Farm Equipment Market Size Global Gathering and Future Outlook 2021 to 2028

Posted by kelvindbmr on April 8th, 2021

Farm equipment market would exhibit a CAGR of 5.34% for the forecast period. On the basis of current trends and insights, the current farm equipment market value i.e. USD 132.2 billion will climb up to USD 200.54 billion by the year 2028.

Key Market Competitors: Global Farm Equipment Market

Few of the major competitors currently working in the farm equipment market are AGCO Corporation; KUBOTA Corporation; CLAAS KGaA mbH; SDF S.p.A.; Deere & Company; Mahindra & Mahindra Ltd.; J C Bamford Excavators Ltd.; Escorts Limited; Alamo Group Inc.; Bucher Industries; CNH Industrial N.V.; ISEKI & CO., LTD.; YANMAR CO., LTD.; Exel Industries; ZETOR TRACTORS a.s.; Tractors and Farm Equipment Limited and International Tractors Limited.

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Farm equipment is a categorical name given to the equipments and machinery that are used by farmers in various agricultural activities, such as harvesting, ploughing, seeding, and various other activities. These equipments are in mechanized form and thereby result in increased output from the farm land subsequently resulting in increased profit margins.

Segmentation: Global Farm Equipment Market

•          By Power Output (Farm Tractor, Autonomous Tractor)
•          By Farm Tractor Drive Type (Four-Wheel, Two-Wheel)
•          By Equipment Type (Balers, Combines, Sprayers)
•          By Function (Harvesting & Threshing, Sowing & Planting, Ploughing & Cultivating, Plant Protection & Fertilizing, Others)
•          By Rental Equipment Type (Combines, Tractors, Others)
•          By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)

Competitive Analysis: Global Farm Equipment Market

Global farm equipment market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of farm equipment market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Market Drivers:

•          Increasing adoption of mechanized methods of agriculture and capital-intensive agriculture techniques due to the increased efficiency and effectiveness associated with the usage of the equipments; this factor is expected to act as a driver for the market growth

Market Restraint:

•          Lower adoption rates from farmers of developing regions for the usage of high cost farm equipment; this factor is expected to restrain the market growth