Farm Equipment Market worth $113.0 billion by 2025 - Exclusive Report by MarketsandMarkets™
14 Sep, 2020, 10:30 BST
CHICAGO, Sept. 14, 2020 /PRNewswire/ -- According to the new market research report "Farm Equipment Market by Tractor Power Output (<30,31–70,71–130,131–250,>250HP), Drive (2WD,4WD) & Autonomous, Combines, Baler, Sprayer, implement (Plowing & Cultivating, Sowing & Planting, Harvesting & Threshing), Rental & Region - Global Forecast to 2025", published by MarketsandMarkets™, the Farm Equipment Market size is projected to reach USD 113.0 billion by 2025 from an estimated USD 92.2 billion in 2020 at a CAGR of 4.2% during the forecast period. The growth of Farm Equipment Market size is influenced by factors such as favorable government policies such as loan waivers/subsidized loans/credit finance, OEMs sales/incentive programs to dealers services and rental operations, increasing popularity of contract farming and farm mechanization. Growing popularity of precision farming is also expected to be a major factor for driving farm equipment sales in the coming years. Therefore, the Farm Equipment Market is expected to witness significant growth in the future.
Browse in-depth TOC on "Farm Equipment Market"
145 – Tables
54 – Figures
225 – Pages
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Four-wheel drive tractors are projected as the fastest growing tractors in drive type segment
Four-wheel drive is expected to be the fastest-growing market during the forecast period. Benefits such as better traction, reduced slippage, and suitability for rough terrain and slopes are driving the demand for four-wheel drive tractors. These tractors increase productivity and can operate with large and heavy implements such as rotavators, disc harrow, power harrow, large cultivators, loader, combine harvesters, and dozer attachments. Asia Oceania countries such as China and India are also witnessing demand for four-wheel drive tractors, where two-wheel tractors hold majority of sales.
Combines is expected to hold the largest market in farm equipment segment
Combines include harvesters used for crops such as rice, wheat, pulses, corn, and soybean. Small and mini combines are preferred for crop harvesting in Asia Oceanian, as the agricultural land is comparatively small (1–10 acres) in this region. Growing mechanization rate of the three main staple food products such as wheat, rice, and corn, and growing government support in terms of tax rebates and subsidies are expected to drive the market for combine harvesters in future. Europe is expected to be the largest market for non-cereal combines during the forecast period. Due to the increasing demand for higher capacity machines that can handle large acres per day is expected to drive non-cereal combines in the European market as well as globally.
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Asia Pacific region is expected to lead the farm tractor market during the forecast period
Asia Oceania is expected to lead the farm tractor market during the forecast period. Australia is expected to be the fastest growing and India is expected to be the largest market in the forecast period. 31-70 HP tractors are most popular in the region due to the suitability of these tractors with the soil and crop type such as wheat, maize, pulses etc. India is leading the 31-70 HP tractors and is expected to grow in the coming years. The increasing farm mechanization driven by government efforts and subsidies/loan waivers is expected to drive farm tractor sales in Asia Oceania. Additionally, the increasing presence of international brands such as John Deere, CLAAS, and Massey Ferguson in Asia Oceania is expected to boost the growth of the farm tractor market. Growing horticulture industry, increasing demand for high-powered tractors, new product launches and enhancements at competitive prices is also expected to drive Farm Equipment Market.
The Farm Equipment Market is dominated by globally established players such as John Deere (US), CNH Industrial (The Netherlands), AGCO (US), CLAAS (Germany), Mahindra & Mahindra (India), and Kubota (Japan).
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