agriculturalKnowledge Sourcing Intelligence announces the publication of a new report on “Global Farm Equipment Market - Forecasts from2020 to 2025" to their offering.
Farm equipment is a wide range of equipment that is used for harvesting and production of crops in the agricultural farms. The growing investment in the adoption of automation technology across the agricultural sector is projected to drive the market growth during the next five years.
According to the report, the Global Farm Equipment Market is projected to increase at a CAGR of 2.69% in the coming years.
Increasing automation across the agriculture sector
The global farm equipment market is projected to witness a nominal growth over the course of the next five years. Farm equipment consists of different types of machinery that are specially designed to work in farms for various applications such as harvesting and production of crops. These machines are also used for the protection of crops as well as for the intensive care of farms. The market for farm equipment is poised to show growth on account of the budding investments in the automation technology in the farm and agriculture sector globally. Furthermore, increasing government focus in many countries to support the farmers financially is also acting as a catalyst for the growing adoption of several types of farm equipment, thereby positively influencing the market growth during the next five years. Also, the constantly growing global population has led to an upsurge in the demand for food, which in turn is propelling the agricultural activities in many parts of the world, which is also playing a significant role in shaping up the market growth over the next five years. Furthermore, key players are also involved significantly in driving the growth during the forecast period on account of actively participating in facility expansions, partnerships, product launches, and agreements to gain a competitive edge over other players further shows the potential for the market to grow. The market is projected to be restrained by the fact that the cost of farm equipment is considerably high which is expected to hamper the demand for them in low-income countries or underdeveloped countries where the income of farmers is low. Furthermore, the long average lifespan of these equipment coupled with the increasing trend of second-hand machinery in many countries is also expected to restrain the demand for new farm equipment, thereby inhibiting the market growth to some extent during the forecast period.
The global farm equipment market has been segmented on the basis of type, function, and geography. By type, the classification of the market has been done as combines, plows, sprayers, planters, and others. By function, the market has been segmented into plowing and cultivation, sowing and planting, plant protection and fertilizing, and harvesting and threshing. Furthermore, on the basis of geography, the global farm equipment market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Geographically, the North American region is expected to hold a decent market share throughout the forecast period on account of the early adoption of technology coupled with the presence of major market players in the region.
The major players covered as part of the report are John Deere, Mahindra & Mahindra, Escorts Ltd., Tractors and Farm Equipment Limited, and CNH Industrial among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-farm-equipment-market
This report has segmented the global farm equipment market on the basis following terms: