- Hand Tools
- Power Tools
Agricultural Machinery Market size was valued at USD 154.34 billion in 2022, growing at a CAGR of 5.1% during the forecast period 2023 to 2029. Agriculture machinery market is driven by decreased agriculture workforce coupled with increased automation in agriculture. Because of the severe COVID-19 impact, the agriculture machinery industry requested some flexibility for machines to be fitted with transition engines that had already been manufactured and acquired prior to the crisis. During the pandemic, the market stagnated as global supply chains were disrupted and manufacturing industries were shut down in compliance with government steps to prevent the virus from spreading. In 2020, tractors accounted for more than 43.6 percent of the worldwide agricultural machinery market. Over the projection period, the Asia-Pacific area is predicted to grow fast due to increased demand for agricultural products, mostly from India and China. China leads Asia in terms of agricultural equipment production and sales, but India, Japan, and Australia are likely to take a considerable portion of the worldwide market in the next years, surpassing Europe as the largest market. The region's population is growing, necessitating the mechanisation of agriculture. Increasing rates of mechanisation in developing countries are driving the market. In developing countries, the necessity for agriculture mechanisation has increased due to shrinking land, water supplies, and labour force. Farm mechanisation is 45-55 percent in emerging countries like India and China, compared to 95 percent in developed countries like the United States in 2018.
Fastest Growing Market
Rapid rise in population pool enables spur aggressive need of food across the globe, and creates demand agriculture machinery. Favorable government policies to support the farmers by providing advanced agriculture equipment are expected to drive the market. Furthermore, rise in technological advancements in agriculture equipment, increase in demand for pre-owned agriculture equipment and machinery propels the market growth for agricultural machinery. However, lack of skilled professionals, high cost of machinery will hamper the growth of market.
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.