The GMI Research expects the farm equipment market to expand at a significant rate. From a regional perspective, the Asia-Pacific is expected to increase at a higher CAGR due to the large area of agricultural land in various countries, such as Malaysia, China, India, Indonesia, and Japan. The increasing horticulture sector and precision agriculture are further driving the market growth.
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Farm Equipment Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global farm equipment market size is predicted to witness an upsurge in demand during the forecast period due to the growing population, and the rising demand for food worldwide has led to the high adoption of advanced and efficient methods of agricultural production. Moreover, several advanced agriculture equipments like harvesters, hay and forage equipment, spraying equipment, irrigation, and crop processing equipment aids in the efficient farming process, decreasing labor cost and improving crop quality, which will further pay the way for the growth of the farm equipment market share in terms of revenue.
The growing government support in the form of low-rate subsidies, loans, and other credits to promote farm mechanization and to surge farm yield which is further propelling the growth of the market. For example, financial credit and loans offered by the U.S. Department of Agriculture to purchase land, the Farm Service Agency (FSA), equipment, livestock, seed, supplies, and feed is fuelling the market growth. According to the farm equipment market statistics, the development of technologically advanced agricultural equipment like autonomous tractors, integration of new technologies that include GPS, Google Earth, drones, telematics, ground-based sensors, and robotic systems into present equipment to enhance productivity is expected to bring various new opportunities in the market. On the other hand, the increased cost of equipment and limited awareness associated with the benefits of using agriculture equipment among farmers in developing countries, including India, Bangladesh, Indonesia, Saudi Arabia, and South Korea, will hinder the growth of the farm equipment market.
Farm Equipment Market’s leading Manufacturers:
- CNH Industrial N.V.
- Deere & Company
- Kubota Corporation
- AGCO Corporation
- Mahindra & Mahindra Ltd.
- CLAAS KGaA mbH
- ISEKI & Co., Ltd.
- SDF Group
- YANMAR HOLDINGS Co., Ltd.
- China National Machinery Industry Corporation
Farm Equipment Market Segmentation:
Segmentation by Product:
- Tractors
- Harvesters
- Planting Equipment
- Irrigation & Crop Processing Equipment
- Spraying Equipment
- Hay & Forage Equipment
- Others
Segmentation by Application:
- Land Development & Seed Bed Preparation
- Sowing & Planting
- Weed Cultivation
- Plant Protection
- Harvesting & Threshing
- Post-harvest & Agro Processing
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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