Agricultural Machinery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Global Agricultural Machinery Market is Segmented by Type (Tractors, Ploughing and Cultivating Machinery, Planting Machinery, Irrigation Machinery, Harvesting Machinery, and Other Types). The Report is also Segmented by Geography Covering over 16 Countries across the Regions (North America, Europe, Asia Pacific, South America, and Africa).

Market Snapshot

Study Period:

2016 - 2026

Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific


7.8 %

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Market Overview

The global agricultural machinery market is valued at USD 154.44 million in 2019. The market is estimated to register a CAGR of 8.0% during the forecast period.

  • Tractors accounted for over 50% of the market share in the global agricultural machinery market in 2019.
  • High demand for agricultural products and increasing farm mechanization rates in developing countries are driving the growth in the industry.
  • The Asia-Pacific region is expected to grow rapidly over the forecast period, due to the increase in population in countries, particularly India and China, followed by Europe and North America.
  • The market concentration for global agricultural machinery is consolidated with the presence of a few large players, like AGCO Corporation, Deere and Company, Iseki Co., Ltd, and CNH Industrial NV, are dominating the market.

Scope of the Report

The global agricultural machinery market is estimated to grow remarkably during the forecast period. All types of agricultural machinery used on fields, including harvesting machinery, haying and forage machinery, irrigation machinery, and other types, are considered in the research scope. Also, the market under study involves machinery segmented by geographical regions across the world. The review period considered for the report is 2016-2019, and the forecast period is 2020-2025.

By Horsepower
Less than 40 HP
40 HP to 99 HP
Greater than 100 HP
By Type
Compact Utility Tractors
Utility Tractors
Row Crop Tractors
Ploughing and Cultivating Machinery
Cultivators and Tillers
Other Ploughing and Cultivating Machinery
Planting Machinery
Seed Drills
Other Planting Machinery
Harvesting Machinery
Combine Harvesters- Threshers
Forage Harvesters
Other Harvesting Machinery
Haying and Forage Machinery
Mower- Conditioners
Other Haying and Forage Machinery
Irrigation Machinery
Sprinkler Irrigation
Drip Irrigation
Other Irrigation Machinery
Other Types
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
South America
Rest of Latin America
South Africa
Rest of Africa

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Key Market Trends

Growing Demand for Farm Mechanisation from China and India

The global market for agricultural machinery in general and tractors is driven by the increasing rates of mechanization in developing countries. Tractors accounted for over half of the market share in the global agricultural machinery market in 2019. Due to the increase in farm mechanization in China and India, investments in agriculture and the government's push toward farm mechanization increased. The government of China provides both direct and indirect subsidies on the purchase of agriculture equipment and machinery to farmers. The investments in farm mechanization is a result of the increase in the number of large agricultural producers and new rural organizations engaged in farming. The farm mechanization rate in India was 54.80% in 2011 and 59% in 2013. In India, the trend of the emergence of large-scale custom hiring service businesses in agricultural machinery is fuelling the increase in farm mechanization.

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Asia- Pacific - The Fastest Growing Region in the Global Agricultural Machinery Market

The Asia-Pacific region is expected to grow rapidly due to the high demand for agricultural products, particularly from India and China, over the forecast period. Within Asian, China dominates in terms of production and sale of agriculture equipment, while India, Japan, and Australia, are expected to contribute a significant share in the global market in the coming years, thereby surpassing Europe as the largest market. The population in the region is rising, driving the need for mechanization of agriculture. Owing to the high demand and increasing labor costs, the tractor market in the region is estimated to register a CAGR of 6.1% during the forecast period. According to the World Bank database, the total population in the Asia-Pacific region is set to reach 4.17 billion in 2030.This further signifies that the demand for food and other agricultural products will continue to grow, thereby surging the demand for agricultural machinery to achieve optimal efficiency in production.

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Competitive Landscape

The market is highly competitive, owing to the presence of few prominent players, accounting for more than half of the market. The key players in the market include Deere and Company, AGCO Corporation, CNH Industrial NV, Iseki & Co. Ltd., and Kubota Corporation. The main strategy adopted by the key players is to invest in R&D to encourage innovation and maintain a strong market base. The advent of advanced technologies, like artificial intelligence, robotics, Google Earth, and the growing number of government initiatives are driving the demand for agricultural machinery.

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Table Of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

    4. 4.4 Market Restraints

    5. 4.5 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry


    1. 5.1 Type

      1. 5.1.1 Tractors

        1. By Horsepower

          1. Less than 40 HP

          2. 40 HP to 99 HP

          3. Greater than 100 HP

        2. By Type

          1. Compact Utility Tractors

          2. Utility Tractors

          3. Row Crop Tractors

      2. 5.1.2 Ploughing and Cultivating Machinery

        1. Ploughs

        2. Harrows

        3. Cultivators and Tillers

        4. Other Ploughing and Cultivating Machinery

      3. 5.1.3 Planting Machinery

        1. Seed Drills

        2. Planters

        3. Spreaders

        4. Other Planting Machinery

      4. 5.1.4 Harvesting Machinery

        1. Combine Harvesters- Threshers

        2. Forage Harvesters

        3. Other Harvesting Machinery

      5. 5.1.5 Haying and Forage Machinery

        1. Mower- Conditioners

        2. Balers

        3. Other Haying and Forage Machinery

      6. 5.1.6 Irrigation Machinery

        1. Sprinkler Irrigation

        2. Drip Irrigation

        3. Other Irrigation Machinery

      7. 5.1.7 Other Types

    2. 5.2 Geography

      1. 5.2.1 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      2. 5.2.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. Australia

        5. Rest of Asia-Pacific

      4. 5.2.4 South America

        1. Brazil

        2. Argentina

        3. Rest of Latin America

      5. 5.2.5 Africa

        1. South Africa

        2. Rest of Africa


    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Deere & Company

      2. 6.3.2 CNH Industrial NV

      3. 6.3.3 AGCO Corporation

      4. 6.3.4 Mahindra & Mahindra Limited

      5. 6.3.5 Kubota Corporation

      6. 6.3.6 Iseki & Co. Ltd

      7. 6.3.7 Escorts Limited

      8. 6.3.8 Daedong Industrial Co. Ltd

      9. 6.3.9 JC Bamford Excavators Limited

      10. 6.3.10 Lindsay Corporation


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