London, March 20, 2024 (GLOBE NEWSWIRE) -- Global farm implements market size was valued at US$58.4 Bn in 2022 and it is predicted to reach a valuation of US$92 Bn in 2030, recording a CAGR of 6.7% during the forecast period according to research report published by Fairfield Market Research.
The farm implements market encompasses a wide range of machinery, tools, and equipment used in agriculture to perform various tasks related to cultivation, planting, harvesting, irrigation, and livestock management. This market is influenced by factors such as technological advancements, agricultural practices, government policies, environmental concerns, and economic conditions.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$58.4 Bn | |
| Estimated Market Size in 2030 | US$92 Bn | |
| CAGR | 6.7% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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There are several factors driving the farm implements market such as the shift toward mechanized farming and growing emphasis on sustainable practices. Also, automation, precision agriculture, and connectivity are driving innovations in farm implements, leading to increased efficiency and productivity.
“Changing consumer preferences, such as increased demand for organic and sustainably produced food, influence agricultural practices, and drive the adoption of implements. Implements for organic farming, agro ecological practices, and specialty crop production cater to niche markets and consumer preferences,” says the analyst.
Increasing emphasis on sustainable practices is driving the adoption of implements that reduce environmental impact, such as precision irrigation systems and conservation tillage equipment.
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Key Research Insights
- Farm machinery & equipment is a dominating segment in the farm implements market.
- The farm implements market is expanding at notable rate in Asia Pacific.
- The market for farm implements is concentrated in North America.
Insights into Segmentation Analysis
Post-harvest & Agro-Processing is Likely to Surge Ahead Throughout the Projected Period
- The post-harvest and agro-processing segment dominated in 2022, which is driven by the need for effective food processing and preservation techniques around the world.
- The need for sophisticated sorting, packing, and processing equipment has increased as post-harvest losses are reduced, and agricultural produce's shelf-life is extended.
- This segment largely contributes to the overall expansion and stability of the farm implements industry by guaranteeing the quality and commercial viability of agricultural products.
- The plant protection segment is likely to be quickest rate of growth during the forecast period, which is indicative of the increased focus on precise and sustainable crop management.
- Farmers are adopting modern plant protection tools as worries about disease, pest control, and the environment's impact increase. These consist of precision application technology, automated pest monitoring, and smart spraying systems.
Farm Machinery and Equipment Continue to March Ahead
- The market is currently dominated by farm machinery and equipment due to agriculture's growing embrace of cutting-edge technologies. This market is becoming more and more well-known due to factors like labour shortages, the necessity to handle them, and precision agricultural techniques.
- Modern harvesters, tractors, and seeding equipment increase production overall, which is why farm machinery and equipment are an essential part of the growing farm implements market.
- The trend of home gardening and landscaping is driving the fastest-growing segment, which is lawn and garden equipment. Lawnmowers, trimmers, and other garden equipment are in high demand due to increased urbanisation, and growing interest in outdoor areas.
- As more people engage in do-it-yourself gardening and purchase products to maintain and spruce up their outside areas, the category gains.
- Within the larger farm tools industry, the lawn and garden equipment category grows at an accelerated rate as more people take up gardening as a recreational and aesthetic endeavour.
Key Report Highlights
- A growing consciousness of environmental sustainability is driving demand for eco-friendly farm tools.
- Farmers are attempting to connect their operations with ecologically responsible ones, which is driving market growth.
- With increased production and lower operating costs, smart technology like data analytics and Internet of Things sensors boost overall efficiency, enhance crop management, and maximise resource utilisation.
Insights into Regional Analysis
Rapid Agricultural Modernisation to Garner Profits for Asia Pacific
- Asia Pacific region is experiencing rapid growth in the farm implements market during the projected period, primarily due to the expanding implementation of agricultural modernisation in nations such as China, and India.
- The region's quick market expansion is attributed to factors such as rapid population increase, rising food consumption, and government measures encouraging the implementation of new technologies in farming.
- To increase output, lessen their reliance on labour, and improve overall agricultural efficiency, farmers in Asia Pacific are embracing precision farming technology and innovative machinery.
Precision Farming Drives Leadership in North America
- North America stood as the largest market for farm implements in 2022, which has a developed and technologically advanced agricultural industry. High-quality farm machinery, automation, and the broad adoption of precision farming technology are responsible for the region's dominance.
- The demand for effective and sustainable agricultural methods has fueled the market's ongoing expansion, along with a strong emphasis on innovation.
- North America is the market leader for farm implements and sets the global standard for sophisticated farming methods thanks to government assistance, R&D investments, and a proactive attitude to agricultural modernisation.
Key Companies in the Global Farm Implements Market
- Mahindra and Mahindra
- John Deere
- CNH Industrial
- Kubota Corporation
- AGCO Corporation
- Jain Irrigation
- Claas
- SDF Group
- Iseki
- Agromaster Agricultural Machinery
- MaterMacc
- Maschio Gaspardo
Global Farm Implements Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Type Coverage, By Application Coverage, By Geographical Coverage, and By Leading Company): https://www.fairfieldmarketresearch.com/report/farm-implements-market
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