The agricultural equipment market is forecast to experience a growth of 4.2% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of USD 118.1 million in 2023.
Agricultural equipment encompasses a wide range of machinery and tools used in farming and agricultural activities to enhance efficiency, productivity, and yield. These tools are essential for various tasks such as planting, cultivating, harvesting, irrigation, fertilization, pest control, and livestock management.
The agriculture industry is expanding fast in the upcoming years, driven by the surging global population, which is expected to keep the demand for food high. As a result, agricultural manufacturers and farmers are selecting the Internet of Things (IoT) for improved yield from agriculture, propelling the worldwide economy.
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Growth Factors
As per the Economic Survey, the relationship between farm mechanization and crop productivity is evident, with mechanization offering significant benefits such as time and labor savings, reduced drudgery, lower production costs over time, decreased postharvest losses, and amplified crop yields and farm revenue. Given the escalating demand for agricultural goods to meet the needs of a burgeoning population, the agriculture sector faces ongoing pressure to prioritize efficiency and productivity to foster business expansion.
Increasingly, precision farming practices are gaining traction among farmers seeking to optimize output with limited resources. This method presents a viable solution to address the global food demand challenge. Moreover, precision farming empowers farmers to enhance operational efficiency and bolster production levels, effectively bridging the gap between agricultural product supply and consumption.
- Yanmar America, a leading provider of compact and subcompact tractors, joined forces with Tarter Farm and Ranch Equipment in April 2023. This synergy aims to widen the scope of products by coupling it with an extensive range of high-quality tractor implements.
- Earlier in 2023, a Tennessee Dept of Agriculture representative introduced a tax waiver program for farm machinery to boost the accessibility of affordable and mechanized equipment for farmers.
- John Deere came into a joint venture with SurePointAg Systems manufacturer in March 2022. The latter company is expected to have access to Deere technologies to boost productivity throughout its product range.
- John Deere launched a new machinery, 6155MH Tractor, in August 2021. This product is expected to deliver all the field-proven reliability and performance of other M Series.
- New Holland Agriculture partnered strategically with the Agricultural Division of Alamo Group in April 2021. The latter company provides attachments and implements compatible with New Holland’s mid-range and compact tractors lineup.
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Key Companies
- Bucher Industries AG
- AGCO Corp.
- Deere & Company
- EXEL Industries
- CLAAS KGaA mbH
- ISEKI & CO. LTD.
- CNH Industrial N.V.
- Krone UK Group
- Kubota Corporation
- LEMKEN GmbH & Co. KG
- Mahindra & Mahindra Ltd.
- Mitsubishi Mahindra Agricultural Machinery Co. Ltd
- SDF S.p.A.
- Tractor and Farm Equipment Limited (TAFE)
