Agricultural Equipment Industry on Track to Reach USD 171.4 Million by 2033

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 171.4 million in 2033.

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.

The United States Organization reported that the world’s population is expected to attain 9.7 billion by 2050. Thus, global agricultural production is expected to expand by about 69% from 2010 to 2050.

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The market is further catalyzed by the shortage of human workforce and surging expenses on the maintenance of cattle on job sites in several countries. This has motivated customers to take advantage of modernized equipment in farming applications.

Farmers have commenced installing high-tech agricultural and farming technologies to boost efficiency and productivity in their fields. For example, several farmland operators have begun using equipment outfitted with sensors that catch topography data via maps of resources and attaining soil nutrient measuring variables like the temperature of the acidity and soil. This feature of Industry 4.0 assists farmers in decoding the crop yield and overall farm productivity by farming the right crop appropriate with weather and soil nutrients.

Top Highlights from the FMI’s Analysis of the Agricultural Equipment Market:

The United States agricultural equipment industry is expected to devote 26.3% to the global market in 2023. The growth rate of agricultural equipment businesses is expected to move upward due to the large volume of farming in the country. This propels farmers to seek equipment to expedite the farming process.
German market is always a step ahead in innovation. Research and development efforts and government support for agricultural activities are expected to fuel the country’s growth. In 2023, FMI estimates that the German market is projected to gain 11.2% value share.
Japan is expected to acquire a 7.5% market share in 2023. One of the striking features of Japan’s farmland is its scarcity, which is a by-product of its unique geology and geography. As a result, Japanese farmers require advanced agricultural equipment. Recently, a trend toward automated operation has been pushing the sales of smart farm equipment.
Australia is expected to gain a 2.4% market share in 2023, suggesting manufacturers' growing interest in exploring the country's budding market.
In the Asia Pacific region, China is assessed to register a CAGR of 4.2%, while India is expected to expand at a 4.1% CAGR.
FMI speculates that the United Kingdom is anticipated to record a CAGR of 4% over the estimated period.
Under the tempering technology category, the chemical treatment segment is expected to hold 45.2% in 2023.
Based on end use, the solar application segment is projected to gain 18.8% market share in 2023.

Key Developments in the Market

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.

Key Companies