Agriculture and Farm Machinery Market, Type (Tractors, Plowing and Cultivating Machinery, Planting Machinery, Irrigation Machinery, Harvesting Machinery, and Other Types), By Automation (Fully-automatic, Semi-automatic and Manual), By Material Type (Structured steel, Alloyed Steel, Cast Materials, Light Alloy, Wearing Materials, Structured Material, Aluminum, Iron and Glass) and By Geography (EU, NA, APAC, LATAM, and MEA) Analysis, Size, Share, Trends, & Forecast from 2021-2027
REPORT HIGHLIGHT
The global Agriculture and Farm Machinery market was valued at USD 178 billion by 2019, growing with 8% CAGR during the forecast period, 2021-2027.
The Agriculture and Farm Machinery refers to the mechanical structures and equipment used in agriculture. There are many kinds of such equipment, ranging from hand instruments and power tools to tractors. All this equipment helps the farmers in their day-to-day activities and increases the farm output. The consumption of agriculture equipment helps in achieving high crop yields in a relatively easier way and with fewer efforts. Similarly, the use of automated and semiautomatic agriculture machinery diminishes the necessity of labor on farms, which in turn, decreases the costs spent on manpower. This further improves the crop outlook by decreasing the stoppages and allowing more precise operations.
Market Dynamics
The global Agriculture and Farm Machinery market is a developing market that is projected to witness tremendous growth during the forecast period. The global Agriculture and Farm Machinery market is majorly driven by the increasing population requiring ample food production to cater to their basic needs. Based on data generated by the Food and Agriculture Organization of the United Nations, the number of people globally will soar to reach around 9 billion by 2050. Agricultural production needs to be increased many folds to cater to the rising food demands due to the surging population which is expected to rise at a rate of 34%.
Rising demand for agricultural equipment and rising farm automation rates in developing countries are augmenting the growth in the industry. The Asia-Pacific region is projected to surge rapidly over the forecast period due to the soaring population in countries, particularly India and China, followed by Europe and North America. Rising support of government to farmers by providing affordable loans for the purchase of farm equipment coupled with the availability of user-friendly agricultural equipment will aid in the development of the market in coming years.
Furthermore, growing product launch by major market players and rising use of Agriculture and Farm Machinery for sales and marketing is further projected to augment the global market demand in the coming years.
Type Takeaway
Based on Type, the global Agriculture and Farm Machinery market is separated into Tractors, Plowing and Cultivating Machinery, Planting, Irrigation Machinery, Harvesting, and Other Types. The tractors category had a major share in the global industry and accounted for over 40% of the Agriculture and Farm Machinery industry in the base year. The rising adoption of Agriculture and Farm Machinery solutions by large as well as small farmers to conduct proper agricultural operations will augment the growth of the industry over the forecast period.
Besides, the harvesting machinery category is anticipated to grow at the highest CAGR over the upcoming years. Increasing support from the government to adopt farming machinery in the post-harvesting phase to surge the food production is expected to augment the growth of this segment over the forecast time frame.
Automation Takeaway
Based on automation, the global market is bifurcated into Fully automated, Semi-automatic, and Manual. The manual segment accounted for a major share in 2019 and had more than 30% of the market revenue share in the same year. The increased adoption of Agriculture and Farm Machinery applications over automatic equipment is due to the affordability and ease of use are the key factors for category dominance. Moreover, the rising demand for equipment in the agriculture industry worldwide is further anticipated to enhance category growth.
On the other hand, the full automation equipment category is anticipated to grow at the fastest CAGR over the upcoming years. This is mainly due to the increased adoption of Agriculture and Farm Machinery by large holdings farmers to manage their agriculture needs.
Regional Takeaway
Based on geography, the global Agriculture and Farm Machinery market is categorized into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA). In 2019, North America accounted for a major share and had over 35% of the market revenue share in the same year. The presence of major market players in this region coupled with the surging need to supply farm equipment is the key factor for regional dominance. Similarly, North America leads in the adoption of fully automated agricultural equipment due to the high purchasing power compared to underdeveloped and developing countries.
