New York, United States, June 11, 2024 (GLOBE NEWSWIRE) -- The Global Farm Equipment Market Size is to Grow from USD 165.3 Billion in 2023 to USD 272.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.12% during the projected period.
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Farm equipment includes machines or fabricated foundations that recover land yield across agro-based economies worldwide. The farm equipment directly endorses the inclination of farmers or land operators toward the combination of mechanization technologies into their traditional farming. Moreover, the rising scarcity of human workforce and heavy expenditure on the conservation of cattle on the job site in several countries have stimulated customers to leverage the aid of modernized equipment in farming applications. The growing adoption of semi-automatic and automatic mechanics for finding fertilizers has raised the demand for advanced equipment worldwide. Moreover, automotive communicators and sprayers are now delivering more efficiency resulting in faster operation covering huge distance areas. These machineries in the farming field certify an even distribution of fertilizers and nutrients that aid decrease overall operation cost and time and improve crop yields. However, the high opening cost of farming equipment is expected to be associated with the bottlenecks for implementing farming equipment, particularly for small-income farmers. The rental business is projected to be associated with new revenue streams for market growth to overcome such challenges. However, the development of the farming equipment industry faces barriers owing to high initial investments, they indicate a shift toward innovative and effective farming equipment.
Browse key industry insights spread across 193 pages with 110 Market data tables and figures & charts from the report on the "Global Farm Equipment Market Size, Share, and COVID-19 Impact Analysis, By Equipment Type (Tractors, Harvesting Equipment, Cultivation and Soil Separation Equipment, Spraying and Handling Equipment, Irrigation Equipment, and Others), By Application (Land Development, Sowing and Planting, Threshing and Harvesting, Fertilization and Planting, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The tractors segment is anticipated to hold the greatest share of the global farm equipment market during the projected timeframe.
Based on the equipment type, the global farm equipment market is divided into tractors, harvesting equipment, cultivation and soil separation equipment, spraying and handling equipment, irrigation equipment, and others. Among these, the tractors segment is anticipated to hold the greatest share of the global farm equipment market during the projected timeframe. The reason behind this is the labor insufficiency and the growing population to meet the global food necessities, which has made tractors a necessity for increasing productivity in the farming industry.
The land development segment is anticipated to hold the greatest share of the global farm equipment market during the projected timeframe.
Based on the application, the global farm equipment market is divided into land development, sowing and planting, threshing and harvesting, fertilization and planting, and others. Among these, the land development segment is anticipated to hold the greatest share of the global farm equipment market during the projected timeframe. The reason behind this is the constant augmentation of farming land to satisfy the food consumable need of the growing population is increasing the application of land development suggestively.
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Asia Pacific is expected to hold the largest share of the global farm equipment market over the forecast period.
Asia Pacific is expected to hold the largest share of the global farm equipment market over the forecast period. This can be attributed to the rising farm innovation obsessed by subsidies or loan waivers and government efforts are projected to propel farm tractor sales in India. Electric farm tractors are acquiring adhesion in China due to various factors. Moreover, the government's drive for cleaner transportation and financial incentives has spurred adoption. Increasing awareness of sustainable farming’s importance has further obsessed demand, given the environmental impact of traditional methods.
North America is predicted to grow at the fastest pace in the global farm equipment market during the projected timeframe. This can be attributed to the growth being frequently obsessed with plenty of large farmland, which has run into high demand for farm modernization. Moreover, the region is witnessing augmented adoption of intelligent combine harvesters equipped with monitoring tackles to surge farm yield. Factors such as increasing labor costs, the union of robotic systems and Global Positioning Systems (GPS) in tractors and harvesters, and growing demand for high-capacity machinery due to huge farms.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Farm Equipment Market include AGCO Corporation, Fliegl Agro-Center GmbH, Agromaster, APV GmbH, Bellota Agrisolutions, CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co., Ltd., J C Bamford Excavators Ltd, Quivogne CEE GmbH (Kiwon RUS LLC), Valmont Industries Inc., Kubota Corporation, and Others.
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Recent Developments
- In June 2023, JCB declared plans to announce the company's first electric wheeled loader with zero-release and low-sound competencies. The loader comes with options for wide or narrow wheels and tire options for farming or industrial deployment.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Farm Equipment Market based on the below-mentioned segments:
Global Farm Equipment Market, By Equipment Type
- Tractors
- Harvesting Equipment
- Cultivation and Soil Separation Equipment
- Spraying and Handling Equipment
- Irrigation Equipment
- Others
Global Farm Equipment Market, By Application
- Land Development
- Sowing and Planting
- Threshing and Harvesting
- Fertilization and Planting
- Others
Global Farm Equipment Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Global Farm Equipment Market Size, Share, and COVID-19 Impact Analysis, By Equipment Type (Tractors, Harvesting Equipment, Cultivation and Soil Separation Equipment, Spraying and Handling Equipment, Irrigation Equipment, and Others), By Application (Land Development, Sowing and Planting, Threshing and Harvesting, Fertilization and Planting, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
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