About 3.3 million units of agriculture equipment were sold worldwide in 2021, with the Asia-Pacific region accounting for most of the sales that year. It is projected that the market will grow between 2022 and 2028, reaching a volume of over 3.9 million units in 2028.

The coronavirus pandemic and supply chain disruptions around the world has impacted the global agricultural equipment market, which was worth over 103.6 billion U.S. dollars in 2021. In 2030, it is expected that the market for agricultural equipment will be sized at more than 189.4 billion U.S. dollars.

Agriculture equipment sales in North America amounted to 386,100 units in 2021. This represented an increase of about five percent from the previous year. The number of sales is forecasted to increase over the coming years, reaching 439,600 units by 2028.

The Agricultural Machinery Market Report is Segmented by Type (Tractors, Plowing and Cultivating Machinery, Planting Machinery, Irrigation Machinery, Harvesting Machinery, Haying and Forage Machinery, and Other Types) and Geography (North America, Europe, Asia-Pacific, South America, and Africa). The Report Offers the Market Size and Forecasts in Terms of Value (USD) for all the Above Segments.

The United States Agricultural Machinery Market Report is Segmented by Tractors, Ploughing and Cultivating Machinery (Ploughs, Harrows, Cultivators & Tillers, and Others), Planting Machinery (Seed Drills, Planters, Spreaders, and Others), Harvesting Machinery (Combine Harvesters, Forage Harvesters, and Other Harvesters), Haying and Forage Machinery (Mowers, Balers, and Other), Irrigation Machinery (Sprinkler Irrigation, Drip Irrigation, and Others), and Other Agricultural Machinery. The Report Offers the Market Size and Forecasts for Sales in (units) and Value in (USD) for all the Above Segments.

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Farm Equipment Market Size 2024-2028

The farm equipment market size is forecast to increase by USD 41.12 billion, at a CAGR of 5.47% between 2023 and 2028.

The market is witnessing significant growth, driven by the increasing adoption of precision farming technologies. This trend is particularly noticeable among small and private farm owners, who are increasingly adopting small tractors for vineyards, orchards, and other agricultural applications. However, the high initial investment required to acquire farm equipment poses a significant challenge for market growth. This investment barrier is further compounded by the need for continuous upgrades to keep pace with technological advancements. Despite these challenges, the market offers substantial opportunities for companies that can provide cost-effective and innovative solutions to help farmers optimize their operations and enhance productivity.
The integration of advanced technologies, such as automation, IoT, and AI, into farm equipment is expected to be a key growth driver, enabling farmers to make data-driven decisions and improve overall efficiency. Companies that can effectively address the investment challenge and provide value-added services, such as financing options and maintenance programs, will be well-positioned to capitalize on the market's potential.

What will be the Size of the Farm Equipment Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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The market continues to evolve, driven by the ongoing pursuit of improved soil health, water management, and crop productivity. Farmers employ various techniques such as crop rotation, livestock equipment integration, and the adoption of combine harvesters for efficient harvesting. Farm management software and precision agriculture solutions facilitate data analysis and acquisition, enabling farmers to optimize yield monitoring, crop scouting, carbon sequestration, and variable rate application. The transition to sustainable agriculture practices, including no-till farming, organic farming, and conservation tillage, necessitates specialized equipment like grain drills, soil preparation tools, and manure spreaders. Vertical farming and greenhouse technology provide alternative farming solutions, while farm mechanization advances with the development of autonomous tractors, agricultural robotics, and emissions reduction technologies.

Farmers also focus on energy efficiency, fuel consumption reduction, and the implementation of irrigation systems and GPS guidance. Farm insurance and agricultural finance solutions offer risk management and financial support. Animal health and housing, forage harvesters, and feeding systems cater to livestock farming operations. The integration of these technologies and practices fosters a dynamic market, as farmers continually adapt to optimize their operations and address the unique challenges of their land and livestock.

How is this Farm Equipment Industry segmented?

The farm equipment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Manual
  Semi automatic
  Automatic


Product

  Implement
  Combines
  Sprayer
  Baler


Geography

  North America

    US


  Europe

    France


  APAC

    Australia
    China


  South America

    Brazil


  Rest of World (ROW)

.

By Type Insights

The manual segment is estimated to witness significant growth during the forecast period.

The market encompasses a wide range of tools and technologies that significantly contribute to agricultural productivity and sustainability. Soil health is a key focus, with water management solutions, such as irrigation systems and drainage systems, ensuring optimal crop growth. Crop rotation and livestock equipment are essential for maintaining soil fertility and diversifying farming operations. In the harvesting sector, combine harvesters and forage harvesters streamline the process, while farm management software facilitates data analysis and precision farming. Vertical farming and greenhouse technology promote year-round production and resource efficiency. Farm mechanization, including GPS guidance and automated steering, enhances productivity and reduces fuel consumption.

