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

The Agricultural Machinery Market is Segmented by Type (Tractors, Plowing and Cultivating Machinery, Planting Machinery, Irrigation Machinery, Harvesting Machinery, and Other Types) and Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers the market sizes and forecasts in value (USD) for all the above segments.

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Market Snapshot

Agricultural Machinery Market Bar Graph
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 8 %

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Market Overview

The agriculture machinery market is estimated to register a CAGR of 8.0% during the forecast period, 2021-2026. With such a drastic COVID-19 impact, the agriculture machinery industry requested some flexibility for machines to be fitted with transition engines already manufactured and procured before the crisis. As global supply chains were disrupted and manufacturing industries closed down in accordance with government measures to prevent the spread of the virus, the market has slowed down during the pandemic. Tractors accounted for over 50.0% of the market share in the global agricultural machinery market in 2020.

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 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, which are dominating the market.

Scope of the Report

Agricultural machinery includes machines used on fields like harvesting machinery, haying and forage machinery, irrigation machinery, and other types, which are considered in the research scope. The market is segmented by type (tractors, plowing and cultivating machinery, planting machinery, irrigation machinery, harvesting machinery, and other types) and geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers the market sizes and forecasts in value (USD) for all the above segments.

By Type
Tractors
Horsepower
Less than 40 HP
40 HP to 99 HP
Greater than 100 HP
By Type
Compact Utility Tractors
Utility Tractors
Row Crop Tractors
Plowing and Cultivating Machinery
Plows
Harrows
Cultivators and Tillers
Other Plowing and Cultivating Machinery
Planting Machinery
Seed Drills
Planters
Spreaders
Other Planting Machinery
Harvesting Machinery
Combine Harvesters-Threshers
Forage Harvesters
Other Harvesting Machinery
Haying and Forage Machinery
Mower-Conditioners
Balers
Other Haying and Forage Machinery
Irrigation Machinery
Sprinkler Irrigation
Drip Irrigation
Other Irrigation Machinery
Other Types
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of Latin America
Africa
South Africa
Rest of Africa

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Key Market Trends

Growing Demand for Farm Mechanization in India

The global market for agricultural machinery is driven by the increasing rates of mechanization in developing countries. Tractors accounted for over half of the market share in the agricultural machinery market in 2020. The main reason behind the increase in farm mechanization is the decreased percentage of agricultural labor across the globe. Farm mechanization emerges as an important technological intervention for giving the desired productivity push to the country’s agricultural sector. Moreover, leveraging mechanization by means of custom hiring services (CHSs) not only helps in increasing agricultural productivity but also in identifying ways of increasing the and adoption of mechanized farming by a larger group of small and marginal farmers.

Agricultural Machinery Market Key Trends

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Asia-Pacific is the Fastest Growing Region

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 Asia, 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, surpassing Europe as the largest market. The population in the region is rising, driving the need for the 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.

Agricultural Machinery Market Growth Rate By Region

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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.

Agricultural Machinery Market Analysis

Recent Developments

In September 2019, CNH Industrial expanded its business in China by opening a new parts and service center in Shanghai, China. The new facility helps in significantly reducing the delivery time to its customers for New Holland Agriculture and Case IH agricultural equipment brands​.

In September 2018, Massey Ferguson extended its hay and forage range with new baler models MF RB 3130F fixed chamber round baler, MF RB 3130F Protec, and MF RB 4160V Protec fixed and variable chamber baler.​

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Tractors

        1. 5.1.1.1 Horsepower

          1. 5.1.1.1.1 Less than 40 HP

          2. 5.1.1.1.2 40 HP to 99 HP

          3. 5.1.1.1.3 Greater than 100 HP

        2. 5.1.1.2 By Type

          1. 5.1.1.2.1 Compact Utility Tractors

          2. 5.1.1.2.2 Utility Tractors

          3. 5.1.1.2.3 Row Crop Tractors

      2. 5.1.2 Plowing and Cultivating Machinery

        1. 5.1.2.1 Plows

        2. 5.1.2.2 Harrows

        3. 5.1.2.3 Cultivators and Tillers

        4. 5.1.2.4 Other Plowing and Cultivating Machinery

      3. 5.1.3 Planting Machinery

        1. 5.1.3.1 Seed Drills

        2. 5.1.3.2 Planters

        3. 5.1.3.3 Spreaders

        4. 5.1.3.4 Other Planting Machinery

      4. 5.1.4 Harvesting Machinery

        1. 5.1.4.1 Combine Harvesters-Threshers

        2. 5.1.4.2 Forage Harvesters

        3. 5.1.4.3 Other Harvesting Machinery

      5. 5.1.5 Haying and Forage Machinery

        1. 5.1.5.1 Mower-Conditioners

        2. 5.1.5.2 Balers

        3. 5.1.5.3 Other Haying and Forage Machinery

      6. 5.1.6 Irrigation Machinery

        1. 5.1.6.1 Sprinkler Irrigation

        2. 5.1.6.2 Drip Irrigation

        3. 5.1.6.3 Other Irrigation Machinery

      7. 5.1.7 Other Types

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

        4. 5.2.1.4 Rest of North America

      2. 5.2.2 Europe

        1. 5.2.2.1 Germany

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 France

        4. 5.2.2.4 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 India

        3. 5.2.3.3 Japan

        4. 5.2.3.4 Australia

        5. 5.2.3.5 Rest of Asia-Pacific

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of Latin America

      5. 5.2.5 Africa

        1. 5.2.5.1 South Africa

        2. 5.2.5.2 Rest of Africa

  6. 6. COMPETITIVE LANDSCAPE

    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

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Agricultural Machinery Market market is studied from 2016 - 2026.

The Agricultural Machinery Market is growing at a CAGR of 8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Deere & Company, CNH Industrial N.V., AGCO Corporation, Mahindra and Mahindra Limited, Kubota Corporation are the major companies operating in Agricultural Machinery Market.

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