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

Global 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).

A device, component of a device, or attachment to a device that is primarily intended to be used for agricultural purposes is referred to as agricultural equipment. Equipment related to raising animals or growing crops, as well as equipment used in horticulture or floriculture, is referred to as agricultural equipment. Lower inventory levels for OEMs and their dealers were the result of the rapid spike in demand for tractors, harvesters, and planters. Additionally, OEMs throughout the world are now dealing with a scarcity of semiconductors as well as rising commodity costs for raw materials like steel and aluminum.

According to the Association of Equipment Manufacturers (AEM), in North America, close to 360,000 tractors and combines will be sold off dealer lots by the year 2021. Unit sales of agricultural tractors and combines in the United States and Canada ended in 2019 with increases of over 10% in almost every sector in both nations. Compared to December 2020, U.S. overall farm tractor sales increased by 0.3 percent, while sales of self-propelled combines increased by 25.3 percent. Overall gains for tractors and combines in 2019 were 10.3 percent and 24.7 percent, respectively. Sub-40 horsepower tractors, which increased by 8.9 percent in the United States, were the only market sector in either the United States or Canada to have growth below 10 percent.

US Agriculture Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.