Farm Equipment Market Catapulted by the Demand Influx of the Agriculture Sector

As per the World Bank, growth in the agriculture sector is two to four times more effective in raising incomes amongst the poorest compared to the other sectors and to feed a projected 9.7 billion people by 2050. This is leading to rapid development with a lot of companies and governments investing in the farm equipment market.  As per the findings of a newly published market research report by IndustryARC titled “Farm Equipment Market: By Type (Tractors, Fertilizing, Plant Protection Equipment, Harvesting Equipment, Irrigation Equipment, Hay and Forage Equipment, Crop processing Equipment, Seeding Equipment, Grain Handling Equipment, Cutters and Shredders, Sprayers ); By Phase (Land Development, Sowing, Planting, Cultivation, Harvesting, Threshing, Others); By Application (Agri Equipment, Construction Equipment, Chemical Applications, Financing Equipment, Material Handling Equipment, Snow Removal Equipment, Property Maintenance Equipment); By Geography - Forecast (2019-2025)”, the global market size was estimated to be $170 to $175 billion as of 2018, with a CAGR of approximately 6%. Equipment such as tractors, plow, and harrow are the few basic tools that are often carried out on fields for cultivating across the globe. 

APAC is leading the region in the global farm equipment market, at a share of 40% to 45% as of 2018 due to irrigation development in the region. Furthermore, the application CAGR in the farm equipment market will be nearly 10% during the forecast period of 2019-2025 as estimated by IndustryARC’s market analyst. As per India Brand Equity Foundation, in India, the Gross Value Added in the agriculture industry across the country was around INR 20,266 billion in 2017. The tractor market is also among the biggest segments in the category of farm equipment in the country, with annual sales of 600,000-700,000 units. However, there are major initiatives to elevate China’s agriculture industry. Moreover, there are an enormous number of farm equipment manufacturers in China which is aiding to the farm equipment market growth in the region

Some of the key companies identified in the report that are currently holding majority global farm equipment market share are AGCO, John Deere, CLAAS, Mahindra and Mahindra, Lindsay Corp, Toro Corp, Jain Irrigation, Bucher Industries, CNH Industrial, Kvernerland Group, SDF Group, and Kubota.

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