Farm insurance and agricultural finance offer risk management solutions for farmers. No-till farming and conservation tillage practices, such as carbon sequestration and variable rate application, promote sustainable agriculture. Milking machines, animal housing, and feeding systems cater to livestock management. Precision agriculture, employing yield monitoring, crop scouting, and emissions re

In 2020, agriculture equipment sales dominated the Indian market with a total of 810,000 units sold. This value is expected to experience growth of about four percent to amount to 840,000 sales in 2021.

The Agriculture and Farm Equipment Market will reach USD 290.72 billion by 2034, expanding at a CAGR of 5.3%.

The Latin America Agricultural Machinery Market Report is Segmented by Type (Tractors, Equipment, Irrigation Machinery, Harvesting Machinery, and Haying and Forage Machinery), and Geography (Brazil, Argentina, Mexico, Peru, Chile, and Rest of Latin America). The Market Sizing Has Been Done in Value Terms (USD) for all the Above-Mentioned Segments.

The Canada Agricultural Machinery Market report segments the industry into Type (Tractors, Plowing and Cultivating Machinery, Planting Machinery, Sprayer, Irrigation Machinery, Harvesting Machinery, Haying and Forage Machinery, Others Types). Get five years of historical data alongside five-year market forecasts.

The United Kingdom Agricultural Machinery Market Report is Segmented by Type Into Tractors, Equipment, Irrigation Machinery, Harvesting Machinery, Haying and Forage Machinery, and Other Machinery Types. The Report Offers Market Size and Forecast in Terms of Value in (USD) for the Abovementioned Segments.

Market Size statistics on the Tractors & Agricultural Machinery Manufacturing industry in United States

Graph and download economic data for Producer Price Index by Industry: Farm Machinery and Equipment Manufacturing: Farm Plows, Harrows, Rollers, Pulverizers, etc., and Attachments (PCU333111333111E) from Dec 2002 to Apr 2025 about agriculture, machinery, equipment, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

The global agriculture machinery market is experiencing robust growth, driven by increasing food demand, technological advancements, and the rising adoption of precision farming techniques. The market, valued at approximately $180 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 5.5% from 2025 to 2033. This growth is fueled by several key factors. Firstly, the global population is continuously expanding, necessitating increased food production, creating a significant demand for efficient and technologically advanced agricultural machinery. Secondly, the integration of precision farming technologies such as GPS-guided tractors, automated harvesting systems, and sensor-based data analytics is enhancing efficiency and productivity in agriculture, leading to higher adoption rates. Furthermore, government initiatives aimed at promoting agricultural modernization and supporting farmers with advanced equipment are further accelerating market growth. The market segments are diverse, with wheel drive tractors, crawler tractors, harvesters, and sprayers representing major components. Application-wise, plowing, sowing, fertilizing, and harvesting & threshing dominate the market, reflecting the core needs of modern agricultural practices. Major players such as John Deere, CNH Industrial, Kubota, and AGCO are leading the market innovation, focusing on developing technologically advanced, fuel-efficient, and sustainable machinery. However, high initial investment costs, fluctuating raw material prices, and the dependence on favorable weather conditions pose challenges to the market's continued expansion. Regional variations are also significant, with North America and Europe currently holding substantial market shares, while the Asia-Pacific region is projected to witness significant growth driven by expanding agricultural lands and rising farmer incomes in countries like India and China. The competition within the market is intense, with both established multinational corporations and regional manufacturers vying for market share. This competitive landscape is likely to drive further innovation and price optimization in the coming years. This in-depth report provides a comprehensive analysis of the global agriculture machinery market, valued at $250 billion in 2023 and projected to reach $350 billion by 2030. It delves into market segmentation, key players, emerging trends, and future growth opportunities, providing crucial insights for investors, manufacturers, and industry stakeholders. The report utilizes rigorous data analysis and expert forecasting to deliver actionable intelligence on this dynamic sector. Keywords: agricultural machinery market, farm equipment, tractor market, harvesting equipment, precision agriculture, agricultural technology, smart farming, agricultural automation.

In 2024, the global annual index for tractors stood at 95 points, down from 116 points a year ago. The index for combines reached 77 points in 2024, compared with 131 index points in 2023.

