estimated at 270.9 million tonnes in 2022, i.e., which was less than 26.7 million tonnes as compared to the year 2021. Furthermore, countries such as France, Germany, Romania, and Poland are major contributors to harvest production in Europe. Companies engaged in the agricultural industry are focusing on increasing their presence in European countries such as Spain, Italy, and France through product launches. This leads to an increase in the demand for agricultural equipment in the region during the forecast period.

North America accounted for the third largest market share in 2023. Canada is one of the largest agricultural producers and exporters globally. As per Invest in Canada, Canada ranked as the 7th largest food exporter globally. In 2018, Bonduelle Canada Inc., entered into partnership with the Ontario Ministry of Agriculture, Food, and Rural Affairs, announced an investment of USD 79.8 million for the expansion of three vegetable processing facilities in Ontario, Canada, to increase productivity, drive exports, and enhance food safety. Furthermore, the new US-Mexico-Canada Agreement (USMCA) enforced in July 2020 focuses on modernizing and strengthening the food and agriculture trade in North America. Such developments are expected to offer promising growth opportunities for the agricultural tractors market in North America during the forecast period.

The Rest of the World comprises the Middle East & Africa and South America. Agriculture plays an important role in most of the countries in the Middle East & Africa region. Even though the Middle East & Africa are the most water-scarce and dry region in the world, several countries in the region, especially those around the Mediterranean Sea, are highly dependent on agriculture. Rainfed crops are grown in this region during the wetter winter period, while irrigated areas are cultivated year-round. The main rainfed crops in the region are wheat, legumes, barley, olives, grapes, and other fruits and vegetables. A wide range of subtropical crops are also grown under irrigation in the summer months.

Key Findings of the Study

• The global Agriculture Equipment market is expected to reach USD 3,62,958 Million by 2032, at a CAGR of 5.3% during the forecast period.


• Asia-Pacific accounted for largest market share in 2023. The countries in Asia Pacific region includes China, India, Japan, South Korea, and rest of Asia Pacific. In the Asia-Pacific region, there is the availability of agricultural fields, especially in China, India, Indonesia, and Vietnam.


• Based on Product Type, the tractors segment was attributed to holding the largest market in 2023.


• AGCO Corporation, Deere & Company, CNH Industrial, Kubota Corporation, Mahindra & Mahindra Ltd., Iseki & Co., Ltd., JC Bamford Excavators Limited, Daedong Industrial Co., Escorts Limited, Claas KGAA MBH, SDF S.P.A., Yanmar Holdings Co., Ltd., Alamo Group Inc., Bucher Industries, Lovol Heavy Industry Co., Ltd., among others are the key players in the market.


• Based on function, the harvesting segment held the largest market share in 2023.