The Latin America agricultural equipment market size reached USD 13,588.50 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 16,891.90 Million by 2033, exhibiting a growth rate (CAGR) of 2.20% during 2025-2033. The increasing demand for food production, advancements in farming technology, government initiatives promoting modern agricultural practices, rising labor costs, the growing need for efficiency in farming operations, climate change impacts, and increasing sustainable farming practices are some of the major factors propelling the growth of the market.
Report Attribute
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Key Statistics
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Base Year
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2024 |
Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 13,588.50 Million |
Market Forecast in 2033 | USD 16,891.90 Million |
Market Growth Rate (2025-2033) | 2.20% |
Significant Technological Advancements
The widespread adoption of precision agriculture technologies, including GPS, drones, and IoT-enabled equipment, is enhancing productivity and efficiency in farming operations. These innovations allow farmers to optimize resource use and improve crop yields. For instance, in September 2024, Hydrosat, a climate technology firm leveraging thermal imaging to measure water stress in agriculture and fight climate change, has signed four new commercial agreements with strategic partners in Latin America: Rex Irrigación Huasteca, EE Print Pack, and Grupo INDERS. These new agreements greatly enhance Hydrosat's presence in the region, bringing advanced data-driven solutions to Mexican and Guatemalan growers to help optimize water utilization, improve crop yield, and encourage sustainable agriculture. As part of the program, EE Print Pack, a prominent agribusiness industry supplier, will bring Hydrosat's technology into Mexico via its just-launched Agrolika division. Also, Hydrosat signed a deal with Mexico's Grupo INDERS to guarantee its advanced technology on small, medium, and large-sized farms in Latin America.
Growing Government Support and Investments
Governments of various countries in the region are implementing policies and initiatives to promote agricultural modernization. Subsidies, grants, and investment in rural infrastructure enhance farmers' access to advanced agricultural machinery, thereby facilitating growth in the market. In August 2023, Brazil's Ministry of Agriculture and Livestock launched the 2023/2024 Crop Plan, which set aside BRL 364.22 billion to finance national agricultural production up to June 2024. The funding covered rural credit programs like the National Support Program for Medium Rural Producers (Pronamp) and others. The allocation represented a 27% increase from the earlier financing of BRL 287.16 billion for Pronamp and associated programs.
The Crop Plan gave a lot of importance to assisting medium-sized rural producers by increasing access to credit and investment funds. Furthermore, the limit on annual gross income for Pronamp eligibility was increased from BRL 2.4 million to BRL 3 million to reflect increases in agricultural product prices. Farmers who are under Pronamp will also enjoy lower interest rates on the purchase of agricultural machinery and equipment under the Program for Modernization of the Fleet of Agricultural Tractors and Related Implements and Harvesters (Moderfrota). Under this program, Pronamp members are able to obtain financing at an annual interest rate of 10.5% with no ceiling on funding.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on equipment and application.
Equipment Insights:
The report has provided a detailed breakup and analysis of the market based on the equipment. This includes tractors, trailers, harvesters, planting equipment, irrigation and crop processing equipment, spraying equipment, hay and forage equipment, and others.
Application Insights:
A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes land development and seed bed preparation, sowing and planting, weed cultivation, plant protection, harvesting and threshing, and post-harvest and agro processing.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Million USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Equipment’s Covered | Tractors, Trailers, Harvesters, Planting Equipment, Irrigation and Crop Processing Equipment, Spraying Equipment, Hay and Forage Equipment, Others |
Applications Covered | Land Development and Seed Bed Preparation, Sowing and Planting, Weed Cultivation, Plant Protection, Harvesting and Threshing, Post-Harvest and Agro Processing |
Regions Covered | Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: