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Global Farm Equipment Market Growth, Demands, Key Players, Tractor Power Output, Tractor Drive Type, Autonomous Tractor, Electric Tractor and Forecasts to 2027

09-08-2022 02:23 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ReportsnReports

The global farm equipment market is projected to grow from USD 111.8 Billion in 2022 to USD 141.6 Billion by 2027, at a CAGR of 4.8% during the forecast period.

Governments launched various schemes in different parts of the world to relieve farmers from their loans and encourage farm mechanization.

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Government subsidies play an essential role in the agriculture sector of a country. Farm equipment - large tractors, combines, and harvesters - is expensive, and it is challenging for farmers to purchase this equipment with limited funding sources. 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 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 annually. In February 2021, the government in Tamil Nadu announced a USD 160 (INR 12,110 crore) farm loan waiver. The Jharkhand Land Conservation Department offers a 90% subsidy to women establishments to purchase tractors, rotavators, straw balers, etc. Other states such as Rajasthan, Uttar Pradesh, Punjab, Andhra Pradesh, and Karnataka have also implemented farm loan waivers.

Various OEMs launched retail financing programs with customized dealers and rental operations solutions. In March 2021, John Deere launched the financial incentives schemes for the dealers to sell new equipment. In 2021, CLAAS launched a program for 2022 orders with incentives to help manage supply chain disruptions. The company also offers pre-sell program incentives, including low financing rates and early order discounts on their equipment.

AGCO provides its dealers with volume sales incentives, demonstrations, and other advertising support to assist sales. It designs its sales programs, including retail financing incentives and policies to maintain the availability of parts and services, with extensive product warranties, to enhance the competitive position of its dealers.

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In 2021, Kubota launched a special offer for compact tractors, including USD 0 down, 0% APR for up to 84 months, and savings up to USD 1,200 on LX Series Tractors. In 2019, the company retained the services of FMI, incentives, and events agency based in Buckinghamshire to develop a new dealer incentive program named the Kubota Rewards Club.

Thus, these incentive schemes for purchasing farm equipment from the OEMs would increase farm equipment sales during the forecast period.
"The 31-70 HP segment would lead the Power Output."
The 31-70 HP segment is estimated to lead the tractors market due to higher demand for these tractors in China, India, and the US. The farm size in emerging countries is low to medium and requires less power tractor than high power tractor and the cost of manual labour or draught animals is same when renting the low to medium power tractor. Furthermore, 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.

< 30 HP segment to grow at the fastest CAGR from 2026 to 2030
Autonomous tractors can be used in conjunction with any implements, just as traditional tractors, to carry out farming activities. The functions of these autonomous tractors range from planting, seeding of crops, collection of real-time data, and capturing images to monitor harvests using a remote control. These autonomous tractors comprise several GPS, telematics, LiDAR sensors, RADAR sensors, and video cameras.

Tractors with < 30 HP are smaller in size and are used to produce crops such as grapes and strawberries. The low weight of these tractors reduces the soil compaction, which boosts crop production. < 30 HP autonomous tractors are expected to grow faster than other power output autonomous tractors.

The < 30 HP segment in Asia Oceania is expected to witness high growth during the forecast period, owing to its increasing popularity. Increasing farm mechanization in India and China is expected to drive the < 30 HP market. The low cost of these power output tractors and the presence of small-sized farms in Asia Oceania are expected to drive the < 30 HP market in this region. Benefits such as productivity, safety, and fuel efficiency are expected to boost the demand for autonomous tractors. Increasing launches of advanced equipment by Mahindra & Mahindra (India), John Deere (US), Escorts Limited (India), Fendt (Germany), and Case IH (US) are also expected to drive the autonomous tractor market.

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 the 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 up gradation of emission regulations.
In addition to high containerized transportation, other factors such as increasing Gross Domestic Product (GDP), infrastructure investments, rising per capita income, growing inclination toward mechanization, and government initiatives for FDI - have created opportunities for the farming business. This in turn has been driving the farm tractor market in the Asia Oceania region.

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In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
• By Company Type: Farm equipment OEM - 100%
• By Designation: C Level - 30%, Directors- 50%, and Others - 20%
• By Region: Asia Oceania - 40%, Europe - 30%, North America -5%, and RoW-25%

John Deere (US), AGCO Corporation (US), CNH Industrial (Netherlands), Kubota Corporation (Japan), and CLAAS (Germany) are the prominent players in the farm equipment market.

Research Coverage:
The study segments the farm equipment market and forecasts the market size based on power output (< 30 HP, 31-70 HP, 71-130 HP, 131-250 HP, and >250 HP), drive type(two-wheel drive and four-wheel drive), farm equipment market, by equipment type(cereal combines, non-cereal combines, balers, tractor-mounted sprayers, and self-propelled sprayers), farm implements, by function(plowing & cultivating harvesting & threshing, sowing & planting, plant protection & fertilizing, and others), farm equipment rental, by equipment type(tractors, combines, sprayers, balers, and others), farm tractor rental market by power output< 30 HP, 31-70 HP, 71-130 HP, 131-250 HP, and >250 HP), farm tractor rental market, by drive type(two-wheel drive and four-wheel drive), autonomous tractor market, by power output (< 30 HP, 31-100 HP, and >100 HP), electric tractor market, by propulsion (battery electric and hybrid electric) and region (Asia Oceania, North America, Europe, and the Rest of the World [RoW]).

The study also includes an in-depth competitive analysis of the major farm equipment manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

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