Wilmington, Delaware, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Global Farm Equipment Market is valued at US$ 155 billion in 2022 and is expected to grow at a significant CAGR of over 5.0% over the forecast period of 2023-2030, market report by RationalStat
Market Definition, Scope, and Report Overview
The use of new technologies in farm equipment such as GPS, precision agriculture, sensors, automation, and data analytics has increased efficiency, accuracy, and yield. Farmers can cover more areas more efficiently, cut operational costs, and generate higher yields with modern agricultural equipment. Agricultural mechanization programs are being implemented in several developing nations in order to modernize farming practices and boost output.
According to a deep-dive market assessment by RationalStat, the global farm equipment market has been analyzed on the basis of market segments, including product type, drive, mode of operation, horsepower, sales channel, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
Market intelligence for the global farm equipment market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the global Farm Equipment market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Farm Equipment Market: Segmental and Market Share Analysis
- On the basis of product type, the tractor segment is projected to grow exponentially across the product type segment. The introduction of highly efficient and eco-friendly tractors enhances operational speed and reduced cost is considered a crucial factor driving the tractor segment.
- On the basis of drive, the conventional segment is dominating the global farm equipment market. Because of their long history of use, farmers and agricultural workers are generally familiar with traditional equipment. They have previous expertise in operating, maintaining, and repairing these machines, which can provide comfort and confidence.
- On the basis of mode of operation, the robotic & autonomous systems (RAS) segment is expected to dominate the global farm equipment market. This category includes self-propelled machinery and robots that can perform tasks with minimal human intervention.
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Period Covered include data for 2019-2030 along with year-wise demand estimations
The farm equipment market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The global farm equipment market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the global farm equipment market provides a detailed competition benchmarking analysis based on the market share of the leading companies/ brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global farm equipment market include,
- In January 2022, John Deere revealed a completely self-driving 8R tractor.
- The new tractor has a TruSet-enabled chisel plough, GPS navigation system, and new advanced technology such as size, and pairs of stereo cameras that enable 360-degree obstacle identification and distance calculation.
- In November 2021, John Deere developed a new material gathering system and mechanical grapples for compact utility tractors.
- The new Frontier MG20F Mechanical Grapple includes a quick-attach system for easy installation and a lift capacity of 1,200 pounds (544 kg).
Some of the prominent players and suppliers operating and contributing significantly to the global farm equipment market growth include AGCO Corporation, China National Machinery Industry Corporation, Deere & Company, Escorts Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, KUHN SAS, CLAAS KGaA mbH, Alamo Group Inc., Eicher Motors, Sonalika, Action Construction Equipment (ACE) Ltd., Changzhou Dongfeng Agricultural Machinery Group Co., Ltd., and New Holland, among others.
RationalStat has segmented the global farm equipment market based on product type, drive, mode of operation, horse power, sales channel, and region
- Global Farm Equipment Market Value (US$ Million), Volume (Units), and Market Share (2019-2028) Analysis by Product Type
- Tractors
- Heavy Duty Tractors
- Mini Tractors
- Harvesting Machinery
- Combine Harvesters
- Forage Harvesters
- Threshers
- Reapers
- Tillage, Seeding and Cultivation Machinery
- Ploughs
- Harrows
- Cultivators & Tillers
- Planting & Fertilizing Machinery
- Seed Drills
- Planters
- Spreaders
- Sprayers
- Self-Propelled Sprayers
- Hay Machinery
- Balers
- Mower Conditioners
- Tedders & Rakes
- Self-Propelled Windrowers
- Tractors
- Global Farm Equipment Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Drive
- Electric
- Conventional
- Global Farm Equipment Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Mode of Operation
- Manual Systems
- Robotic & Autonomous Systems (RAS)
- Global Farm Equipment Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Horse Power
- Up to 50 HP
- 50-100 HP
- 100-150 HP
- 150-200 HP
- 200-250 HP
- 250-300 HP
- >300 HP
- Global Farm Equipment Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Sales Channel
- New Sales
- Rental
- Global Farm Equipment Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Farm EquipmentMarket
- US
- Canada
- Latin America Farm EquipmentMarket
- Brazil
- Continue
- North America Farm EquipmentMarket
- Leading Companies and Market Players
- AGCO Corporation
- China National Machinery Industry Corporation
- Deere & Company
- Escorts Ltd.
- KUBOTA Corporation
- Mahindra & Mahindra Limited
- KUHN SAS
- CLAAS KGaA mbH
- Alamo Group Inc.
- Eicher Motors
- Sonalika
- Action Construction Equipment (ACE) Ltd.
- Changzhou Dongfeng Agricultural Machinery Group Co., Ltd.
- New Holland
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Key Questions Answered in the Farm Equipment Report:
- What will be the market value of the global farm equipment market by 2028?
- What is the market size of the global farm equipment market?
- What are the market drivers of the global farm equipment market?
- What are the key trends in the global farm equipment market?
- Which is the leading region in the global farm equipment market?
- What are the major companies operating in the global farm equipment market?
- What are the market shares by key segments in the global farm equipment market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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