Agriculture Tools Market Size, Share, Growth, and Industry Analysis by Type (Hand Tools, Power Tools, Trimmers, Machetes & Edgers, and Others) By Application (Residential, Commercial, and Industrial), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

Agriculture Tools Market Report Overview

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The global agriculture tools market size was USD 135860 million in 2022 and is expected to reach USD 254133.86 million in 2031, exhibiting a CAGR of 7.2% during the forecast period.

A variety of manually driven and electrically powered tools are used in agriculture to help with various farming and gardening tasks. Devices, components of a device, or attachments to a device designed to be primarily utilized for agricultural purposes are referred to as agriculture tools. The primary element fueling the expansion of the global agriculture tools market is the rising demand for agricultural production.

By utilizing seeds, fertilizers, water, and land in the best possible ways, precision farming helps farmers produce more food with higher quality. For instance, OEMs have created drones for huge farms that allow farmers to effectively monitor expansive fields and crops. The agriculture tools market is anticipated to increase as a result of the rising government measures to encourage precision tools and the growing presence of distributors of precision agricultural equipment. Therefore, during the projected period, companies in the worldwide agriculture tools market may anticipate benefiting from the rising demand for precision farming techniques. Additionally, a lack of skilled laborers and high costs associated with maintaining livestock on construction sites have motivated customers to take use of contemporary equipment's advantages in farming applications.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with agriculture tools experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 epidemic has had a wide-ranging, erratic impact on the agriculture tools market growth. Moreover, the world economy has experienced unfavorable poverty as a result of the significant loss of life and unavailability of essential products during the national closure. This has also sparked a new kind of emergency in the agricultural sector, affecting many other industries around the world in addition to the agricultural one. Several producers have changed their priorities to focus more on helping front-line healthcare workers in response to this trend.

LATEST TRENDS

"Increased Productivity of Crops to Boost Market Growth"

Over the projected period, there is expected to be intense pressure to increase the productivity of agricultural land, which will directly encourage farmers or land operators to integrate automation technology into this equipment. No matter how big or small their operation, farmers need financing facilities to buy pricey farm equipment on a financially sound market. Large farmers who can afford the high expense of installing and maintaining the farm equipment, therefore, use it more frequently. The users and market prospects place a high value on equipment's ease of accessibility and availability. As a result of these rules, the range of machines and tools that are eligible for subsidies has been greatly increased. Farmers are entitled to support other agricultural operations in addition to the specific subsidies on agricultural instruments, boosting the demand for agriculture tools market.

Agriculture Tools Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Hand Tools, Power Tools, Trimmers, Machetes & Edgers, and Others. Power tools are expected to leads the agriculture tools market share.

• By Application Analysis

Based on application, the market is segmented as follows: Residential, Commercial, and Industrial. The commercial segment is anticipated to dominate the agriculture tools market share.

DRIVING FACTORS

"Rising Demand for Precision Farming Techniques to Facilitate Market Development"

Farmers who employ precision farming concentrate on producing more with fewer resources. With the use of this technology, farmers may monitor crop variability both within and between fields and take appropriate action to achieve their farming objectives. In addition, the growing demand puts ongoing pressure on the agriculture sector to deliver higher yields. Precision farming is anticipated to boost productivity and operational effectiveness, closing the supply-demand gap. During the projected period, the farming method is anticipated to successfully address the issue of high demand for agricultural products in all types of geographies.

"Expansion of Mechanization in the Agricultural Sector to Promote Industry Progress"

One of the main factors projected to drive the increase in the agriculture tools market is expected to be the expansion of mechanization in the agricultural sector along with the rise in farmer income. The government's loan waiver programs for farmers of all income levels and favorable climatic conditions for food production are also thought to boost agriculture tools market expansion. Technologically sophisticated agricultural robotics is expected to have stronger chances for agriculture tools market expansion throughout the projected period. Examples include autonomous tractors and flying drones that assist farmers in producing food at affordable costs to meet the expanding food demand.

RESTRAINING FACTORS

"Weather Influence on Crop Yield to Hinder Market Growth"

Agriculture production is negatively impacted by both climatic changes and agricultural cycles. A region's weather influences crop yield, which has an impact on purchasing selections for farming equipment. Due to the food insecurity experienced by emerging nations during erratic weather patterns, many nations adopt farm machinery slowly. By product and region, agriculturelead tool demand varies. Tractors and planting, seeding, and application tools are frequently in demand from March to June in the Northern Hemisphere and from September to December in the Southern Hemisphere. Dealers from the Northern Hemisphere place orders for harvesting equipment between August and October to keep inventory on hand for the peak selling season, which runs from March to June. Conversely, dealers from the Southern Hemisphere place orders for the same equipment between August and October to keep inventory on hand for the peak season, which runs from November to February.

Agriculture Tools Market Regional Insights

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"Increase in Demand to Propel Market Progress in Asia"

Due to the dependence of many nations in the region on agriculture, the Asian region is one of the greatest agriculture tools markets. It is possible to attribute the rising harvesting, seed sowing, irrigation, and culture operations in farm fields to the region's increased demand for agricultural tractors. Asia-Pacific has a rich supplier of fruits and vegetables, has affordable labor, and has friendly political policies in nations like India, China, Japan, and South Korea. These nations also place a lot of emphasis on agriculture, thus the demand for agriculture tools in that industry is anticipated to be very high.

KEY MARKET SHARE

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Apex Tools Group (U.S.)
• Bellota (Spain)
• Chillington (U.K)
• Deere (U.S.)
• Falcon Garden Tools (India)
• Fiskars (Finland)
• Stanley Black & Decker (U.S.)
• The Toro Company (U.S.)
• Truper (Mexico)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants, including the market and potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.