Farm Equipment Market Size Worth USD 285.66 Billion by 2034 | CAGR: 5.3%

The farm equipment market size is expected to reach USD 285.66 billion by 2034, according to a new study by Polaris Market Research. The report “Farm Equipment Market: By Product (Tractors, Harvesters Machinery, Planting Equipment, Spraying Equipment, and Others), Application, and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Farm equipment refers to machinery and tools used in agriculture to assist in tasks such as planting, harvesting, and maintaining crops, as well as managing livestock. Rising labor costs worldwide are driving the farm equipment market demand. Rising labor wages in the agricultural sector have made it increasingly difficult for farmers to rely solely on human labor. In many parts of the world, farm labor is becoming more expensive and harder to find, particularly for tasks such as planting, harvesting, and maintaining large crops. This situation has pushed farmers to adopt more efficient farm equipment that reduces their dependence on manual labor. Tractors, harvesters, and automated tools complete tasks much faster and more accurately, helping farmers save on labor costs and improve productivity, which propels the demand for farm machinery and boosts the farm equipment market growth.

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Many governments across the world are offering financial support to farmers to encourage the use of modern farm equipment. These subsidies, grants, and low-interest loans make it easier for farmers to purchase expensive machinery, which helps improve agricultural efficiency and sustainability. In some countries, government programs are promoting the adoption of environmentally friendly equipment to reduce the environmental impact of farming. This financial assistance lowers the initial cost barrier for farmers, encouraging them to invest in advanced machinery that increases productivity and drives the farm equipment market development.

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Farm Equipment Market Report Highlights

• By application, the land development & seed bed preparation segment dominated the farm equipment market share in 2024 as it contains vital tasks such as plowing, tilling, and preparing the soil for planting
• By product, the tractor segment is expected to witness significant growth during the forecast period as tractors are essential for a wide range of farming activities, including plowing, planting, and harvesting.
• In 2024, North America dominated the farm equipment market revenue due to advanced farming techniques and large-scale agricultural operations.
• Asia Pacific is expected to record a significant share during the forecast period due to rapid urbanization and increasing population, leading to the demand for higher agricultural productivity.
• A few global key market players are AGCO Corporation, Case IH, Claas, CNH Industrial, Escorts Group, Deere & Company, Kubota Corporation, Mahindra & Mahindra, New Holland, Raven Industries, SDF Group, TAFE, Trimble, and Yanmar Holdings.

Polaris market research has segmented the farm equipment market report based on product, application, and region:

By Product (Revenue – USD Billion, 2020–2034)

• Tractors
• Harvesters Machinery
• Planting Equipment
• Spraying Equipment
• Others

By Application (Revenue – USD Billion, 2020–2034)

• Land Development & Seed Bed Preparation
• Sowing & Planting
• Weed Cultivation
• Plant Protection
• Harvesting & Threshing
• Post-harvest & Agro-processing

By Regional Outlook (Revenue – USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Farm Equipment Market Report Scope