Allied Market Research published a report titled, “Agricultural Equipment Market by Type, Automation, and Business: Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global agricultural equipment market was valued at $121.2 billion in 2022 and is projected to reach $192.5 billion by 2032, growing at a CAGR of 4.6% during the forecast period.
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Market Drivers and Opportunities
Mechanization of agricultural activities and adoption of precision farming
Rising population, fueling demand for higher crop yields
Government initiatives and subsidies supporting agricultural development
Market Restraints:
Limited awareness among farmers about efficient agricultural equipment
Impact of COVID-19
The pandemic temporarily disrupted the market due to global lockdowns. As conditions improved, demand rebounded, presenting new growth opportunities for agricultural equipment providers.
Market Segmentation Highlights
By Type:
Tractors: Largest segment (~33% of market revenue in 2022), used for ploughing, sowing, tilling, and harrowing; expected to maintain leadership.
Agriculture Spraying Equipment: Projected to achieve the highest CAGR of 5.7%, driven by increasing pest control needs and higher crop yields.
By Automation:
Manual Equipment: Dominated in 2022 (~two-thirds of revenue), driven by ease of use.
Semi-Automatic Equipment: Forecasted to register the highest CAGR of 6.1%, reflecting growing adoption in farming operations.
By Business Type:
OEMs: Largest segment (~80% of revenue in 2022) due to rising demand for new equipment.
Aftersales: Expected to record the highest CAGR of 5.1%, fueled by maintenance and spare parts demand.
By Region:
Asia-Pacific: Largest revenue share (~one-third in 2022) due to strong demand from the food and beverage sector; expected to maintain dominance.
LAMEA (Latin America, Middle East, Africa): Expected to achieve the fastest CAGR of 6.3%, driven by rising population and agricultural expansion in developing countries.
Leading Market Players
Mahindra & Mahindra Ltd.
Escorts Limited
CNH Industrial N.V.
Deere & Company
AGCO Corporation
SDF S.p.A.
AGROSTROJ Pelhřimov, a.s.
China National Machinery Industry Corporation Ltd. (Sinomach)
J C Bamford Excavators Ltd.
Kubota Corporation
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