Farm Equipment Market Segmentation by Type, Phase, Geography, Growth and Demand With Key Players Analysis(Alamo Group Inc., AGCO Corporation, Deere & Company, Daedong industrial Company Limited)| Forecast 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.

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.

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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.

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The large replacement cycle of farm machineries is one of the major restraints in the growth of the market. Moreover, the high cost of modern equipment is one of the major challenges for market penetration of small scale farms. The reducing farm land, owing to rapid urbanization is expected to be one of the major hurdles for the market during the forecast period.

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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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