Farm Equipment Market by Tractor Power Output, Tractor Drive Type, Autonomous Tractor, Electric Tractor, Implement, Rental & Region - Global 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. There has been a significant increase in farm equipment production over the years. However, in 2020, factors like COVID-19, limited supply of farm equipment parts, drop in the first half of new tractor sales, the shutdown of production facilities, and a decline in working capital, resulted in the decline in global farm equipment production.
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However, manufacturing facilities, opening of international borders, and government support to the agricultural industry are likely to restore momentum to a great extent by the end of 2020. The global economic recovery is also expected to be fueled by the higher production of vaccines and vaccination rates, allowing businesses to reopen more quickly.
Four wheel drive segment to grow at the fastest CAGR from 2021 to 2027
The demand for four-wheel drive tractors is expected to grow in the future with the changing requirements in farming activities such as covering a larger acre of land or the need to pull large-size implements. The availability of low-powered tractors with four-wheel drive is expected to be a major factor for their growing demand. John Deere Model 5050 D is a low-powered tractor that delivers 50 HP and is available in four-wheel drive. In 2021, Sonalika Tractors (India) launched its advanced Tiger DI 75 four-wheel drive tractor with CRDs (Common Rail Diesel System) technology. Sonalika has also introduced the Tiger DI 65 four-wheel drive tractor customized with twin benefits to deliver 65 HP power and an economy of 55 HP. Both the new models are available in 4W and 2W drive versions.
Asia Oceania is projected to be the highest growing regional market
For the market analysis, the Asia Oceania region includes India, Japan, China, South Korea, Australia, and Rest of Asia Oceania. The increasing farm mechanization driven by government efforts and subsidies/loan waivers is expected to drive farm tractor sales in India. However, China has witnessed a decline in tractor sales in 2020 and 2019, owing to delays in farm equipment subsidies in the Chinese provinces and the upgradation of emission regulations.
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John Deere (US), AGCO Corporation (US), CNH Industrial (Netherlands), Kubota Corporation (Japan), and CLAAS (Germany) are the prominent players in the farm equipment market.
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.
Government subsidies play an essential role in the agriculture sector of a country. For instance, the US Farm Service Agency (FSA) provides guaranteed and direct farm ownership and operating loans to family-size farmers who cannot obtain commercial credit from a bank, farm credit system institution, or other lenders. FSA loans can also be used to purchase land, livestock, equipment, feed, seed, and supplies. The US department of agriculture also announced various loan programs, including direct farm ownership down payment program. The maximum loan amount increased from USD 250,000 to USD 300,000, and the guaranteed amount on conservation loans increased from 75 to 80%. The government spends heavily on various subsidies to drive the agricultural sector every year. As farm equipment such as tractors, combines, and harvesters are expensive, it is challenging for farmers to purchase this equipment with their limited funding sources. Therefore, several governments have increased their support through subsidies/credits to encourage farmers to adopt modern farming equipment to increase food production.
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