According to a new market research report “Farm Equipment Market (2014 – 2020): By Type (Tractors, Tillage Equipment, Fertilizing and Plant protection Equipment, Harvesting Equipment , Irrigation Equipment, Planting Equipment, Hay and Forage Equipment, Crop processing equipment, Others); By Phase (Land development, Sowing and planting, Cultivation, Harvesting and Threshing, Post harvesting); By Geography (N.A, Europe, APAC, RoW) - Global Forecast to 2020”. Farm equipment market is estimated to reach $200 billion by 2020 with 5.8% CAGR during 2015-2020.
Browse Market Data Tables and Figures spread through 160 pages and in-depth TOC on “Farm Equipment Market - Global Forecast to 2020".
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Farm equipment aids the agricultural workers to manage yield, time and cost of farming practices. The market hosts a wide variety of machinery that differs in mechanism, performance, usage and price. Farm equipment market report provides detailed analysis on the industry by type, by farming phase and by region. Major products in the market include tractors, tillage equipment, planting equipment, and harvesting equipment and so on, used at different phases of crop production.
Farm mechanization has gained importance in the recent years with growing population and food requirements. The farm equipment market has witnessed a drastic change in product offerings due to the intensification of farms and large-scale farming practices. Tractors are the leading product segment of this market with China and India holding majority share in terms of volumes. Farm equipment market is estimated to reach $200 billion by 2020 with APAC as the fastest growing market according to IndustryARC analysis.
In the past decade, supply and demand for high performance farm machinery have grown significantly in the developed nations such as U.S., Germany and Japan. Along with performance, farmers in these nations are also considering the safety, flexibility of operation, GPS assistance, comfort and design of the equipment. In contrast, users in the developing economies prefer fuel-efficient and economic machinery. Global manufacturers have been focusing on developing efficient machinery that meets the emission and safety standards.
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Major end-user segments of farm machinery include farmers, land contractors and private service contractors. Due to the growth of corporate farming in the developing countries, private service contractors have become one of the key target segments for the farm equipment manufacturers. In order to attain high crop yield with same or less inputs, farmers in the developed nations are adapting precision farming practices which will hold huge growth prospects in the coming years. Paradigm shift has been observed in the farming practices, thereby resulting in the emergence of precision and no-till operations.
Global players are investing in India and China, the growth engines of the Asia-Pacific market, to reap the benefits from escalating use of farm equipment in the region. Increasing government support in the form of subsidies for purchasing farm machinery and supportive market prices for crops are the major drivers of the farm equipment market in Asia-Pacific. Sub-Saharan region still remains as under-mechanized, where most of the farming practices are carried out manually. Deere & Company (U.S.), AGCO Corporation (U.S.), CNH Industrial N.V. (U.K.), Kubota Corporation (Japan) and Mahindra & Mahindra (India) are the dominant players in the industry. These players account for a major market share owing mainly to the wide product portfolio. These players are strengthening their global presence by key acquisitions and manufacturing of farm equipment according to the local needs that provides them a competitive edge over the other players in the market.
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