The global vehicle market, encompassing tractors, combines and utility farm machinery, is becoming a critical driver of farm mechanization and sustainable agriculture worldwide. Valued at around USD 119 billion in 2024, the sector is projected to reach nearly USD 189 billion by 2032, growing at a steady 4.8% CAGR. Regional trends in the global vehicle market show that North America and Europe dominate with high adoption of precision farming equipment, autonomous tractors, and smart implements, while Asia Pacific, led by India and China, is witnessing rapid expansion driven by low-horsepower tractor demand, government subsidies and rural mechanization programs. Latin America is experiencing strong growth in export-oriented agriculture and Africa is gradually expanding with compact tractor adoption to strengthen food security. Meanwhile, the autonomous agricultural vehicle market, valued at USD 5.9 billion in 2024, is set to grow at a remarkable 17% CAGR by 2032, highlighting the rising role of electric tractors, IoT enabled farm machinery and digital agriculture initiatives in reshaping the industry.
Vehicles overview
Published by MMR Statistics Research Team, Updated