Global Farm Equipment Market Size, Share, Development, Growth and Demand Forecast to 2023

The increasing population has been propelling the demand for food items, which is consequently driving the growth of the global farm equipment market. The up gradation in the technology, increasing government subsidies on agricultural machineries, growth of precision farming and easily available credit schemes from financial institutions are encouraging the growth of the global market.

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Asia-Pacific accounted for the largest share in the global market in 2014, owing to its large population that translates into demand for crops. Among the various types, the tractors segment dominated the global farm equipment market in 2014.

The government in different countries has been extending several subsidy programs to encourage farmers in their agricultural ventures. In 2004, China implemented subsidy policy for agricultural machineries, which increased over the years and now includes 12 agricultural categories. Around 175 types of agricultural machineries were subsidized by the Chinese government in 2015. During 2004 – 2012, the Chinese government dedicated $12 as subsidy for agricultural machineries. In order to promote food security in the country, the Chinese government has announced a subsidy scheme in 2015 for farm equipment, under which about 30% of the sales price of such equipment will be subsidized. The staple crop growers in the country, including sugar and cotton farmers will be prioritized.

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Certain product related legal restrictions associated with the modern farm equipment are creating a low degree of dissatisfaction among the consumers. Such restrictions include legal authorization of manufacturers for putting password or an encryption on the devices associated with the equipment, and the legal unlawfulness on the password breach by the consumers.

The major farm equipment markets in Europe include Germany, France, Italy, the U.K., Russia, Turkey, and Poland. Whereas the key markets in Asia-Pacific include China, India, Japan, and Australia. The major companies in the global market include Alamo Group Inc., AGCO Corporation, Deere & Company, Daedong industrial Company Limited, Escorts Group, and Netafim.

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