Farm Equipment Market by Product (Tractors, Harvesters, Planting Equipment,Irrigation & Crop Processing Equipment,Spraying Equipment, Others), Application,Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
The global farm equipment market is expected to grow from USD 94.5 Billion in 2017 to USD 142.6 Billion by 2025 at a CAGR of 5.3% during the forecast period from 2018-2025. Rising institutional credits and increasing PPP and adoption of modern technologies by farmers to increase farm yield are two factors propelling the growth of the market.
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Thetractors segment dominated the market with the highest share of 28.70% in 2017
The product segment is classified into tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment and others. The tractors segment dominated the market in 2017.Tractors emerged as the leading product category as they are used as an essential farm machinery used for several activities and act as a standalone equipment and in tandem with other implements.
Land development & seed bed preparation segment dominated the market and valued around USD 30.33 Billionin 2017
The application segment is segmented intoland development & seed bed preparation, sowing & planting, weed cultivation, plant protection, harvesting & threshing and post-harvest & agro processing. Land development & seed bed preparation segment dominated the market with the highest share in 2017 due to shortage of farm labor. As agriculture is a labor-intensive and time-consuming process, labor employment has become expensive. Also, scarcity of localized labor supply across the globe has also stimulated the demand for land development & seed bed preparation.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. TheAsia Pacificregion is dominating the market with the highest share of 39.90% in 2017.Asia Pacific is dominating the market as China and India have dominated the marketowing to rising population, small arable land per farmer, and falling crop prices. With increased government support and incentives, farmers have increased the usage of modern agricultural equipment and practices
The major players of market include Deere & Company, Mahindra Group, AGCO Corporation, AgrostrojPelhrimov A.s, CNH Industrial, CLAAS, Kubota,Mahindra & Mahindra, J C Bamford Excavators,Iseki,Concern Tractor Plants, Escorts Limited, China National Machinery Industry Corporation, Valmont Industries Incorporated, WeifangEuroking Machinery and Same Deutz-Fahr Group (SDF)
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