January 31st, 2023
Farm Equipment Market was valued at USD 115.3 billion in 2021 and is estimated to touch USD 171.7 billion in 2029 growing at a CAGR of 5.1% from 2022-2029
The factors driving growth of the Farm Equipment Market includes Government support in the form of subsidies on the purchase of farm equipment, loan waivers and credit assistance, growing popularity of autonomous tractors, increased adoption of precision farming techniques around the world and improvements in the living standards. Moreover, incorporation of advanced technologies such as drones, ground-based sensors, and telematics with farm equipment, rise in scarcity of human workforce, introduction of Industry 4.0 and Smart Farming techniques and rapid urbanization, are some of the additional factors supplementing the Farm Equipment Market share. In addition, the increasing investments by major companies on research and development, rising disposable incomes, strategic acquisitions and partnership between key industry players and growing population growth rates, are further contributing towards the market growth.
However, growth of the Farm Equipment Market is hindered due to inadequate knowledge amongst farmers about the use of modern farm equipment.
The prominent players operating in the Farm Equipment Market are Mahindra & Mahindra Ltd., CLAAS KGaA mbH, ISEKI & Co., Ltd., CNH Industrial N.V., Deere & Company, Kubota Corporation, SDF Group, Yanmar Holdings Co., Ltd., AGCO Corporation, and China National Machinery Industry Corporation, among others.
Based on Product, the Tractors segment is predicted to grow at a significant CAGR during the forecast period
Increasing use of tractors in tillage, ploughing, and planting in fields and spreading fertilizers, are some of the factors pushing growth of the segment.
Based on Application, the Sowing & Planting segment is projected to expand at a remarkable CAGR over the forecast period
Rising demand for sowing and planting equipment such as row crop planters, air seeders and grain drills, is propelling Global Farm Equipment Market.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
Growing adoption of smart farming techniques across United States and Canada, increasing demand for modern farm equipment, Government subsidies on the purchase of agriculture equipment, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
In 2020, Massey Ferguson, introduced MF 4700 M-series tractors. The new series of tractor includes three models, from 82hp to 100hp and they come with the option of a completely new Dyna-2, 24 x 24 Powershift transmission.
In 2020, Kubota Corporation invested in one of the leading tractor manufacturers, Escorts Limited, India. This step is estimated to enhance company’s presence in India.
Segmentation by Product
Irrigation & Crop Processing Equipment
Hay & Forage Equipment
Segmentation by Application
Land Development & Seed Bed Preparation
Sowing & Planting
Harvesting & Threshing
Post-harvest & Agro Processing
Segmentation by Region
Rest of APAC
North AmericaUnited States of America
Rest of Europe
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