The global farm equipment market is estimated to reach a market size worth US$192,280.893 million by 2027
Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market “Global Farm Equipment Market - which is forecasted from 2020 to 2027”.
The increased demand for agricultural goods is driving the demand for planting and fertilizing technologies, as compared to hand planting and fertilization techniques. The market for planting and fertilizer equipment is expected to grow considerably as well. Furthermore, technologically advanced agricultural robots, such as remote operations and surveillance drones, to aid farmers in growing food at low costs to fulfill rising food demand, are predicted to create stronger market growth potential during the projection period. Due to all these factors, the market for farm equipment is anticipated to rise.
As per the report, the market about the global farm equipment market is anticipated to rise at a steady pace.
The market is gaining substantial traction on a worldwide basis as a result of the growing world population and the resulting requirement for higher output to fulfill the demand for food. Demand for high-end packaged goods, as well as the rapid pace of urbanization and rising consumer spending power, are all improving the market picture. These devices ensure that fertilizers and protections are spread equally, lowering total costs and increasing crop yields. These instruments help in reducing labor needs, improving crop quality, and reducing the amount of time necessary for agricultural operations.
Growing agricultural mechanization, along with a rise in farmer income, is expected to be a substantial driver of growth. Favorable weather circumstances for food production, as well as government assistance with loan waiver initiatives for farmers of all levels of income, are expected to boost market development. Furthermore, precision farming promotes sustainability in farming activities, boosts profitability, and preserves land resources, resulting in increased agricultural production.
Based on formula type, the global farm equipment market offers combines, plows, sprayers, planters, and others. According to China's Ministry of Agriculture, combine harvesters harvested 95.5% of the country's wheatland, which accounts for 80.0 percent of the total. Increased emphasis on agricultural mechanization, in addition to the government's objective of fully automating wheat, corn, and rice fields over the next 10 years, might boost sales and stimulate innovation. As a result, this market sector is likely to fuel market expansion.
Based on form, the global farm equipment market is segmented into plowing & cultivating, sowing & planting, plant protection & fertilizing, and harvesting & threshing. There has been a considerable amount of rise in the sowing and planting segment which has been beneficial for the market. According to the latest figures from the Ministry of Agriculture & Farmers' Welfare, Indian farmers have harvested wheat on 4.5 million hectares since October 2022, when the current seeding season began, an increase of 9.7% over the previous year. Therefore, such a rise in the plantation segment will propel the market to surge during the projected period.
Based on geography segmentation, the global farm equipment is segmented into North America, Europe, South America, the Middle East and Africa, and Asia Pacific regions. During the projected period, North America is anticipated to hold a significant amount of share the market. The presence of extensive farmland has fueled expansion, resulting in great demand for farm mechanization. Furthermore, the inclusion of robotic systems and GPS in tractors and harvesters, rising demand for machinery due to big farms, and the growing popularity of auto machines are all likely to boost regional market expansion during the projection period.
As a part of the report, the major players operating in the global farm equipment market, that have been covered are key players in the global farm equipment market including Deere & Company, CNH Industrial N.V., Mahindra & Mahindra Ltd, Escorts Ltd., Tractors and Farm Equipment Limited, Sonalika Group, Tong Yang Moolsan (TYM), Exel Industries, Bucher Industries.
This analytics report segments the farm equipment on the following basis:
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