Agricultural Machinery Market Size

Agricultural Machinery Market Analysis

The Agricultural Machinery Market size is estimated at USD 151.55 billion in 2024, and is expected to reach USD 197.19 billion by 2029, growing at a CAGR of 5.40% during the forecast period (2024-2029).

Ensuring food security has become an issue of significant importance to countries with different degrees of economic development, while the agriculture sector plays a strategic role in improving food availability. Furthermore, declining areas of arable land, the surge in large-scale farming, a shrinking labor force, and an uptick in mechanization across the agriculture sector are the primary drivers bolstering the demand for agricultural machinery across the globe. High-income nations across North America and Asia-Pacific regions are known for their agricultural and dairy prowess and therefore serve as key markets for farm machinery. Moreover, governments of different countries actively promote agricultural mechanization through support and financing for machinery purchases. They also emphasize training programs for machinery operators. For instance, in March 2022, the Government of Canada made an investment of over USD 860,000 in six businesses under the Innovative Solutions Canada (ISC) program. The initiative provides innovators with the opportunity to develop their novel solutions, products, and technologies to address challenges in the agriculture sector, leading to a more prosperous and competitive sector.