Agriculture Machinery Market: Current Analysis and Forecast (2022-2030)

Report Description

The agricultural machinery market is expected to grow at a strong CAGR of around 5% during the forecast period owing to the growing global population due to which demand for food is increasing. Further, this is driving the need for more efficient and productive agricultural equipment to fulfil this demand. Moreover, Climate change is affecting agriculture around the world which is increasing the demand for equipment that can help them to adapt to these changes. Additionally, the rising investments and product launches in the agricultural machinery market are further contributing to the growth of the market. For instance, in 2021, CLAAS introduced the new CEMIS 1200, which is now also available for LEXION, JAGUAR and CLAAS tractors. The new terminal is designed to handle a wide range of applications, including automated steering, online documentation, ISOBUS and TASK controller applications, section control and variable quantity control.

Some of the major players operating in the market include Deere & Company, AGCO Corporation, Mahindra&Mahindra Ltd., Kubota Corporation, CNH Industrial N.V., China National Machinery Industry Corporation Ltd, CLAAS KGaA mbH, AGROSTROJ, J C Bamford Excavators Ltd. and SDF S.p.A.Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, the irrigation segment held a significant growth in the market in 2021.”

Based on type, the market is segmented into tractors and power, soil preparation and cultivation, irrigation, crop processing, fertilizers and pesticides dispenser, harvesting, and others. Amongst these, the irrigation segment held significant growth in the market in 2021. This is because climate change changes rainfall, causing droughts in some areas and floods in others. Irrigation systems can help farmers adjust to these changes and ensure sufficient water for their crops. Additionally, the world’s population is increasing, due to which the demand for food is increasing. This increase in population is causing pressure on farmers to produce more food, which can be achieved through advanced irrigation equipment and methods.

“Amongst sales channels, the aftermarket segment held a significant growth in the market in 2021.”

On the basis of sales channel, the market is bifurcated into OEM and aftermarket. Among these, the aftermarket segment held significant growth in the market in 2021. The significant growth of the aftermarket can be attributed to the increasing age of the agricultural machinery fleet. Farmers are using their older agricultural machinery which requires spare parts and services to maintain in optimal and efficient condition. Additionally, the aftermarket segment involves the sale of spare parts, consumables, and services for agricultural machinery which allows farmers to maintain and repair their machinery, which can help to prolong its lifespan and improve its performance.

Agricultural Machinery Market Report Coverage

“Europe is expected to grow at a significant CAGR during the forecasted period.”

Europe is growing significantly in the agricultural machinery market due to significant technological advancements in Europe, such as the use of precision farming techniques, autonomous tractors, and other advanced technologies. These advancements are helping farmers to increase their productivity and efficiency. For instance, In March 2023, John Deere announced updates for its 7, 8, and 9 Series Tractors. These updates are aimed at preparing the tractors for the future of precision agriculture. Key updates include the new StarFire 7000 integrated GPS position receiver and an all-new G5Plus CommandCenter display. Both of these will be included as standard equipment. Additionally, the demand for organic produce is increasing in Europe, and this is driving the need for equipment that can be used for organic farming. Furthermore, the demand for organic produce is increasing in Europe, and this is driving the need for equipment that can be used for organic farming. For example, equipment that can be used for crop rotation, pest control, and soil management.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options: The global agricultural machinery market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Agricultural Machinery Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global agricultural machinery market were the three major steps undertaken to create and analyze the adoption of agricultural machinery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global agricultural machinery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the agricultural machinery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the agricultural machinery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, automation, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the agricultural machinery market. Further, we conducted factor analysis using dependent and independent variables such type, automation, and sales channel of the agricultural machinery market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the agricultural machinery market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global agricultural machinery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the agricultural machinery market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global agricultural machinery market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global agricultural machinery market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global agricultural machinery market.

The main objective of the Global Agricultural Machinery Market Study

The current & future market trends of the global agricultural machinery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the agricultural machinery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the type, automation, and sales channel.
• Define and analysis of the regulatory framework for the agricultural machinery
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the agricultural machinery market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the agricultural machinery market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team