Major companies in the agricultural implement market include John Deere; CNH; AGCO; CLAAS and Kubota. The global agricultural implement market is expected to grow from $217. 34 billion in 2020 to $237.
New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agricultural Implement Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018791/?utm_source=GNW
52 billion in 2021 at a compound annual growth rate (CAGR) of 9.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $320.39 billion in 2025 at a CAGR of 8%.
The agricultural implement market consists of sales of farm machinery and equipment, and lawn and garden tractor and home lawn and garden equipment by entities (organizations, sole traders or partnerships) that produce agricultural implements, including combines, cotton ginning machinery, fertilizing machinery (farm-type), haying machines, milking machines, planting machines (farm -type) poultry brooders, feeders and waterers, power lawnmowers, snowblower and throwers (residential-type) tractors and attachments (lawn and garden-type and farm-type). The agricultural implement market is segmented into farm machinery and equipment; and lawn and garden tractor and home lawn and garden equipment manufacturing.
Asia Pacific was the largest region in the global agricultural implement market, accounting for 32% of the market in 2020. Western Europe was the second largest region accounting for 27% of the global agricultural implement market. Africa was the smallest region in the global agricultural implement market.
Farm machinery manufacturers are offering driverless tractors and robots to individual farmers and corporate farming companies. Driverless tractors and robots automate the weeding and harvesting process. They use GPS and sensors and can be controlled using a tablet or a smart phone. These technologies are known to considerably increase farm output and decrease labor costs. For instance, according to a report by Goldman Sachs, automated tractors can raise farmer revenue by more than 10% and reduce farm labor costs. Companies offering driverless tractor and robot technologies include CNH Industrial, Deere, and AGCO have already started developing such technology.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the agriculture implement market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the agriculture implement market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The agricultural implement manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
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