According to Arizton’s latest research report, the Latin America agriculture equipment market is growing at a CAGR of 4.57% during 2023-2029.
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The Latin America Agricultural Equipment Market Report Scope
Market Size (2029): 338.55 Thousand Units
Market Size (2023): 258.92 Thousand Units
CAGR (2023-2029): 4.57%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Seedling, Planting, & Irrigation, Agriculture Tractors, Land Preparation, Weeding & Plant Protection, Harvesting & Threshing, and Region
Regional Analysis: Brazil, Mexico, Argentina, Colombia, Peru, and Rest of Latin America
Seedling, planting, and irrigation equipment held the largest market share at 30.3%, followed by agricultural tractors at 24.9%. The agriculture sector is crucial to the region’s GDP, with Brazil, Argentina, and Mexico being major producers and exporters. Labor shortages due to migration and industry shifts pose challenges, while a 75% increase in agricultural output is needed by 2050 to meet rising food demand from a 40% population growth.
The region contributes 12%-15% of global food production and controls a quarter of global arable land. It has a mix of large and small farms, reflecting varied agricultural operations. There’s a growing demand for digitalization and automation, particularly in Brazil, Argentina, and Mexico. Government policies, infrastructure investments, and rising commodity prices are driving the market. The 2023/24 soybean harvest is expected to reach a record 222.34 million tons, a 15% increase from the previous year. Major players include AGCO, which operates the largest tractor factory in Latin America, and Indian manufacturers Mahindra & Mahindra and Sonalika.
Recent Developments
- In March 2024, Case IH launched AFS Connect Steiger Series Tractors. These high-horsepower tractors came equipped with advanced telemetry and data management features for improved farm management.
- In January 2024, StrongLike launched the SL-F LEX Hybrid robotic fruit harvester, which uses artificial intelligence to pick apples, gently reducing damage and labor costs.
- In November 2023, John Deere announced the construction of the Brazil Technology Development Center, its first R&D facility for tropical agriculture, with an R$180 million investment to enhance synergy between its research teams. Located in Indaiatuba, the 500,000 m² center aims to expedite product development by up to 40%, catering to the unique needs of Brazil’s agriculture sector.
- In September 2023, the Claas LEXION 1200 Terra Trac was launched. This tracked combine harvester is designed for superior traction and stability on difficult terrain.
- In October 2023, Krone launched the self-propelled forage harvester BiG X 1180, which boasts increased engine power and improved efficiency for large-scale operations.
- In April 2023, Mahindra & Mahindra launched a new tractor platform, OJA, under which the company will roll out 40 tractor models.
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Latin America Agriculture Equipment Market Dynamics
Drivers
- Investments by International Manufacturers
- Rising Income and Transformation of Food Consumption
- Surge in Investment in Agriculture Industry
Trends
- Growing Prospect of Precision Farming
- Rising Focus on Compact & Electric Agriculture Equipment
- Integration of Digital Technologies
Challenges
- Looming Unfavorable Weather Conditions
- High Demand for Rental & Used Agriculture Equipment
Technology Development in the Latin America Agriculture Equipment Market
- Telematics enables operators to monitor their fleet of vehicles closely using GPS trackers. It captures data from farm equipment operating in a field and transfers it to the internet in real-time.
- Automation enables high traction and low speed for tillage and other agricultural tasks. This technology is used in harvesters and tractors. It helps to reduce the dependency on labor, thus reducing the overall farming cost.
- Real-time kinematics is a technique that uses carrier-based ranging and provides ranges that are orders of magnitude more precise than those available through code-based positioning. It reduces operators’ workload by automatically harvesting rice and wheat with high precision and accuracy.
Why Should You Buy this Report?
This report is among the few in the market that offer outlook and opportunity analyses forecast in terms of the following:
- Market Size & Forecast Volume (units) 2020–2029
- Segmentation by Equipment Type
- Segmentation by Application
- Segmentation by Geography
- Production and trade values
- Major current and upcoming projects and investments
- Competitive intelligence about the economic scenario, advantages, industry dynamics, and market shares
- Innovative technologies
- Share by each equipment segment
- Share by each country
- Company profiles of major and other prominent vendors
- Company profiles of distributors
- Market shares of major vendors
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Major Vendors
- John Deere
- AGCO
- CNH Industrial
- Kubota
- Mahindra Tractors
- Yanmar
- SDF
- CLAAS
- KIOTI
- ISEKI & CO., LTD.
- LOVOL
- TAFE
- Argo Tractors S.p.A.
- AMAZONEN
- METALFOR
- MERLO S.p.A.
- Bobcat
- Arbos Group
- BCS S.p.A.
- LS MTRON LTD.
- Changfa
- Wuzheng Group
- YTO
- Zoomlion Heavy Industry Science &Technology Co., Ltd.
Segmentation by Equipment Type
Seedling, Planting, & Irrigation
- Planters
- Irrigation Pumps
- Seed Drillers
Agriculture Tractors
- Horsepower Type
- Less Than 50 HP
- 50-100 HP
- Above 100 HP
- Wheel Drive Type
- 2-Wheel-Drive
- 4-Wheel-Drive
- Land Preparation
- Cultivators
- Leveller
- Others (Harrow, Cultipacker, Plough)
- Weeding & Plant Protection
- Sprayers
- Weeders
- Harvesting & Threshing
- Threshers
- Combine Harvesters
- Others (Windrowers, Balers, Mowers)
- Segmentation by Region
- Brazil
- Mexico
- Argentina
- Colombia
- Peru
- The Rest of Latin America
Key Questions Answered in the Report:
How big is the Latin America agriculture equipment market?
What is the growth rate of the Latin America agriculture equipment market?
What are the trends in the Latin America agriculture equipment market?
Which region dominates the Latin America agriculture equipment market share?
Who are the key players in the Latin America agriculture equipment market?
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