The agricultural machinery manufacturing industry in the US is currently experiencing significant challenges due to high crop production and persistently high interest rates. While crop prices expanded machinery sales early in the current period, record-high crop production levels have since led to an oversupply, causing crop prices to plummet. Consequently, farmers' incomes have fallen, resulting in tightened budgets and deferred machinery purchases. Additionally, the market has been impacted by consistently high interest rates, making financing for new equipment less accessible. This financial strain has narrowed the profit for manufacturers, affecting smaller manufacturers more severely. Despite these obstacles, emerging markets in Southeast Asia, Africa and Latin America are providing new avenues for growth, with increased demand driven by the modernization of farming practices in these regions. Industry revenue has fallen at a CAGR of 3.4% over the current period to reach an estimated $38.1 billion after an increase of 1.0% in 2025. While agricultural price pressures loom large, significant transformative trends are occurring within the industry. Precision agriculture technologies are increasingly being adopted, with large farms leading the way due to their ability to absorb high upfront costs and achieve long-term savings. These technologies are helping to open new revenue streams and product lines for dominant companies like John Deere, which is investing heavily in research and development. Meanwhile, the rise of sustainability as a key industry driver encourages companies to develop eco-friendly and energy-efficient machinery. Manufacturers are focusing on electric and hybrid tractors to align with global climate goals and respond to consumer demand for sustainable products. The outlook for the agricultural machinery manufacturing industry isn’t that strong. Agricultural price declines are likely to persist through 2030, intensifying pressure on revenue growth. Climate change will demand increased adoption of precision agriculture technologies as farmers seek to optimize resource use amid erratic weather patterns, but it will also create additional volatility and crop failures, weakening this core customer base. Simultaneously, labor shortages in the agricultural sector will drive the uptake of autonomous machinery, presenting new growth opportunities for manufacturers that invest in AI-powered solutions. As sustainability becomes a cornerstone, innovation in electric and hybrid machinery will also become crucial to capturing market share. Companies that can adapt to these evolving conditions will be well-positioned to capture a larger share of the agricultural machinery manufacturing market. Industry revenue is forecast to continue its decline at a CAGR of 0.6% to reach $37.0 billion in 2030.

North America Agricultural Machinery Market size was valued at USD 37.37 Billion in 2024 and is projected to reach USD 67.06 Billion by 2031, growing at a CAGR of 7.90% from 2024 to 2031.

The North America agricultural machinery market is driven by increasing farm mechanization to enhance productivity and efficiency. Rising labor shortages, coupled with growing demand for high-yield crop production, push farmers toward advanced machinery like tractors, harvesters, and precision farming equipment. Government incentives and subsidies further accelerate adoption, making modern equipment more accessible.

Technological advancements, including automation, GPS-guided machinery, and AI-driven precision farming, significantly boost market growth. The rising trend of sustainable farming and the integration of IoT and telematics improve operational efficiency. Additionally, strong investment in R&D by key players fosters innovation, driving continuous market expansion.

The global farm equipment market, valued at $117.41 billion in 2025, is projected to experience steady growth, exhibiting a Compound Annual Growth Rate (CAGR) of 3.0% from 2025 to 2033. This growth is driven by several key factors. Increasing global population necessitates enhanced agricultural productivity, fueling demand for advanced machinery like precision farming tools, automated systems, and technologically advanced tractors. Furthermore, government initiatives promoting sustainable agriculture and technological advancements in farm equipment design, leading to increased efficiency and reduced operational costs, contribute significantly to market expansion. The rising adoption of data analytics and IoT-enabled solutions for better farm management further bolsters market growth. While challenges remain, including fluctuating commodity prices and regional economic disparities, the long-term outlook for the farm equipment sector remains positive, with continued innovation and technological integration shaping the future of agriculture. Specific segments within the market demonstrate varying growth trajectories. Tractors, harvesting, and planting/fertilizing machinery are expected to lead the growth, driven by the increasing scale of modern farming operations. The livestock management application segment is experiencing growth propelled by the demand for automated feeding, milking, and animal monitoring systems. Regionally, North America and Europe are currently dominant markets, though the Asia-Pacific region, particularly India and China, present significant growth opportunities due to expanding agricultural land and rising farmer incomes. The competitive landscape is marked by both established global players like John Deere, AGCO, and CNH Industrial, and regional manufacturers, leading to intensified competition and technological advancements. This comprehensive report provides an in-depth analysis of the global farm equipment market, valued at approximately $250 billion in 2023, projected to reach $320 billion by 2030. It examines key market trends, growth drivers, challenges, and competitive dynamics across various segments and geographies. The report leverages extensive market research, incorporating data from leading industry players such as John Deere, AGCO, CNH Industrial, and Kubota, amongst others. This analysis will be invaluable for investors, manufacturers, and agricultural stakeholders seeking to understand the current landscape and future trajectory of this vital sector.

The India Agricultural Machinery Market report segments the industry into Type (Tractors, Equipment, Irrigation Machinery, Harvesting Machinery, Haying and Forage Machinery). Get access to five years of historical data and forecasts for five years ahead.

The global farm equipment rental market size was valued at USD 58.04 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 88.86 Billion by 2033, exhibiting a CAGR of 4.60% from 2025-2033. Asia Pacific currently dominates the market, holding a farm equipment rental market share of over 34.6% in 2024. The rising trend of agricultural mechanization, improved access to advanced technology without heavy investment, an increased demand for flexible farming solutions, rapid urbanization, rising sustainability concerns, the growing trend of precision agriculture, and increasing government support for mechanized farming are some of the major factors propelling the growth of the market.

IMARC Group provides an analysis of the key trends in each segment of the global Farm Equipment Rental market, along with forecast at the global, regional, and country levels from 2025-2033. The market has been categorized based on equipment type, drive and power output.