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 USD 118.1 million in 2023.
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 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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A Spectrum of Tools for Diverse Farms: Catering to Different Needs
The Agricultural Equipment Market offers a variety of equipment options to suit the size, type of operation, and budget of farms:
- Large-Scale Machinery: High-horsepower tractors, self-propelled harvesters, and complex irrigation systems cater to the needs of large commercial farms focused on high-volume production.
- Medium-Scale Equipment: Mid-range tractors, planters, and hay balers serve the needs of medium-sized farms, offering a balance between efficiency and affordability.
- Small-Scale and Organic Farming Equipment: Specialized tractors, tillers, and hand-operated tools cater to smaller farms and those practicing organic farming principles.
- Precision Agriculture Technology: Advanced sensors, GPS guidance systems, and variable-rate applicators enable farmers to collect real-time data and optimize inputs like fertilizer and water based on specific field conditions.
- 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)