New Jersey, NJ, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Growing trend of mechanization across the globe, rising institutional credits and increasing PPP are the major factors affecting the growth of the market. The global farm equipment market is expected to grow from USD 94.5 Billion in 2017 to USD 142.6 Billion by 2025 at a CAGR of 5.3% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Farm equipment are used to support agriculture activities. These might include a wide range of equipment such as tractors, plough, cultivation equipment, and harvesters. Farm equipment cover the main part of the farming. It is ensured that they have to be of good quality and of durable throughout nature.
Rising institutional credits and increasing PPP are the major factors propelling the growth of the market. Adoption of modern technologies by farmers to increase farm yield and meet the soaring demand for food is also aiding the growth of this market. Also, growing trend of mechanization across the globe size is also boosting up the demand for farm equipment. But cost associated with agriculture equipment is too high which may obstruct the growth of the market. However, high use of cost-cutting strategies for designing farm equipment is projected to offer key growth opportunity for the players in the coming years.
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Key players in the farm equipment market are Deere & Company, Mahindra Group, AGCO Corporation, Agrostroj Pelhrimov A.s, CNH Industrial, CLAAS, Kubota, J C Bamford Excavators, Iseki, Concern Tractor Plants, Escorts Limited, China National Machinery Industry Corporation, Valmont Industries Incorporated, Weifang Euroking Machinery and Same Deutz-Fahr Group (SDF) among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- For instance in 2019, John Deere recently opened its new Intelligent Solutions Group (ISG) facility in central Iowa. The 134,000 square-foot facility in Urbandale is devoted to problem solving with technology, collaboration, testing and development for John Deere precision products and services. Though the ISG building is new, John Deere ISG employees have been creating advanced technology, incorporating machine learning, connectivity, computer vision, robotics and sensors for use in its farm equipment for more than 25 years.
- For instance in 2019, Tech Mahindra, a leading provider of digital transformation, consulting and business reengineering services and solutions announced its collaboration with Qualcomm Technologies, Inc. a subsidiary of Qualcomm Incorporated to offer smart city solutions globally. The ‘Smart City Accelerator Program’ launched by Qualcomm Technologies in April, is aimed at connecting cities, government agencies and enterprises with service providers offering Qualcomm Technologies-based smart city solutions. The Qualcomm Smart Cities Accelerator Program hopes to accelerate the transformation of smart urban infrastructure and services for the 21st century. Its members represent a breadth of hardware and software providers, cloud solution providers, system integrators, design and manufacturing companies, as well as companies offering end-to-end solutions with Smart Cities in mind. With Tech Mahindra’s digital transformation capabilities and pedigree of establishing many smart cities in Asia, Tech Mahindra as the system integration partner will help roll out Smart City solutions.
- For instance in 2019, AGCO Corporation, a world-leading manufacturer and distributor of agricultural equipment introduces AGCO Connect, the next generation telemetry solution for North American customers and dealers to improve productivity, efficiency, and profitability. Under AGCO’s Fuse smart farming division, AGCO Connect was released in Europe in 2018 and will launch in North America at the 2019 Farm Progress Show in Decatur, Ill., August 27 – 29.
- For instance in 2019, CNH Industrial commits to improve water conservation in communities near its greater Noida plant. The Jal Sanchay (Water Conservation) program sees the adoption of four lakes measuring one hectare each in the vicinity of the New Holland Agriculture plant in Greater Noida. They are located in Devla, Kheda Choganpur, Sorkha and Surajpur. This CSR project uses manpower and machinery from CNH Industrial India: employees are motivated to join in as volunteers as a part of the Company’s employee engagement activities and equipment from Company brands, which include tractors from New Holland and backhoe loaders from CASE Construction Equipment, will clean and clear the area.
The tractors segment dominated the market with the highest share of 28.70% in 2017
The product segment is classified into tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment and others. The tractors segment dominated the market in 2017. Tractors emerged as the leading product category as they are used as an essential farm machinery used for several activities and act as a standalone equipment and in tandem with other implements.
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Land development & seed bed preparation segment dominated the market and valued around USD 30.33 Billion in 2017
The application segment is segmented into land development & seed bed preparation, sowing & planting, weed cultivation, plant protection, harvesting & threshing and post-harvest & agro processing. Land development & seed bed preparation segment dominated the market with the highest share in 2017 due to shortage of farm labour. As agriculture is a labour-intensive and time-consuming process, labour employment has become expensive. Also, scarcity of localized labour supply across the globe has also stimulated the demand for land development & seed bed preparation.
Regional Segment Analysis of the Farm Equipment Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific is dominating the market as China and India have dominated the market owing to rising population, small arable land per farmer, and falling crop prices. With increased government support and incentives, farmers have increased the usage of modern agricultural equipment and practices. The North America region is anticipated to grow rapidly because of introduction and utilization of machines with better fuel efficiency and improved features. Additionally, shortage of farm labour is expected to be one of the factors driving demand for farm equipment in North America.
About the report:
The global farm equipment market is analysed on the basis of value (USD Billion), volume (Thousand Units), consumption (Thousand Units), imports (Thousand Units) and exports (Thousand Units).All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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