NEWARK, Del, Feb. 22, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the farm equipment market is estimated to be around US$ 114.6 Billion in 2024. It is projected to exhibit a CAGR of 5.40% over the forecast period and reach a size of US$ 194.00 Billion by 2034.
The agriculture sector is witnessing increasing demand for modern farm equipment due to the rising adoption of precision agriculture technologies that optimize inputs such as water, fertilizers, and pesticides through the use of GPS, sensors, drones, and data analytics. With the expanding commercial farming operations, there is a need for larger and more advanced machinery to manage extensive acreage more efficiently. To tackle this problem, governments are also offering incentives and subsidies for agricultural mechanization to boost productivity, ensure food security, and support rural economies.
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Ongoing technological advancements are also driving the growth of the farm equipment market. This includes more powerful engines, better ergonomics, improved automation, and enhanced connectivity. Sustainability and environmental concerns are also pushing farmers to adopt eco-friendly practices, while the expansion of agricultural land to meet increasing demand in emerging economies is creating new opportunities for market players.
Farm equipment is being increasingly adopted by farmers of all sizes, from those who operate extensive acreage to those who manage small hobby farms or gardening interests. While larger farmers rely on heavy-duty machinery for planting, cultivating, harvesting, and other tasks, smaller agriculturists use basic equipment such as tractors, tillers, and harvesters to manage their crops efficiently. Besides, farm equipment is also being increasingly used by livestock farmers to manage their operations effectively.
Key Takeaways from the Market Study:
- The <30 HP segment dominates the farm equipment market and is expected to grow at a CAGR of 5.20% through 2034.
- On the basis of the drive type, the two-wheel drive segment leads the farm equipment market.
- The farm equipment market in the United Kingdom is anticipated to grow at a CAGR of 6.60% through 2034.
- The farm equipment market in China is estimated to rise at a 5.90% CAGR through 2034.
- The farm equipment market in Japan has the potential to increase at a 6.90% CAGR through 2034.
- The United States farm equipment market is predicted to rise at a 5.70% CAGR through 2034.
- The farm equipment market in South Korea is very likely to grow at a CAGR of 7.40% through 2034.
“Companies in the farm equipment market must continuously invest in research and development to innovate new products and technologies that enhance efficiency, productivity, and sustainability in agriculture. This will help them expand their global presence and maintain a competitive edge in the market,” – opines Nandini Roy Choudhury, Client Partner for Food & Beverages at Future Market Insights, Inc.
Competitive Landscape:
The global farm equipment market is highly competitive and includes various players that cater to farmers of all sizes. Prominent companies such as John Deere, AGCO Corporation, CNH Industrial, and Kubota Corporation offer a wide range of farm equipment and machinery, including tractors, harvesters, implements, and precision agriculture technologies.
These companies are constantly investing in research and development to innovate and improve their products and services. These companies specialize in catering to the diverse needs of farmers worldwide and are often supported by government bodies in providing affordable yet effective farming equipment to farmers with low per capita income.
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Key Companies Operating in the Global Market:
- John Deere
- AGCO Corporation
- CNH Industrial
- Kubota Corporation
- Mahindra & Mahindra Limited
- Claas KGaA mbH
- SDF Group (Same Deutz-Fahr)
- Escorts Group
- Yanmar Co., Ltd.
- Deutz-Fahr
- Massey Ferguson
- New Holland Agriculture
- Case IH
- JCB
- Fendt
- Valtra
- Kuhn Group
- McCormick Tractors
- Challenger
- Landini Tractors
Recent Developments:
- In January 2024, CNH Industrial announced a significant milestone for the company's operations: its engine plant in Noida would commence commercial production of Tier-IV and Tier-V engines by September-October. This move aims to bolster off-road construction and agriculture sectors.
- In December 2023, John Deere and Corteva partnered to provide farmers with customized agronomic solutions. The collaboration merged Deere's digital capabilities with Corteva's agricultural expertise, streamlining access to agronomic recommendations through the John Deere Operations Center.
- In December 2023, XING Mobility received a strategic investment from Kubota Corporation, accelerating Kubota’s roadmap toward machinery electrification. This investment promotes sustainability in agriculture and beyond, enabling XING Mobility to expedite the development of immersion cooling battery systems.
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Global Farm Equipment Market Segmentation Analysis:
By Power Output:
- <30 HP
- 31-70 HP
- 71-130 HP
- 131-250 HP
- >250 HP
By Drive Type:
- Two-wheel drive
- Four-wheel drive
By Equipment Type:
- Tractors
- Combines
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Authored By
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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