The latest market report on “Global Farm Equipment Market Analysis and Forecast, 2019-2028” by RationalStat assesses the regional and global market segmented on the basis of product type, duty type, type, horsepower, drive type, mode of operation, and region. A detailed market analysis report provides an overall historical and future market size in terms of market value (US$ Million) and market volume (‘000 units) with a comprehensive market trend analysis (year-on-year growth). The market share analysis, growth of the agriculture industry, an overview of the competition, strategic imperatives, plans and strategies, key application, potential growth driver, recent R&D of farm equipment across the globe, and competition analysis for the target players evaluated in the global farm equipment market study.
Market Overview and Dynamics
With the increasing literacy, awareness, and several government schemes for generating rural employment, farmers started incorporating the use of tractors in their farms, which is expected to witness significant growth in the forthcoming years.
In addition, the continuation and growth of contract farming with more entities getting involved provide future opportunities for the expansion of the industry. Moreover, with a greater focus on meeting future production demand, various national and commercial banks have devised special plans to support the farmers through different schemes and provide easy financing options.
Market Drivers and Trends of the Global Farm Equipment Market
The growing gap between the crop yield quality with and without the use of farm equipment is expected to further drive the demand for the global farm equipment market. Moreover, growing industrialization has reduced the number of agrarian laborer, and is anticipated to further increase the need for mechanization.
Moreover, the better quality of crop yield by the use of farm equipment coupled with decent government support is anticipated to contribute towards the growth of the global market. Asia Pacific is expected to dominate the global farm equipment market as agriculture is the source of income for most of the households in this region which is anticipated to fuel the sales revenue of farm equipment manufacturing companies in the upcoming years.
- India is the world’s largest tractor market, selling more than 800,000 tractors annually, more than 20 times from Japan, but nearly 30% of the people buy tractors for many purposes other than agriculture.
Segmental Analysis: Global Farm Equipment Market
- On the basis of product type, flavored Farm Equipment is anticipated to gain considerable growth owing to the use of tractors for varied purposes in the agriculture industry.
- Based on the mode of operation, manual tractors are anticipated to acquire a majority share of the market owing to their increasing adoption due to changing customer preferences.
Competition Analysis and Market Structure
The global farm equipment market is fragmented in nature with the presence of various players operating in the region. Leading companies operating in the farm equipment market are focusing on introducing new technologies, and developments to provide to evolving consumer preferences.
Moreover, these players adopt various strategies to increase their market share and gain a competitive edge over other competitors in the global farm equipment market. Mergers and acquisitions, Product launches, partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the global farm equipment market include,
- In November 2021, John Deere developed new material collection systems and mechanical grapples for compact utility tractors. The New Frontier MG20F Mechanical Grapple offers a quick-attach solution for fast installation and features a 1,200-pound (544 kg) lift capacity.
- In December 2021, New Holland Agriculture designed a Straddle Tractor to meet the demanding requirements of the narrow vineyards typical of premium wine-growing regions such as Champagne, Médoc, and Burgundy.
- In March 2023, Auga launched, the Auga M1 as an ambitious project to manufacture a biomethane-fueled high-performance tractor as a step forward with the unveiling of a pre-production design set for final testing prior to commercial launch. It is also a four-wheel-drive machine with equal-sized wheels all-round intended mainly for tillage and drilling or planting work on arable and large-scale horticultural enterprises.
Some of the key players operating in the global farm equipment market include
- AGCO Corporation
- Deere & Company
- Escorts Ltd
- KUBOTA Corporation
- Mahindra & Mahindra Limited
- KUHN SAS
- CLAAS KGaA mbH
- Alamo Group Inc.
- Eicher Motors
- Sonalika, Action Construction Equipment (ACE) Ltd.
- Changzhou Dongfeng Agricultural Machinery Group Co., Ltd. among others.
RationalStat has segmented the global farm equipment market on the basis of product type, type, duty type, horse power, drive type, mode of operation, and region.
- Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Product Type
- Heavy Duty Tractors
- Mini Tractors
- Harvesting Machinery
- Combine Harvesters
- Forage Harvesters
- Tillage, Seeding and Cultivation Machinery
- Cultivators & Tillers
- Planting & Fertilizing Machinery
- Seed Drills
- Self-Propelled Sprayers
- Hay Machinery
- Mower Conditioners
- Tedders & Rakes
- Self-Propelled Windrowers
- Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters) and Market Share (2019-2028) Analysis by Type
- Battery Electric Tractor
- Hybrid Electric Tractor
- Plug-in Hybrid Electric
- Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters) and Market Share (2019-2028) Analysis by Duty Type
- Heavy Duty Tractors
- Mini Tractors (A Mini Tractor is capable of performing all agriculture operations that a bigger tractor can, only at a lesser cost)
- Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Horse Power (HP)
- Up to 20 HP
- 21-30 HP
- 31-40 HP
- 41-50 HP
- 50-60 HP
- 60-70 HP
- 70-80 HP
- 80-100 HP
- 100-150 HP
- 150-200 HP
- 200-250 HP
- 250-300 HP
- >300 HP
- Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Drive Type
- Two-Wheel Drive (2WD)
- Four-Wheel Drive (4WD)
- Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Mode of Operation
- Manual Tractors
- Autonomous Tractors
- Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Region
- North America Farm Equipment Market
- Latin America Farm Equipment Market
- Rest of Latin America
- Western Europe Farm Equipment Market
- Rest of Western Europe
- Eastern Europe Farm Equipment Market
- Rest of Eastern Europe
- Asia Pacific Farm Equipment Market
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa Farm Equipment Market
- South Africa
- Rest of the Middle East & Africa
- North America Farm Equipment Market
For more information about this report: https://store.rationalstat.com/store/global-farm-equipment-market/
About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
Content and Press Manager
Phone: +1 302 803 5429