Agriculture and Farm Equipment Market

Agriculture and Farm Equipment Market Size, Growth, Trends and Forecast:

The Agriculture and Farm Equipment Market is estimated to reach USD 272.1 billion by 2026. It is anticipated to be one of the fastest-growing markets in the world during the forecast period.

Agricultural equipment is an equipment used in farming or other agriculture in which there are many types of such material, from hand tools and power tools to tractors and various farm implements that they tow or operate. The growth of the agriculture and farm equipment market is attributed to the increasing demand for operational efficiency, improved productivity, rising mechanization level, and increasing government support.

Agriculture and Farm Equipment Market Recent Developments:

• Deere & Co., an American corporation that manufactures agricultural, construction, and forestry machinery, diesel engines, drivetrains for heavy equipment, and lawn care equipment and also known as John Deere, has temporarily closed Chinese facilities owing to the coronavirus outbreak in the country. Director of Deere's strategic public relations, Ken Golden said that the facilities in China would remain closed until they determine it would be appropriate to reopen as our officials continue to monitor the situation.

• SoftBank, a Japanese multinational conglomerate holding company headquartered in Tokyo, Mahindra, an Indian multinational conglomerate headquartered in Mumbai, Maharashtra, India, may get into a partnership to push EV vehicles in the agricultural sector during the forecast period. Mahindra's officials are saying that Softbank's technology in EV could help them achieve success in the EV car market.

Drivers and Restraints of Agriculture and Farm Equipment Market:

Drivers:

The manufacturers of these agriculture and farm equipment are concentrating on integrating technologies such as Google Earth, GPS, and robotic systems into existing material to improve productivity and the government subsidies and low rates in emerging countries for farmers to adopt agricultural machinery, are acting as major drivers for the global Agriculture and Farm Equipment Market growth.

The rise in the adoption of modern technologies by farmers to increase farm yield and meet the growing demand for food is assumed to be a key driver for the growth of the global agriculture and farm equipment market. And also the traditional farming techniques like plows, tillage, and seeders are now being replaced with various modern agricultural machinery such as spraying equipment, hay, and forage equipment, harvesters, and irrigation and crop processing equipment, which are used in multiple processes to enhance overall crop output and quality, fuelling this market growth.

Restraints:

The financial aspects such as capital & rate of interest and unskilled agronomic man force are the major restraints of the agriculture and farm equipment market. It is also to be noted that the financial aspects are being declined by various organizations and bodies providing low-interest loans, zero to low-interest credits, and grants to developing countries for agricultural operations and to skill the agronomic man force for utility of farm equipment which will automatically consequence in various countries to come up with machinery institutes, efficient production, and e-farming portals.

Agriculture and Farm Equipment Market Segmentation:

Agriculture and Farm Equipment Market - By Product:

• Tractors

• Harvesters

• Planting Equipment

     ◦ Row Crop Planters

     ◦ Air Seeders

     ◦ Grain Drills

     ◦ Others

• Irrigation & Crop Processing Equipment

• Spraying Equipment

• Hay & Forage Equipment

• Others

In the product segmentation, tractors are leading the global agriculture and farm equipment market revenue with a share of 25%. Tractors are essential to farm machinery used for several activities such as standalone equipment and in tandem with other applications. Moreover, sales of tractors are foreseen to continue during the forecast period attributing to the increasing rate of mechanization as well as growing population, thereby ending up in increased pressure on the production and productivity of food.

Agriculture and Farm Equipment Market - By Application:

• Land Development & Seed Bed Preparation

• Sowing & Planting

• Weed Cultivation

• Plant Protection

• Harvesting & Threshing

• Post-harvest & Agro-Processing

From the application segmentation, Land Development & Seed Bed Preparation segment has acquired a share of 23% in the worldwide agriculture and farm equipment market revenue. The growth of this segment is attributing to land development, plant protection, harvesting, and sowing and planting is the shortage of farm labor.

Agriculture and Farm Equipment Market Regional Analysis

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In the regional analysis, strong economic growth in developing countries such as China, India, and other countries is projected to drive the growth of the agriculture and farm equipment market in Asia-Pacific. This region is also expected to emerge as the largest market and witness the fastest growth during the forecast period. In recent times, China alone held over 30.0% of the regional revenue and the regional growth can be ascribed to the low level of mechanization and the vast area of agricultural land. However, usage of these types of machinery of various farm processes is evolving progressively in the Asia-Pacific, which will lead to more demand for this equipment over the forecast period.

Key Players:

• Deere & Company

• Mahindra Group

• AGCO Corporation

• Agrostroj Pelhrimov A.s

• Concern Tractor Plants

• Escorts Limited

• China National Machinery Industry Corporation

• Valmont Industries Incorporated.

• Weifang Euro king Machinery

• Same Deutz-Fahr Group (SDF)