Farm Machinery Market Owing to the Increase in The Need For Farm Mechanization

According to Precision Business Insights (PBI), latest report the global farm machinery market was valued at USD 10,956.3 million in 2021 and is expanded to grow at a significant CAGR of 3.9% over 2022-2028. Increasing investment in new farm machinery as a result of the low-interest rate, as well as increased research and development expenditure and economies of scale, are driving this market's growth. Another critical driver projected to drive market expansion is the world's rapidly growing population, which has resulted in increased demand for food and other comparable items. The adoption of farm machinery is high due to the unavailability of labor and the high cost of farm labor. Manufacturers of farm equipment need to upgrade their products regularly, owing to the constantly changing emission norms, which increases the equipment cost. Thus, the high price of farm machineries such as high horsepower (HP) tractors, combines, balers, and sprayers limit their sales and thereby slow down the growth of the farm machinery market, especially in emerging countries.

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Tractor Segment Dominates the Farm Machinery Market:
Due to an increase in tractor adoption in small, medium, and large farms, the tractor segment held the highest share of the market in 2021. The government's ongoing efforts to accelerate the adoption of mechanisation by making tractors more cheap have resulted in a huge increase in demand for this technology. In 2021, rotavators, threshers, and power tillers have taken over the market share previously held by tractors.
Asia-Pacific Leads Farm Machinery Market
In 2021, Asia Pacific was expected to be the largest market. Factors such as rising GDP, infrastructure investments, rising per capita income, increased tendency toward mechanization, and government incentives for FDI have provided additional chances for the farming business, pushing the farm machinery market in the Asia Pacific region. Farm tractor sales are predicted to increase in India as a result of increased farm mechanization fueled by government efforts and subsidies/loan waivers. Increased farm consolidation, a positive economic outlook, a large production base, and increased government support through subsidies are driving sales of high-capacity farm machinery and equipment machinery in North America, which is expected to grow at a faster CAGR over the forecast period.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global farm machinery market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In September 2020, AGCO a global leader in the design, manufacture and distribution of agricultural machinery and solutions, has made an agreement to acquire research and product development firm 151 Research to create new technology solutions for grain customers. In July 2020, Lindsay Corporation a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, announced the acquisition of Net Irrigate, LLC, an agriculture Internet of Things technology company that provides remote monitoring solutions for irrigation customers. Net Irrigate will join Lindsay's FieldNET brand of remote irrigation monitoring and control solutions.

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The farm machinery market is segmented based on type, capacity, operation, application, and geography.
Based on the Type, the market is segmented into the following:
• Cultivator
• Rotator
• Chisel Plow
• Harvester
• Roller
• Field Sprayer and Spreader
• Irrigation System
• Livestock Equipment
• Tractors
• Others

Based on the Capacity, the market is segmented into the following:
• Small
• Medium
• Large

Based on the Operation, the market is segmented into the following:
• Manual
• Semi-Autonomous
• Fully-Autonomous

Based on the Application, the market is segmented into the following:
• Spraying
• Water Supply and Conservation
• Cultivation
• Harvesting
• Seeding
• Weeding
• Livestock Farming
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key player's profiles in the farm machinery market report are Deere and Co, CNH Industrial, AGCO Corporation, Kubota, Mahindra and Mahindra Limited, Iseki & Co. Ltd, JC Bamford Excavators Limited, Lindsay Corporation.

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