Farm equipment are mechanical devices such as tractors and several attached implements, which are intended to be utilized in diverse farming operations in order to save time and labor. These equipment are easy to use and help in diverse agricultural operation such as primary and secondary tillage of soil, cultivation, spraying of fertilizers, insecticide, pesticides, herbicides, harvesting of crop, irrigation system, water conservation management, and livestock farming. Farm equipment are essential tools for farming practices. The agricultural sector is witnessing a change its practices from traditional farming to modern farming, which includes modern machinery. These equipment are essential tools that increase yield and improve the maintenance of soil and have easy approach in farming. Rise in agricultural practices for easy agro practices and to increase the productivity of crop enhances the demand for the farm equipment market during this forecast period.
Based on region, the global farm farm equipment market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The region of North America have usage of farm equipment. The region is technologically advanced in terms of agricultural practices and hence, witnesses the increased usage of farm equipment. In Europe the scarcity of human labor for agricultural practices makes the farmer dependent on farm equipment. In Asia Pacific, the farming sector is a major business due to diverse climatic and geographic conditions. Additionally, a majority of countries depend on the agricultural sector, which boosts the usage of farm equipment. Middle East & Africa is highly focused towards its agricultural practices for modernization that enhances the use of farm equipment. In South America, a majority of nations witness farming as a core business, as the region has better environmental conditions and geographical land that is suitable for farming. This in turn is estimated to boost the farm equipment market in South America.
Major drivers of the farm equipment market include high dependence on agriculture, major work force involved in agro business, regulatory body support, and rapid technological advancements in the agro sector. The farm equipment market witnesses certain restraints such as high price of equipment, cost of maintenance, small farm sizes, changing climatic conditions, and dependence on multiple equipment for diverse agro operation. However, it also witnesses opportunities such as cooperative farming, improving rental services, enhancing technological changes of equipment, low manufacturing cost, and small land holding equipment.
Key players operating in the global farm equipment market include John Deere & Company, Komatsu Ltd, Mahindra Group, Kubota Corp., AGCO Group, Alamo Group, SDF Group, Class AGaA, CNH Industrial N.V., Iseki & Co., Ltd., Same Deutz-Fahr Group S.p.A. (SDF), J.C. Bamford Excavators Limited, and Escorts Limited.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.