WASHINGTON, Oct. 04, 2022 (GLOBE NEWSWIRE) -- A Comparative research study carry out by Vantage Market Research is database of 136 pages, titled as “Farm Equipment Market” with graphs & figures spread through pages, 116+ market data Tables, Pie Charts, and simple to understand comprehensive analysis. Farm Equipment Market research report is delivered with commitment depending upon the reader needs. With the defined historic year and the base year, assessments and calculations are performed in this market report. Market size and share analysis and key trend analysis are the prime accomplishing factors in this market research report. Such report helps to recognize how the market is going to perform over the forecast period by giving information about market definition, applications, segmentation and engagements. VMR team provides Farm Equipment industry document with loyalty and devotion that is promising and the way in which expected.
Vantage Market Research analyses that the Farm Equipment Market revenue was valued at USD 114.2 Million in 2020, would soar up to USD 150.38 Million by 2028, is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.50% during the forecast period 2021 to 2028.
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List of Prominent Players in Farm Equipment Market:
- John Deere
- JCB
- SDF Group
- Mahindra & Mahindra Limited
- CNH Industrial N.V.
- AGCO Corporation
- CLAAS KGAA
- Kubota Corporation
- Iseki & Co. Ltd.
- Yanmar Co., Ltd.
Key Industry Findings & Insights from the report:
- The Global Farm Equipment Market was valued USD 114.2 Million in 2020 and is all set to surpass USD 150.38 Million by 2028, exhibiting a CAGR of 3.50% during the forecast period 2021-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Farm Equipment industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Overview:
Government Supports Farm Loan and Finance to Drive the Market Growth
The implementation of a farm loan waiver policy supports farmers to buy farm machinery. Management launched several policies in several to support farmers with their mortgages and support farm industrialization. Like the Farm Service Agency gives secured and focus farm administration and operating expenses to family-size workers that are inadequate to secure business credit from a bank or from other lenders. FSA loans can also be utilized to acquire land, husbandry, machinery, feed, seed, and quantities. Every year, the management spends a huge amount of money on different subsidies to drive the agricultural sector. Consequently, various authorities have extended their assistance in the form of subsidies to assist operators to adopt advanced agriculture equipment to improve food generation.
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High Cost of Equipment in Emerging Economies To affects the Market Demand
The R&D efforts have succeeded in the expansion of advanced products that are proficient in managing multiple tasks. The exceptional machine involves complex mechatronic methods that require specific production and manufacturing processes. The designing, generation, and delivery of the equipment require huge expenses, which are displayed in the cost of the machinery made available to producers. The failure of small farmers to spend a high amount leads to the low infiltration rate of farm machinery in developing countries. Farmers in the emerging economic country in which farmers are reluctant to spend on expensive machinery.
The Report on Farm Equipment Market Highlights:
- Company Profiles
- Premium Insights
- Competitive Landscape
- Assessment of the market
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Global and Regional Dynamics
Precision agriculture Adoption Boosts the Market Demand
The agriculture sector is within constant pressure to deliver agricultural goods to provide to the increasing population, which has made farmers concentrate on efficiency and potency to drive market growth. Accuracy farming is becoming popular among farmers that want to generate more with inadequate resources. This procedure of farming can effectively control the problem of high interest for food over different geographies. This procedure also enables farmers to increase their operational performance and improve production, thus reducing the gap within the availability and usage of agricultural products. Accuracy farming technology promotes the effective use of resources such as water, seeds, land, fertilizers, and agricultural machinery, which, advances the overall amount and character of the product. Newly delivered agricultural drones to large farms, district authorities, and publishers of agricultural produce. Therefore, the agriculture market is an opening for OEMs as they present upgraded potency to farmers.
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Regional Analysis:
Brazil and Rest of South America to Fuel the High Market Demand Due to favourable Environment Conditions
Brazil and Rest of South America will show its dominance of Farm Equipment Market in next five years. However, it has accounted significant growth of Farm Equipment Market during the last few years. A majority of countries maintain farming as a core market, as the country has more favourable environmental requirements and geographic land that is proper for agriculture. This in turn is supposed to expand the farm equipment market in South America.
Browse market data Tables and Figures spread through Pages and in-depth TOC on "Farm Equipment Market by Type (Hand tool, Tractor, Combine, Plough, Drag, Sprayer, Manure spreader, Others), by Distribution Channel (Online, Offline), , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments in the Industry:
1. July 2020: Expanding on its established line-up of attachments, John Deere unveiled its new CP18E, CP24E and CP30E cold planers. These new attachments offerings help operators who work on street repairs, levelling uneven pavement, texturing pavement and cleaning around larger milling machines. The CP18E, CP24E and CP30E are compatible with John Deere skid steers and compact track loaders, as well as equipment offered by competitors.
2. November 2019: Mahindra & Mahindra Ltd. (M&M), the world’s largest tractor manufacturer by volumes and a part of the USD 20.7 billion Mahindra Group, showcased innovative Precision Farming solutions powered by advanced digital technologies for the very first time, at Agritechnica.
3. December 2019: CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announced today that the Company completed its acquisition (previously announced on November 4, 2019) of K Line Ag, an Australian agricultural tillage and residue management equipment manufacturer.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Farm Equipment Market for the base year and forecast period?
This market titled “Farm Equipment Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Expected CAGR Growth | CAGR of 3.50% from 2021 to 2028 |
| Market Size 2020 Value | USD 114.2 Million |
| Market Forecast for 2028 | USD 150.38 Million |
| Base Year | 2020 |
| Historic Years | 2016 – 2019 |
| Forecast Years | 2021 - 2028 |
| Segments Covered | • Type ° Tractors ° Harvesters ° Soil Preparation & Cultivation ° Irrigation &Crop Processing ° Agriculture Spraying Equipment ° Hay &Forage Machines ° Others • Automation ° Automatic ° Semiautomatic ° Manual • Business ° Original Equipment Manufacturers (OEMs) ° Aftersales |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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