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The agriculture equipment market size is forecast to increase by USD 66.53 billion at a CAGR of 6.05% between 2023 and 2028.
The agriculture equipment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The tractors segment is estimated to witness significant growth during the forecast period.
The market is witnessing significant trends as farmers adopt advanced technologies to enhance crop health monitoring, comply with agricultural regulations, and improve weather forecasting for optimal land management. Small farms are increasingly adopting precision agriculture practices, including variable rate application, GPS guidance, satellite imagery, and conservation tillage, to boost farm efficiency and reduce emissions. Commercial farms are investing in large-scale equipment for planting, harvesting, and irrigation systems, while family farms focus on sustainable agriculture practices, such as organic farming and crop rotation, to maintain farmland values and promote food security. Advancements in precision farming technology, including remote sensing, agricultural robotics, and farm management software, are driving the demand for sophisticated, larger, and more powerful tractors.
However, the market is also witnessing a rise in demand for smaller, specialized tractors for specific applications, such as no-till farming and hay equipment, which can fit into tight spaces and narrow rows. These tractors, including wheeled and crawler types, offer advantages in certain conditions due to their simplicity and maneuverability. Farmers are also adopting new technologies to optimize crop production, such as genetically modified organisms, seed technology, and yield monitoring, to enhance crop science and improve yield optimization. Additionally, farmers are focusing on reducing fuel efficiency and implementing sustainable farming practices, such as conservation tillage and crop rotation, to minimize their environmental footprint and promote long-term agricultural development.
The dealer network plays a crucial role in the market, providing parts and service to farmers and ensuring equipment maintenance and safety. Agricultural finance and lease agreements are also essential for farmers to acquire the latest equipment and technology, enabling them to remain competitive and profitable in the industry. Overall, the market is evolving to meet the changing needs of farmers, with a focus on innovation, sustainability, and efficiency.
The Tractors segment was valued at USD 58.92 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 31% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America, encompassing the United States and Canada, experiences significant growth driven by government initiatives and labor shortages. Farmers in these countries receive financial assistance from various agricultural bodies and governments, including the USDA's Farm Service Agency, which offers direct farm operating loans of up to USD400,000. This mechanization of agriculture is further facilitated by advancements in technology, such as precision agriculture, remote sensing, and agricultural robotics. These technologies enable farmers to optimize crop yields, reduce emissions, and improve farm efficiency through practices like variable rate application, GPS guidance, satellite imagery, and soil sensors.
Additionally, the market is influenced by the increasing trend towards sustainable farming practices, including no-till farming, conservation tillage, and organic farming. Farmers are also adopting advanced farm management software, crop production techniques, and agricultural data management systems to enhance their operations. Commercial and family farms alike invest in farm machinery, lease agreements, and equipment maintenance to keep up with the demands of modern agriculture. The market for agriculture equipment is vast, encompassing planting and harvesting equipment, irrigation systems, fuel efficiency technologies, and livestock farming equipment. As the market continues to evolve, agricultural research, plant breeding, and artificial intelligence play crucial roles in driving innovation and improving farm productivity.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The agriculture equipment market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the agriculture equipment market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, agriculture equipment market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Deere & Company (United States) - The company specializes in agriculture equipment, providing innovative solutions through renowned brands such as Challenger, Fendt, Massey Ferguson, Valtra, Fella, White Planters, and Sunflower. Our extensive product range includes tractors and feeders, catering to diverse farming needs. These brands are recognized globally for their quality, reliability, and advanced technology. By offering these solutions, we aim to enhance agricultural productivity and efficiency, ultimately contributing to sustainable farming practices.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the dynamic agriculture sector, digital agriculture is revolutionizing farming practices with advanced technologies such as robotic harvesting, gene editing, and agricultural analytics. Soil health monitoring is a critical aspect of digital agriculture, ensuring sustainable food production through the use of agricultural sensor networks and IoT. Agricultural biotechnology, including crop genomics and yield prediction, is another key trend, driving innovation in climate-smart agriculture. Farm automation, urban agriculture, and vertical farming are transforming the agricultural landscape, enabling local food production and reducing the carbon footprint of the agricultural supply chain. Smart farming, farm management apps, and agricultural data platforms are streamlining farm operations, improving farm risk management, and enhancing farm insurance offerings.
Precision spraying, variable rate seeding, and carbon sequestration are essential components of sustainable farming practices, ensuring efficient use of resources and reducing environmental impact. Regenerative agriculture and food security solutions are gaining traction as farmers seek to mitigate climate risks and ensure long-term sustainability. The integration of greenhouse technology, farm automation, and agricultural IoT is enabling farmers to optimize crop growth and minimize waste, while farm management apps and agricultural data platforms provide real-time insights into farm operations. Overall, these trends are shaping the future of agricultural economics and ensuring a more resilient and sustainable food production system.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Agriculture Equipment Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.05% |
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Market growth 2024-2028 |
USD 66.53 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.02 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Egypt, Oman, Argentina, KSA, UAE, and Brazil |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product Type
8 Market Segmentation by Application
9 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
14 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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