Farm Equipment Market

Farm Equipment Market - An Overview

The global farm equipment market is expected to witness strong growth during the forecast period between 2021 and 2031.

Farm equipment refer to products, which have been extensively deployed for different agricultural activities in a bid to produce different types of crops.

Some of the commonly-deployed farm equipment include tractors, plant protection equipment, crop processing equipment, and financing equipment.

Last few years have witnessed a rise in demand for farm mechanization, which has led to an increased need for different types of farm equipment, thereby contributing to the growth of the overall farm equipment market.

The COVID-19 pandemic negatively impacted the growth in the overall farm equipment market. With governments imposing strict social distancing regulations in a bid to contain the spread of the virus, agricultural activities in different parts of the world were restricted.

This led to reduced demand for farm equipment and dented the growth in the global farm equipment market.

Farm Equipment Market - Trends and Opportunities

Rising demand for farm equipment such as tractors, among farmers is the key growth driver for the global farm equipment market.

Also, growing food & beverages industry owing to increasing global population is expected to fuel the growth in the farm equipment market, in the years ahead.

In addition to this, increasing government initiatives and measures supporting the use of farm equipment is anticipated to propel the overall farm equipment market, in the coming years.

Advancements to existing products could help increase product demand and propel the global farm equipment market, in future.

Four-wheel farm equipment product segment is expected to make the largest contribution to the overall market owing to factors such as increasing need to pull big-sized implements.

Land development application segment is anticipated to contribute the most to the overall farm equipment market because of increased deployment of farm equipment such as tractors in land development activities in a short period of time at a higher efficiency.

Farm Equipment Market-Competitive Landscape

The global farm equipment market is highly competitive, with the presence of well-established market players. Many of them are expected to account for a large share in the overall farm equipment market, in future.

Research and development undertakings to produce improved quality of products are expected to be a key growth strategy for leading farm equipment market players, in the coming years.

Growth strategies such as novel product launches are anticipated to help prominent farm equipment market players, gain a competitive edge over other players.

John Deere introduced a new line of 400 and 600 Series sprayers in March 2021. The 400 Series sprayers comprise of 408R, 410R, and 412R products while 600 Series sprayers comprise of 612R and 616R products. These products are expected to meet the requirements of farmers for agricultural activities in future.

Collaboration with smaller players could help well-established farm equipment market players expand their market presence and increase their revenue shares.

A few leading players in the farm equipment market include Kubota Corporation, CLAAS, John Deere, and CNH Industrial.

Farm Equipment Market - Regional Assessment

Asia Pacific is expected to be the dominant region in the global farm equipment market owing to factors such as increasing gross domestic product in countries such as China and India as well as high investments in agricultural activities in these countries.

North America is expected to offer lucrative growth opportunities for the global farm equipment market because of increased acceptance of farm equipment in countries such as US and Canada.

Europe is anticipated to witness strong growth in the overall farm equipment market due to increased demand for farm equipment in countries such as UK and Germany, owing to labor shortage in these countries.

Other parts of the world such as Latin America and Middle East and Africa expected to witness moderate growth in the global farm equipment market, in future.