The Farm Equipment market is projected to grow at a CAGR of 2.69% to reach the market size of US$154,791.254 million by 2025 from US$131,996.837 million in 2019. Farm equipment is used in the production, harvesting, and care of agriculture or farm produce. This equipment help in reducing the dependency on labour, improving crop quality, and reducing the time for agricultural work. The increasing automation in the field of agriculture and farming along with the support from various governments is driving the market for farm equipment. The growing population is attributed to the market growth too since it leads to an increase in the demand for food. Additionally, the scarcity of skilled labour in the agriculture and farming sector is also supporting the market demand. Furthermore, the increasing research and development for technological advancement in farm equipment are also augmenting the market growth to continue in the forecasted period. However, the high cost of equipment and the growing market for used/second-hand equipment is a restraint in the growth of the market.
|Market size value in 2019||US$131,996.837 million|
|Market size value in 2025||US$154,791.254 million|
|Growth Rate||CAGR of 2.69% from 2019 to 2025|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Function, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||John Deere, CNH Industrial, Mahindra & Mahindra, Escorts Ltd., Tractors and Farm Equipment Limited, Sonalika Group, Tong Yang Moolsan (TYM), Exel Industries, Bucher Industries|
|Customization scope||Free report customization with purchase|
The global farm equipment market can be segmented based on type, function, and geography.
Frequently Asked Questions (FAQs)
Q1. What is the size of the global farm equipment market?
A1. Farm Equipment Market was valued at US$131,996.837 million in the year 2019.
Q2. What will be the global farm equipment market size by 2025?
A2. The farm equipment market is expected to reach a market size of US$154,791.254 million by 2025.
Q3. What are the growth prospects for the global farm equipment market?
A3. The global farm equipment market is expected to grow at a CAGR of 2.69% over the forecast period.
Q4. How is the global farm equipment market segmented?
A4. The global farm equipment market has been segmented by type, function, and geography.
Q5. What factors are anticipated to drive the global farm equipment market growth?
A5. This equipment help in reducing the dependency on labor, improving crop quality, and reducing the time for agricultural work.
Mahindra & Mahindra
Tractors and Farm Equipment Limited
Tong Yang Moolsan (TYM)
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