Press release
2021 Global Farm Equipment Market | Farm Tractor Market Expected to be the Most popular
Whipsmartmi.com offers "Global Farm Equipment Market 2021-2026" research report from its latest publication.The farm equipment market is projected to grow at CAGR 4% during the forecast period 2021-2026. Key market players in the global Farm Equipment industries are John Deere, AGCO Corporation, CNH Industrial, CLAAS, Kubota, Mahindra & Mahindra, SPF Group, J C Bamford Excavators, and Iseki.
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The strength and quality of a company's dealers, the quality and pricing of products, dealer or brand loyalty, product availability, financing terms, and customer service are all important factors that influence a buyer's decision.
During the forecast period, the farm tractor market segment with less than 30 horsepower is expected to be the most popular. Farm tractor sales are led by China, India, and the United States, with a strong demand for tractors with 30 horsepower. Tractors and combines with less than 30 horsepower are in high demand in China.
According to the “China Agricultural Machinery Distribution Association” publication, 30 hp tractors accounted for 65 percent of the market in 2017. According to the Association of Equipment Manufacturers (AEM), the US and Canada accounted for roughly 62–64 percent of the market for farm tractors with less than 40 horsepower in 2017. Small and medium farm tractors will be driven by factors such as lower prices compared to large tractors and small farmland per farmer in Asia, Oceania, and North America.
The market for two-wheel drive farm tractors is expected to be the largest. Asia Oceania is expected to be the leading contributor to the market's growth due to high sales of small tractors. North America is also expected to play a significant role in the segment's growth.
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