Farm Equipment Market Size, Growth, Demand, Opportunities & Forecast To 2027

The global Farm Equipment Market is projected to grow from USD 99.4 Billion in 2021 to USD 126.0 Billion by 2027, at a CAGR of 4.0% during the forecast period. Government support with farm loan waivers/credit finance, OEM/sales incentives to support dealer service and rental operations, increase in farm mechanization, and contract farming are the major factors driving the growth of the farm equipment market.

However, a projected recovery in Q1-Q2 of 2021 in farm equipment production supports the growth of the farm equipment market.

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DRIVER: Government support with farm loan waivers/ credit finance

The implementation of farm loan waiver schemes encourages farmers to buy farm equipment. Governments launched various schemes in different parts of the world to relieve farmers from their loans and encourage farm mechanization. According to the Agricultural Policy Monitoring and Evaluation, 2019, conducted by Organisation for Economic Co-operation and Development (OECD), farm policies in 53 countries-all OECD, EU countries, and 12 key emerging economies - provided on average of USD 728 billion per year direct support to farmers from 2018-2020. For instance, the government of Maharashtra (India) announced the Mahatma Phule Farm Loan Waiver Scheme in December 2019. In March 2021, it also announced a scheme named Maharashtra Agro Business Network Project (Magnet) for small and marginal fruit and vegetable growers.

OPPORTUNITY: Precision agriculture

The agriculture industry is under constant pressure to produce agricultural products to cater to the growing population, forcing farmers to focus on efficiency and productivity to drive business growth. Precision farming is becoming common among farmers who want to produce more with limited resources. This farming technique could effectively tackle the issue of high demand for food across geographies. This technique also allows farmers to improve their operational efficiency and increase production, thereby minimizing the gap between the supply and consumption of agricultural products. Precision farming technology facilitates the efficient use of water, seeds, land, fertilizers, and agricultural equipment, which, in turn, improves the overall quantity and quality of yields.

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31-70 HP segment estimated to be the largest market during the forecast period

The 31-70 HP segment is expected to command the largest share of the farm equipment market. The increasing farm mechanization largely driven by government policies such as loan waivers/schemes/policies is expected to drive the 31-70 HP market in emerging countries. The 31-70 HP tractors segment is estimated to contribute ~46% of total tractor sales in 2021. The increasing farm mechanization in emerging countries driven by government efforts is expected to drive the market. The rising demand for high-powered tractors and the growing network of dealers with proper marketing are other factors expected to boost the market globally.

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This release was published on openPR.