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Global 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).

Market Snapshot

Agricultural Machinery Market Bar Graph
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 5.4 %

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Market Overview

The global agricultural machinery market was valued at USD 138.59 billion in 2020, and it is anticipated to reach USD 194.94 billion by 2026, registering a CAGR of 5.4% during the forecast period. 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 43.6% of the market share in the global agricultural machinery market in 2020.

The Asia-Pacific region is expected to grow rapidly due to the high demand for agricultural products, mainly 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.​

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). 

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 Developing Countries

The market is driven by increasing rates of mechanization in developing countries. The shrinking land, water resources, and labor force have increased the need for farm mechanization in developing countries. Farm mechanization in developing countries such as India and China accounts for 45-55%, whereas it accounted for 95% in developed nations such as the United States in 2018.​ The farm mechanization level in India was recorded at 40-45% in 2017. The penetration of farm equipment is slow since almost 80% of small and marginal farmers own less than five hectares of land. ​The market for farm machinery, including the combines in African countries, is anticipated to grow. This is because African farmers demand access to the latest farm technologies to enhance their farm operations and cut production costs.​ Developing nations still have a low penetration level. Hence, the farm mechanization market has a lot of potential for increasing farm equipment penetration, and therefore, increasing the market size during the forecast period.​

Agriculture Machinery Market: Sales in Number of Units, China ,2016-2018

Asia-Pacific is the Fastest Growing Region

Asia-Pacific is considered one of the fastest-growing markets because the companies located in the region have been launching new agricultural machinery, thereby dominating the market with faster innovations and product launches. The Chinese government is enhancing farm mechanization for various crops, including rice, wheat, corn, potato, oilseed rape, cotton, and sugarcane. According to the Ministry of Agriculture in China, around 95.5% of the 80.0% of wheatland is harvested using the combine harvesters. ​The increasing focus on farm mechanization and the government’s urge to make the corn, wheat, and rice farms fully automated in the next 10 years may boost the sale and lead to innovations, such as driverless machinery, is driving the market growth during the forecast period.

Agricultural Machinery Market Growth Rate By Region

Competitive Landscape

The global agricultural machinery market is consolidated,The global agricultural machinery market is consolidated, with key players accounting for majority of the market share. The top players in the market are Deere and Co, CNH Industrial, AGCO Corporation, Kubota, Mahindra and Mahindra Limited, Iseki & Co. Ltd, JC Bamford Excavators Limited, and Lindsay Corporation. The companies were involved in various strategic activities such as product innovation, expansion, partnership, and merger and acquisition. For instance, in Aug 2021, John Deere introduced the new 6155MH Tractor, which delivers all the field-proven performance and reliability of other M Series.​

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 Global Agricultural Machinery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026) market is studied from 2016 - 2026.

The Global Agricultural Machinery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026) is growing at a CAGR of 5.4% 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 Global Agricultural Machinery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026).

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