Agricultural Machinery Market Size

Statistics for the 2023 & 2024 Agricultural Machinery market size, created by Mordor Intelligence™ Industry Reports. Agricultural Machinery size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

INSTANT ACCESS

Market Size of Agricultural Machinery Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Agricultural Machinery Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 151.55 Billion
Market Size (2029) USD 197.19 Billion
CAGR (2024 - 2029) 5.40 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Agricultural Machinery Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

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.

Agricultural Machinery Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)