The Asia Pacific is projected to witness the fastest growth in the agriculture and farm equipment industry over the upcoming years. This is attributed to the rising farming equipment industry along with growing technological adoption in emerging economies such as India, China, Indonesia, and others. Increasing population coupled with surging purchasing power would further aid market growth. Rising government policies to promote the growth of agriculture and an increasing number of new product launches to cater to competitive pricing will help in the market growth over the forecast timeframe.
Within Asia, China accounted for the largest share of agriculture equipment, while Australia, India, and Japan are expected to contribute a significant share in the global market in the coming years. The population in the region is surging, propelling the need for the modernization of agriculture. Due to the steep demand and rising labor costs, the tractor market in the region is estimated to register a CAGR of around 6% during the forecast phase
COVID-19 Impact
With such a severe COVID-19 impact, the agriculture machinery market demanded some flexibility for equipment to be installed with transition engines that were initially manufactured before COVID-19. As global supply chains were interrupted and manufacturing factories closed in agreement with government regulations to avoid the spread of the virus, the market has been stagnant down during the crisis.
Key Vendor Takeaway
Some of the prominent players operating in the industry include AGCO Corporation, Valtra, Agrostroj Pelhrimov A.s, China National Machinery Industry Corporation (Sinomach), Deere and Company, Same Deutz-Fahr Group (SDF), Fendt, Weifang Euroking Machinery, Iseki Co. Ltd, and Concern Tractor Plants, CNH Industrial NV, Escort Limited, Valmont Industries, Inc., Lindsay Corporation, Kubota corporation among others.
The industry is highly fragmented in nature due to the occurrence of many major numbers of players present at the global, regional, as well as country level. Apart from this, with the rising demand for Agriculture and Farm Machinery, the prominent players have implemented growth strategies such as merger & acquisition, collaboration, strategic partnerships, and product launches to maintain their position on the global scale. The other strategy implemented by the key players is to invest in R&D to promote innovation and maintain a strong market position. The introduction of advanced technologies, like artificial intelligence, computing, and the rising number of government programs are surging the demand for agricultural machinery. For instance, in July 2020, John Deere revealed its new range of cold planers. These new attachments help people who work on street repairs, flattening uneven pavement, and washing big milling machines. Similarly, in June 2020, AGCO revealed the launch of its new MF 4700 M Series, which incorporates three new models, with the choice of a completely new Dyna-2, 24 x 24 Powershift transmission. In March 2020, Kubota Corporation declared to provide investment in a leading tractor manufacturer, Escorts Limited based in India. Owing to this investment, Kubota expects to expand its presence in India - the world’s biggest tractor market.
The market size and forecast for each segment and sub-segments has been considered as below:
- Historical Year – 2016 to 2019
- Base Year – 2020
- Projected Year – 2021 to 2027
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL AGRICULTURE AND FARM MACHINERY MARKET KEY PLAYERS
- Mahindra Group
- AGCO Corporation
- Valtra
- Deere and company
- Fendt
- Iseki Co. Ltd
- CNH Industrial NV
- Escort Limited
- Valmont Industries, Inc.
