Farm Equipment comprises of all the machineries which helps in crop production. The Farm Equipment Market is estimated to reach $234.29 Billion by 2023 at a CAGR of 5.7%. Farms require a varied range of equipment, suited for different farming scale and environments, which are used by a number of agricultural workers across different regions and are deployed across an extensive range of farm practices such as planting, irrigation, harvesting and others.
Tractor segment is leading the global farm equipment market, followed by harvesting machines. Harvesting machinery segment is forecast to be the fastest growing in the coming years. Micro irrigation methods and its wide application range is set to propel the irrigation equipment market. Threshing, harvesting and land development are the most significant phases of the farm equipment. APAC region is the most dominant market for farm equipment globally and is forecast to continue its dominance during the forecast period. Globally, APAC region is estimated to reach $107.58 billion at a CAGR of 7% from 2018 to 2023.
Agriculture sector has been on a high side due to increasing demand for quality food grains, fruits and vegetables in the market. Major players have been focusing on high growth markets such as India and China, to reap the benefits from increasing mechanization. Due to growing concern over food safety in the South-East Asian region, there has been an increasing emphasis on crop processing equipment.
What is Farm Equipment?
Farm equipment includes all the equipment used in performing various activities in farming, right from beginning phase i.e. land development to final phase of post harvesting the technology assists men in farming. Farmers in earlier times used wooden structures and cattle that used simple mechanics but in modern times farming sector has also modernized with a wide range of equipment ranging from tractors that are highly powerful to spray equipment. This specialized farm equipment are further being assisted by data science applications such as machine learning which has further led to efficient performance of the equipment and bringing improvement in quality of agricultural products and also in ease of generating high yields.
Market Research and Market Trends of Farm Equipment Ecosystem
- The overall tractors market has shown a steady growth in past. In 2018, from Feb to April, tractor volumes have expanded by 19.4%. However, the growth in agriculture tractor segment is expected to deviate from past levels because of decline in crop yields, and uneven monsoons. Improvement in farming income will increase the deployment of tractors.
- The development and implementation of precision agriculture or site-specific farming has been made possible by combining Global Positioning System and Geographic information system. This has enabled the coupling of real-time data collection with accurate position information, leading to the efficient management and analysis of large amounts of geospatial data. These large sets of data can be further employed for tractor guidance, crop scouting, variable rate applications, farm planning, field mapping, soil sampling, and yield mapping.
- Robots are being used more widely than expected in a variety of sectors, and the trend is likely to continue with increased implementation of robotics over the next 5 to 10 years of time. By implementation of robotics and other related technologies such as artificial intelligence and smart sensors, farming will become resource-efficient and environmentally friendly.
Who are the Major Players in Farm Equipment market?
The players profiled in the report include Alamo Group Inc., Agco Corporation, Argo S. p. A, Amazone H. Dreyer GmbH & Co. KG, Bucher Industries, Class KGaA mbH, CNH Industrial N.V., Daedong Industrial Company Ltd., Deere & Company, Escorts Group.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.