The Farm Equipment Market estimated to reach $234.29 Billion by 2023 at a CAGR of 5.7%

Browse 53 Market Tables, 176 Figures spread through 160 slides and an in-depth TOC on “Farm Equipment Market (2018 - 2023)”

Globally, APAC region is the dominant market for farm equipment and is estimated to reach $107.58 billion at a CAGR of 7% from 2018 to 2023. Global players are heading towards the growth engines of the market into the regions of India and China, to reap the benefits from increasing mechanization. Markets of North America and Europe have reached maturity stage and are estimated to grow at 4.6% CAGR and 3.4% CAGR, respectively for the period under review. At 2017, the Brazilian farm equipment market was valued at $11.70 billion and holds huge growth prospects after China and India. Sub-African region still remains under-mechanized, where most of the farming practices are carried out manually.

The crop production cycle consists of five segments, namely Land development, Planting and Sowing, Cultivation, Harvesting & Threshing and Post-harvesting. Generally, each phase involves an exclusive set of operations and equipment. In the mentioned field of production tractor is the leading farm equipment type in the global farm equipment market. In agriculture equipment, tractor holds 36% of the market value. The farm tractor market has strong, constant growth and is predicted to take a hold of $82.23 billion at CAGR of 5.4% in 2023. Harvesting machinery segment was valued at $26.05 billion in 2017 and is forecast to be the fastest growing market which is poised to reach $41.61 billion by 2023. Increasing the application of micro irrigation methods across the globe fuels the irrigation equipment market. This is estimated to exhibit a healthy growth rate of 7.2% CAGR during 2018-2023. Increasing adoption of no-till farming in Americas inhibits the market growth for tillage equipment. 

Latest technological advancement includes integration of big data, with precision agriculture, low-sized sensors for remote sensing are providing the farm machinery equipped with precision systems. This becomes one of the considerable parameters for purchasing particular equipment.

Improper handling, transport and processing of fruits, vegetables and grains, more than 3% of actual yield is lost annually. Growing concern the agriculture space and increasing government emphasis on restructuring food supply channels. There will be a positive change in the food supply in the coming years.

Key innovators in the farm equipment market include John Deere (U.S.), CNH Industrial N.V. (U.K.), Kubota Corporation (Japan), Agco Corporation (U.S.) and Iseki Co, Ltd. (Japan). Deere & Company obtained a U.S. patent (8909389) a patent for its harvester with the sensor mounted on an aircraft. This technology has been developed for monitoring a field of rice crop for more effective applications of fertilizers. The same way the company has obtained another U.S patent (8897943) for its battery electric hybrid drive for combine harvesters. The players are working on different levels of agriculture techniques.