- Same Deutz-Fahr Group (SDF)
- Agrostroj Pelhrimov A.s
- China National Machinery Industry Corporation (Sinomach)
- Weifang Euroking Machinery
- Kubota corporation
- Lindsay corporation
GLOBAL AGRICULTURE AND FARM MACHINERY MARKET, BY TYPE
- Tractors
- Plowing and Cultivating Machinery
- Planting Machinery
- Irrigation Machinery
- Harvesting Machinery
- Other Types
GLOBAL AGRICULTURE AND FARM MACHINERY MARKET, BY AUTOMATION
- Fully automatic
- Semi-automatic
- Manual Solutions
GLOBAL AGRICULTURE AND FARM MACHINERY MARKET, BY MATERIAL TYPE
- Structured steel
- Alloyed Steel
- Cast Materials
- Light Alloy
- Wearing Materials
- Structured Material
- Aluminum
- Iron and Glass
GLOBAL AGRICULTURE AND FARM MACHINERY MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA
TABLE OF CONTENT
1. AGRICULTURE AND FARM MACHINERY MARKET OVERVIEW
1.1. Study Scope
2. EXECUTIVE SUMMARY
2.1. Market Snippet
2.1.1. Market Snippet by Component
2.1.2. Market Snippet by Material Type
2.1.3. Market Snippet by Organization Size
2.1.4. Market Snippet by Deployment Model
2.1.5. Market Snippet by Application
2.1.6. Market Snippet by Vertical
2.1.7. Market Snippet by Region
2.2. Competitive Insights
3. AGRICULTURE AND FARM MACHINERY KEY MARKET TRENDS
3.1. Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Market Opportunities
3.4. Market Future Trends
4. AGRICULTURE AND FARM MACHINERY INDUSTRY STUDY
4.1. Porter’s Five Forces Analysis
4.2. Marketing Strategy Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. AGRICULTURE AND FARM MACHINERY MARKET: COVID-19 IMPACT ANALYSIS
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. AGRICULTURE AND FARM MACHINERY MARKET LANDSCAPE
6.1. Market Share Analysis, 2019
6.2. Key Innovators Analysis
6.3. Breakdown Data, by Key Manufacturer
6.3.1. Established Players’ Analysis
6.3.2. Emerging Players’ Analysis
7. AGRICULTURE AND FARM MACHINERY MARKET – BY AUTOMATION
7.1. Overview
7.1.1. Segment Share Analysis, By AUTOMATION, 2020 & 2027 (%)
7.2. Fully automatic
7.2.1. Overview
7.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
7.3. Semi-automatic
7.3.1. Overview
7.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
7.4. Manual Solutions
7.4.1. Overview
7.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8. AGRICULTURE AND FARM MACHINERY MARKET – BY MATERIAL TYPE
8.1. Overview
8.1.1. Segment Share Analysis, By Material Type, 2020 & 2027 (%)
8.2. Structured steel
8.2.1. Overview
8.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.3. Alloyed Steel
8.3.1. Overview
8.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.4. Cast Materials
8.4.1. Overview
8.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.5. Light Alloy
8.5.1. Overview
8.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.6. Wearing Materials
8.6.1. Overview
8.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.7. Structured Material
8.7.1. Overview
8.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.8. Iron and Glass
8.8.1. Overview
8.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.9. Aluminium
8.9.1. Overview
8.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9. AGRICULTURE AND FARM MACHINERY MARKET– BY GEOGRAPHY
9.1. Introduction
9.1.1. Segment Share Analysis, By Geography, 2020 & 2027 (%)
9.2. North America
9.2.1. Overview
9.2.2. Key Manufacturers in North America
9.2.3. North America Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.2.4. North America Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.2.5. North America Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.2.6. U.S.
