Fort Collins, Colorado, Sept. 12, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Farm Equipment Market Size, Growth, Share, Statistics Report, By Type (Tractors, Harvesters, Soil Preparation and Cultivation, Irrigation, Crop Processing Tools and Agriculture Spraying Equipment), By Business (OEM and Aftermarket), By Function, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, the farm equipment market size was valued at USD 136.21 Billion in 2022 and is expected to have USD 217.2 Billion by 2032 with a CAGR of 4.9%. The growing global population is leading to increased demand for food, a major factor driving the market expansion. Additionally, the trend of shifting towards mechanization from manual practices in agriculture is also supplementing market growth.
The growing use of advanced technologies in agriculture for optimizing the overall process presents various growth aspects to the manufacturers in the market. Precision farming facilitates sustainable means for fertilizers, water, and farming implements usage and also improve the yield quality and quantity. Such processes require specialized equipment and use digital technologies such as IoT, AI, and robotics to optimize crop production and resource efficiency.
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Report Snapshot:
| Report Title | Farm Equipment Market |
| Market Size in 2022 | USD 136.21 Billion |
| Market Size by 2032 | USD 217.2 Billion |
| CAGR from 2023 to 2032 | 4.9% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Type | Tractors, Harvesters, Soil Preparation And Cultivation, Irrigation, Crop Processing Tools and Agriculture Spraying Equipment. |
| By Function | Harvesting, Haying, Planting And Fertilizing, Plowing And Cultivation, and Others. |
| By Business | OEM and Aftermarket |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others |
| Major Market Players | AGCO Corporation, Deere & Company, Kubota Corporation, Mahindra & Mahindra Ltd., CNH Industrial N.V., JC Bamford Excavators Ltd., Daedong Industrial Company, CLAAS KGaA, ISEKI & Company Ltd., and Escorts Limited. |
Segmentation Overview
The farm equipment market has been segmented into type, function, business, and region. Based on the type, the tractor segment held a large market share and is expected to maintain its dominance during the forecast period. This can be attributed to the growing usage of machinery in agricultural activities. Based on function, the harvesting segment is anticipated to hold the major market share. Based on the business, the OEM segment accounted for a significant market share in 2022. These companies own their distribution channels and offer warrantied services to their consumers.
Geographically, Asia Pacific held a substantial share in the farm equipment market. This can be attributed to the rising population in this region and the increasing shift towards modern farming techniques for improving efficiencies. North America held a remarkable share of the farm equipment market owing to the various subsidies provided by the government and varied technical advancements in the agriculture sector.
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Key Developments in the Industry:
- In March 2023, John Deere launched a performance upgrade kit for its self-propelled sprayers named See & Spray™ Premium. The upgrade kit has an integrated artificial intelligence-based vision system that aids farmers in improving cost efficiency and tackling the problem of herbicide resistance. The system has a single tank and generates a map during the operation of the places where the herbicide was applied.
- In February 2023, Kubota Corporation has planned the acquisition of B.C. TECHNIQUE AGRO-ORGANIQUE SAS. The latter company, which is a manufacturer and distributor of weeding implements for agricultural machinery, will be acquired by Kverneland AS, a subsidiary of Kubota Corporation. The acquisition intends to diversify the product offerings of Kubota to include weeding implements along with upland farming implements currently offered and thus better fulfill consumer needs.
Farm Equipment Market Report Highlights:
- The farm equipment market is projected to attain a CAGR of 4.9% by 2032.
- The tractor segment accounted for a major share of the market and is expected to exhibit high growth during the forecast years. Tractors are used for various agricultural activities, which is a prominent factor for their high adoption.
- The harvesting segment is expected to expand at a notable CAGR during the forecast period. The various innovations in the harvesting equipment, such as the incorporation of actuators for harvesters, are bolstering market growth.
- The aftermarket segment is also expected to hold a substantial share during the forecast period. Aftermarket provides repairing, servicing, and the replacement of existing farm equipment.
- Asia Pacific was the dominant region in the farm equipment market due to countries such as India and China, which are predominantly agriculture-dependent.
- The prominent players in the farm equipment market are AGCO Corporation, Deere & Company, Kubota Corporation, Mahindra & Mahindra Ltd., CNH Industrial N.V., JC Bamford Excavators Ltd., Daedong Industrial Company, CLAAS KGaA, ISEKI & Company Ltd., and Escorts Limited.
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Farm Equipment Market Report Segmentation:
Farm Equipment Market, By Type (2023-2032)
- Tractors
- Harvesters
- Soil Preparation And Cultivation
- Irrigation
- Crop Processing Tools
- Agriculture Spraying Equipment
Farm Equipment Market, By Function (2023-2032)
- Harvesting
- Haying
- Planting and Fertilizing
- Plowing and Cultivation
- Others
Farm Equipment Market, By Business (2023-2032)
- OEM
- Aftermarket
Farm Equipment Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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