Analysis from GMI Research finds that the Farm Equipment Market earned revenues of USD 115.3 billion in 2021 and forecast to touch USD 171.7 billion in 2029 will grow at a CAGR of 5.1% from 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

Increasing population and rise in the demand for food globally have led to the increasing adoption of advanced and efficient methods of agricultural production. This factor is expected to drive the growth of the farm equipment industry over the forecast period. In addition, various advanced agriculture equipment such as spraying equipment, harvesters, hay and forage equipment, irrigation and crop processing equipment help in efficient farming process, enhancing crop quality, and reducing labour cost, which is likely to boost the demand of farm equipment among farmers.

The increasing government support in the form of low rate loans, subsidies, and other credits to encourage farm mechanization and to increase farm yield is further supporting the market growth. For instance, financial credit and loans provided by the Farm Service Agency (FSA), U.S. Department of Agriculture to purchase land, livestock, equipment, feed, seed, and supplies is contributing to the growth and development of the market in the region. As per the farm equipment market statistics, the development of technologically advanced agricultural equipment such as autonomous tractors, integration of new technologies such as Google Earth, GPS, drones, ground-based sensors, telematics, and robotic systems into present equipment to improve productivity is anticipated to provide lucrative growth opportunities of the farm equipment market share in terms of revenue.

Restraint in the Farm Equipment Market

The high cost of equipment and the lack of awareness regarding the benefits of using agriculture equipment among farmers in emerging economies such as Bangladesh, India, Indonesia, South Korea, and Saudi Arabia are the major restraining factors for the market growth.

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Product – Segment Analysis

Based on the product, tractors segment is expected to grow at a higher CAGR during the forecast period owing to its wide range of applications including tillage, ploughing and planting in fields, landscape maintenance, spreading fertilisers, and performing routine farm care. Additionally, development of advanced tractors with integrated automated transmission system, remote sensing, GPS, and data analytic, is helping to map fields and automate the driving systems. All these factors are likely to boost the market growth.

Application – Segment Analysis

Based on the application, sowing & planting application segment is anticipated to exhibit the notable CAGR over the forecast period. This is primarily due to the availability of several sowing and planting farm equipment such as, row crop planters, air seeders, grain drills, tractor mounted raised bed planter, till plant machine for sowing seeds of wheat, soybean, and bengal gram. Morever, the various other sowing and planting farm equipment includes tractor that are operated with zero-till seed-cum-fertilizer drill for sowing wheat in rice harvested fields without preparing the seedbed, inclined plate planter, sett cutter planter for sugarcane, and pneumatic planter for precision planting of single seed of crops such as cotton and okra.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the global farm equipment market during the forecast period primarily due to the increasing adoption of advanced farming techniques and equipment by farmers and high cost of farm labour in the region. On the other hand, Asia-Pacific region is projected to grow at a higher CAGR over the forecast period. This can be attributed to the large area of agricultural land in several countries including India, China, Japan, Indonesia, and Malaysia in the region. According to the National Bank for Agriculture and Rural Development, in 2018, the level of farm mechanization in India stands at about 40-45% with states such as UP, Haryana and Punjab and India has an average agriculture growth rate of 3.56 % through the last decade. Additionally, the growing horticulture industry and precision agriculture in the region is further supporting the market growth.

Top Market Players

The leading farm equipment manufacturers are CNH Industrial N.V., Deere & Company, Kubota Corporation, AGCO Corporation, Mahindra & Mahindra Ltd., CLAAS KGaA mbH, ISEKI & Co., Ltd., SDF Group, Yanmar Holdings Co., Ltd., and China National Machinery Industry Corporation, among others. 

Key Developments:

• • In 2020, Massey Ferguson, a subsidiary of AGCO Corporation launched a new 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, a tractor and heavy equipment manufacturer based in Japan announced to invest in one of the leading tractor manufacturer, Escorts Limited, India. This step is expected to increase the company presence in Indian market.

Segments covered in the Report:

The global Farm Equipment Market has been segmented on the basis of product, application, and regions. Based on product, the market is segmented into tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment, and others. Based on application, the market is segmented into land development & seed bed preparation, sowing & planting, weed cultivation, plant protection, harvesting & threshing, and post-harvest & agro processing. 

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Key questions answered in this research report:

• • At what pace is global Farm Equipment Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Farm Equipment Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Farm Equipment Market?
  • Which product generated maximum revenues in 2021 and identify the most promising product during the forecast period?
  • What are the various application areas of global Farm Equipment Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 115.3 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	CNH Industrial N.V., Deere & Company, Kubota Corporation, AGCO Corporation, Mahindra & Mahindra Ltd., CLAAS KGaA mbH, ISEKI & Co., Ltd., SDF Group, Yanmar Holdings Co., Ltd., and China National Machinery Industry Corporation, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Farm Equipment Market by Product

• • Tractors
  • Harvesters
  • Planting Equipment
  • Irrigation & Crop Processing Equipment
  • Spraying Equipment
  • Hay & Forage Equipment
  • Others

Global Farm Equipment Market by Application

• • Land Development & Seed Bed Preparation
  • Sowing & Planting
  • Weed Cultivation
  • Plant Protection
  • Harvesting & Threshing
  • Post-harvest & Agro Processing

Global Farm Equipment Market by Region

• • North America Farm Equipment Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Farm Equipment Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Farm Equipment Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Farm Equipment Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Farm Equipment Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • CNH Industrial N.V.
  • Deere & Company
  • Kubota Corporation
  • AGCO Corporation
  • Mahindra & Mahindra Ltd.
  • CLAAS KGaA mbH
  • ISEKI & Co., Ltd.
  • SDF Group
  • YANMAR HOLDINGS Co., Ltd.
  • China National Machinery Industry Corporation