Press release
Global Farm Equipment Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2027: CNH Industrial N.V. and Bucher Industries are Key Players.
The Global Farm Equipment Market is expected to grow at a CAGR of 7.34% to reach a market size worth US$192,280.893 million by 2027.The prime factors propelling the growth of the global farm equipment market are Increasing automation and government assistance in farming to drive the global farm equipment market.
The global farm equipment market will grow steadily over the forecast period.
Tools, machinery, and upkeep supplies made specifically for use on farms in conjunction with producing or processing food resources for market use are referred to as farm equipment. It contains equipment for irrigation, haying, foraging, and harvesting. These implements help reduce labor needs, improve crop quality, and shorten the time needed for agricultural work. Sprayers and self-propelled spreaders operate more swiftly and efficiently while covering a larger area daily. These tools ensure that nutrients and safety measures are distributed consistently, reducing overall costs and boosting crop yields. The driving factor for this market is the rising demand for premium packaged foods, the speeding up of industrialization, and the growing buying power of consumers. Government subsidies also help boost the farm equipment market growth.
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The global farm equipment market has been categorized based on type, function, and geography.
By type, the market has been classified based on combines, plows, sprayers, planters, and others. The sprayer type is expected to have a significant market share in several regions, which is anticipated to drive the global farm equipment market growth. Low-pressure, high-pressure, fogger, and air-carrying machine-operated sprayers are available in a broad range of manual, tractor-mounted, and aerial variations. The towed or vehicle-mounted sprayers give the contemporary farmer many benefits, including more operating freedom, which is expected to boost the global farm equipment market growth.
Based on function, the classification has been done into plowing & cultivating, sowing & planting, plant protection & fertilizing, and harvesting & threshing. The plant protection and fertilizing segment is anticipated to account for a significant market share. The growing demand for agricultural products is the main factor driving the demand for planting and fertilizing technology compared to manual planting and fertilizing methods. In March 2022, John Deere partnered with SurePointAg Systems, an equipment producer, to inject irrigation fluid and apply liquid fertilizer. SurePoint will have access to Deere technologies to increase output across various products. These plant protection and fertilization equipment developments will boost the global farm equipment market growth.
By region, Asia pacific region is expected to retain a considerable market in farm equipment market share due to the introduction of new agricultural equipment. It is controlling the market with quick advancements and product introductions. In 2020, the Chinese Ministry of Finance issued more than CNY 20 billion (USD 2.87 billion) in central government subsidies for acquiring agricultural machinery. It intends to achieve 75% complete mechanization of crop plowing, planting, and planting, and harvesting by 2025. For instance, in December 2021, the Indian government declared a 50% to 80% subsidy on agricultural equipment purchases under the PM Kisan Samman Yojana scheme. This will help the region's market expansion in the farm equipment market.
The major players in the global farm equipment market are Deere & Company, CNH Industrial N.V., Mahindra & Mahindra Ltd, Escorts Ltd., Tractors and Farm Equipment Limited, Sonalika Group, Tong Yang Moolsan (TYM), Exel Industries and Bucher Industries.
This Global Farm Equipment Market has been analyzed into the following segments:
• By Type
o Combines
o Plows
o Sprayers
o Planters
o Others
• By Function
o Plowing & Cultivating
o Sowing & Planting
o Plant Protection & Fertilizing
o Harvesting & Threshing
• By Geography
o North America
• USA
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• Germany
• France
• United Kingdom
• Others
o The Middle East and Africa
• Saudi Arabia
• UAE
• Others
o Asia Pacific
• China
• India
• Japan
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others
Related Reports:
• https://www.knowledge-sourcing.com/report/agricultural-sprayers-market
• https://www.knowledge-sourcing.com/report/smart-agriculture-market
• https://www.knowledge-sourcing.com/report/global-digital-agriculture-market
• https://www.knowledge-sourcing.com/report/agriculture-drones-market
• https://www.knowledge-sourcing.com/report/farm-management-software-market
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.
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