Agriculture Equipment Market Size, Share, Growth Analysis, By Product(Tractors, Soil Preparation & Cultivation, Harvesting, Crop Processing & Irrigation), By Application(L, Development, Threshing, Harvesting), By Region - Industry Forecast 2024-2031

Agriculture Equipment Market size was valued at USD 155.68 billion in 2019 and is poised to grow from USD 163.46 billion in 2023 to USD 253.59 billion by 2031, growing at a CAGR of 5% in the forecast period (2024-2031).

The agriculture equipment market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, a Memorandum of Understanding was signed today between the Maharashtra Agriculture Competitiveness Project (MACP), the government of Maharashtra, and Mahindra Agri Solutions Ltd., a wholly-owned subsidiary of Mahindra & Mahindra Ltd. (MoU). The MACP project, which is being carried out under the auspices of the World Bank, intends to improve the agricultural community in Maharashtra's productivity, profitability, and market access. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'AGCO Corporation', 'CNH Industrial N.V.', 'Deere & Company', 'CLAAS KGaA mbH', 'Kubota Corporation', 'Mahindra & Mahindra Ltd.', 'Kuhn Group', 'Escorts Limited', 'JCB Limited', 'Yanmar Co., Ltd.', 'Same Deutz-Fahr Group S.p.A.', 'Iseki & Co., Ltd.', 'TAFE - Tractors and Farm Equipment Limited', 'Bucher Industries AG', 'SDF S.p.A.', 'Krone Group', 'Escorts Agri Machinery', 'Doosan Infracore', 'Zoomlion Heavy Industry Science and Technology Co. Ltd.', 'Bobcat Company'

Governments all around the world have implemented a number of initiatives to speed up and streamline the soil preparation and cultivation process, including low import taxes, cheap lending rates, and other measures.  Additionally, a number of banks and microfinance organizations have been established throughout all the areas to make it simple to obtain loans to buy agricultural machines. For example, John Deere's "Own It" Low Monthly Payment program for 2022 gives consumers the ability to complete their fleet. For a variety of compact and mid-size equipment models, including the 317G compact track loader, 318G skid steer loaders, 35G compact excavator, 310L and 310SL backhoes, 75G and 85G mid-size excavators with specific factory-installed configurations, the program enables customers to take advantage of the low monthly payment offers to get on the path to equipment ownership.

The market growth potential is being helped by the use of technologies such as automated Internet of Things deployment, AI-based equipment, GPS-enabled equipment, and flying drones. Manufacturers are being influenced by contemporary agricultural equipment to create goods that might satisfy end-user desires. Through the integration of IoT, the mechanized equipment is managed by remote devices, which helps to lower operating expenses and operational times.

In 2021, the Asia-Pacific region dominated the agricultural equipment market. Due to the region's robust economic growth in nations like China, India, Taiwan, and others, the Asia Pacific region has the highest chance of dominating the worldwide market. For the important players, this opens up the investing options. Additionally, farm gear demand is expected to increase throughout the projection period due to the gradual automation of farming equipment. In India, there were 1,10,442 domestic tractor dispatches in June 2021 compared to 92,884 in June 2020. In June 21 compared to June 20, there was an 18.9 percent rise in tractor dispatches. Domestic Wholesale dispatches by Mahindra & Mahindra were 46,875 units in June 2021 compared to 35,844 units in June 2020. In any case, it had the biggest increase in market share between June 20 and June 21.