9.2.6.1. Overview
9.2.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.2.6.3. U.S. Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.2.6.4. U.S. Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.2.7. Canada
9.2.7.1. Overview
9.2.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.2.7.3. Canada Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.2.7.4. Canada Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.3. Europe
9.3.1. Overview
9.3.2. Key Manufacturers in Europe
9.3.3. Europe Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.3.4. Europe Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.3.5. Europe Market Size and Forecast, By Component, 2016 - 2027 (US Billion)
9.3.6. Europe Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.3.7. Germany
9.3.7.1. Overview
9.3.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.7.3. Germany Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.3.7.4. Germany Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.3.8. Italy
9.3.8.1. Overview
9.3.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.8.3. Italy Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.3.8.4. Italy Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.3.9. United Kingdom
9.3.9.1. Overview
9.3.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.9.3. United Kingdom Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.3.9.4. United Kingdom Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.3.10. France
9.3.10.1. Overview
9.3.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.10.3. France Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.3.10.4. France Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.3.11. Rest of Europe
9.3.11.1. Overview
9.3.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.11.3. Rest of Europe Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.3.11.4. Rest of Europe Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.4. Asia Pacific
9.4.1. Overview
9.4.2. Key Manufacturers in Asia Pacific
9.4.3. Asia Pacific Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.4.4. Asia Pacific Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.4.5. Asia Pacific Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.4.6. India
9.4.6.1. Overview
9.4.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.6.3. India Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.4.6.4. India Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.4.7. China
9.4.7.1. Overview
9.4.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.7.3. China Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.4.7.4. China Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.4.8. Japan
9.4.8.1. Overview
9.4.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.8.3. Japan Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.4.8.4. Japan Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.4.9. Rest of APAC
9.4.9.1. Overview
9.4.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.9.3. Rest of APAC Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.4.9.4. Rest of APAC Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.5. Latin America
9.5.1. Overview
9.5.2. Key Manufacturers in Latin America
9.5.3. Latin America Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.5.4. Latin America Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.5.5. Latin America Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.5.6. Brazil
9.5.6.1. Overview
9.5.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.6.3. Brazil Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.5.6.4. Brazil Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.5.7. Mexico
9.5.7.1. Overview
9.5.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.7.3. Mexico Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.5.7.4. Mexico Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.5.8. Argentina
9.5.8.1. Overview
9.5.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.8.3. Argentina Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.5.8.4. Argentina Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.5.9. Rest of LATAM
9.5.9.1. Overview
9.5.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.9.3. Rest of LATAM Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.5.9.4. Rest of LATAM Market Size and Forecast, By Material Type, 2016 - 2027 (US Billion)
9.6. Middle East and Africa
9.6.1. Overview
9.6.2. Key Manufacturers in Middle East and Africa
9.6.3. Middle East and Africa Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.6.4. Middle East and Africa Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.6.5. Middle East and Africa Market Size and Forecast, By Material Type, 2016 - 2027 (US$ Billion)
9.6.6. Saudi Arabia
9.6.6.1. Overview
9.6.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.6.6.3. Saudi Arabia Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.6.6.4. Saudi Arabia Market Size and Forecast, By Material Type, 2016 - 2027 (US$ Billion)
9.6.7. United Arab Emirates
9.6.7.1. Overview
9.6.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.6.7.3. United Arab Emirates Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.6.7.4. United Arab Emirates Market Size and Forecast, By Material Type, 2016 - 2027 (US$ Billion)
9.6.8. Rest of MEA
9.6.8.1. Overview
9.6.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.6.8.3. Rest of MEA Market Size and Forecast, By AUTOMATION, 2016 - 2027 (US$ Billion)
9.6.8.4. Rest of MEA Market Size and Forecast, By Material Type, 2016 - 2027 (US$ Billion)
9.6.8.5. Rest of MEA Market Size and Forecast, By Vertical, 2016 - 2027 (US$ Billion)
10. KEY VENDOR ANALYSIS
10.1. Competitive Dashboard
10.2. Company Profiles
10.2.1. Lindsay corporation
10.2.1.1. Company Snapshot
10.2.1.2. Financial Performance
10.2.1.3. Product Benchmarking
10.2.1.4. Strategic Initiatives
10.2.2. Mahindra Group
10.2.3. AGCO Corporation
10.2.4. Valtra
10.2.5. Deere and company
10.2.6. Fendt
10.2.7. Iseki Co. Ltd
10.2.8. CNH Industrial NV
10.2.9. Escort Limited
10.2.10. Valmont Industries, Inc.
10.2.11. Same Deutz-Fahr Group (SDF)
10.2.12. Agrostroj Pelhrimov A.s
10.2.13. China National Machinery Industry Corporation (Sinomach)
10.2.14. Weifang Euroking Machinery
10.2.15. Kubota corporation
11. 360 DEGREE VIEW
12. APPENDIX
12.1. Research Methodology
12.2. References
12.3. Abbreviations
12.4. Disclaimer
12.5. Contact Us
