Agricultural equipment encompasses a wide range of machinery and tools used in farming and agricultural activities to enhance efficiency, productivity, and yield. These tools are essential for various tasks such as planting, cultivating, harvesting, irrigation, fertilization, pest control, and livestock management.
The agricultural equipment market is forecast to experience a growth of 4.2% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 118.1 million in 2023.
The agriculture industry is expanding fast in the upcoming years, driven by the surging global population, which is expected to keep the demand for food high. As a result, agricultural manufacturers and farmers are selecting the Internet of Things (IoT) for improved yield from agriculture, propelling the worldwide economy.
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The market is further catalyzed by the shortage of human workforce and surging expenses on the maintenance of cattle on job sites in several countries. This has motivated customers to take advantage of modernized equipment in farming applications.
Types of Agricultural Equipment:
- Tractors: Tractors are versatile vehicles used for various tasks such as plowing, tilling, planting, and hauling. They come in different sizes and configurations to suit different farm operations.
- Harvesters: Harvesters are specialized machines used for harvesting crops such as wheat, rice, corn, and soybeans. They can efficiently cut, thresh, and clean crops, reducing manual labor and harvesting time.
- Planters and Seeders: Planters and seeders are used for precise and uniform seeding of crops. They can plant seeds at specific depths and spacing, optimizing seed placement for optimal germination and crop growth.
- Sprayers: Sprayers are used for applying fertilizers, pesticides, herbicides, and other agrochemicals to crops. They ensure uniform coverage and effective pest and weed control, reducing crop losses and improving yields.
Key Developments in the Market
- Yanmar America, a leading provider of compact and subcompact tractors, joined forces with Tarter Farm and Ranch Equipment in April 2023. This synergy aims to widen the scope of products by coupling it with an extensive range of high-quality tractor implements.
- Earlier in 2023, a Tennessee Dept of Agriculture representative introduced a tax waiver program for farm machinery to boost the accessibility of affordable and mechanized equipment for farmers.
- John Deere came into a joint venture with SurePointAg Systems manufacturer in March 2022. The latter company is expected to have access to Deere technologies to boost productivity throughout its product range.
- John Deere launched a new machinery, 6155MH Tractor, in August 2021. This product is expected to deliver all the field-proven reliability and performance of other M Series.
- New Holland Agriculture partnered strategically with the Agricultural Division of Alamo Group in April 2021. The latter company provides attachments and implements compatible with New Holland’s mid-range and compact tractors lineup.
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Key Companies
- Bucher Industries AG
- AGCO Corp.
- Deere & Company
- EXEL Industries
- CLAAS KGaA mbH
- ISEKI & CO. LTD.
- CNH Industrial N.V.
- Krone UK Group
- Kubota Corporation
- LEMKEN GmbH & Co. KG
- Mahindra & Mahindra Ltd.
- Mitsubishi Mahindra Agricultural Machinery Co. Ltd
- SDF S.p.A.
- Tractor and Farm Equipment Limited (TAFE)
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