Favorable government policies coupled with growing popularity of farm mechanization is expected to drive farm equipment market globally. The global farm equipment market is projected to reach USD 113.
New York, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Farm Equipment Market by Tractor Power Output, Drive & Autonomous, Combines, Baler, Sprayer, implement, Rental & Region - Global Forecast to 2025" - https://www.reportlinker.com/p04960851/?utm_source=GNW
0 billion by 2025 from an estimated USD 92.2 billion in 2020 at a CAGR of 4.2% during the forecast period. The primary reason for growing farm equipment market is the government efforts to popularize mechanized farming methods. Subsidized loans, credit finance, loan waivers is strongly driving sales of farm equipment. Also, growing popularity of rental services is also expected to attract farmers to adopt modern farming methods.
Four-wheel drive tractor is expected to remain the fastest market in farm tractor rental market
Four-wheel drive is expected to be the fastest growing market in the farm tractor rental market in the forecast period.The growing demand for efficient pulling power is driving the rental demand for four-wheel drive tractors.
The availability of low powered tractors with four-wheel drive is expected to be a major factor for the growing demand of rental services in countries with small farmlands such as Asia Oceania.Europe and North America already have more matured rental market than Asia Oceania and RoW.
Also, expansion of various key domestic and global players in the rental business by launching their rental services is expected to create awareness about renting tractors among farmers.
Although the COVID-19 has disrupted the whole supply chain, the agricultural industry seemed to have been impacted the least amongst all the off-highway equipment industry (Construction & Mining, Agriculture Equipment).This is primarily owing to the steps taken by the government to consider agricultural activities under essential services.
The agricultural industry faced four major challenges amidst COVID-19 - limited supply of farm equipment parts, drop in the first half of new tractor sales, the shutdown of production facilities, and a decline in working capital. Despite the impact of COVID-19 on the farm equipment market, the market is expected to revive by the 2020-year end.
Sowing & Planting is expected to remain the fastest market by implement function
Sowing & Planting is expected to be the fastest growing market in the implement function market.Mechanized sowing & planting have several advantages as compared to manual sowing.
In mechanized sowing, fewer seeds are required, germination is rapid and uniform, and sometimes fertilizers and manures can be applied with title deeds.Thus, the adoption of mechanized farming can reduce the overall costs of farmers, and thereby encourage farmers to invest in sowing & planting implements.
Thu, farmers are shifting toward sowing and planting implements to overcome the losses and achieve maximum production.
Asia Oceania is expected to register the largest growth during the forecast period.
The Asia Oceania is expected to be the largest market for farm equipment market in the coming years.The growing population of the region is driving farmers to adopt mechanized farming methods for increased farm produce in less time.
Efforts by government mainly in the form of loan waivers/monetary aid, training sessions about modern farming methods is fueling farm equipment popularity significantly.Increasing new product launches designed as per the market needs with reasonable prices is also expected to be a driving factor for the market.
Thus, Asia Oceania is expected to hold the largest potential for farm equipment among all other regions.
In-depth interviews were conducted from supply-side (farm equipment manufacturers) and industry associations across major regions, namely, North America, Europe, Asia Oceania, and Rest of the World.
• By Stakeholder: Supply-side- 80% and Industry associations- 20%
• By Designation: C Level - 20%, Directors/Vice Presidents Level - 30%, and Others - 50%
• By Region: Asia Oceania - 50%, Europe - 20%, North America - 20%, RoW- 10%
The farm equipment market is dominated by globally established players such as John Deere (US), CNH Industrial (The Netherlands), AGCO (US), CLAAS (Germany), Mahindra & Mahindra (India), and Kubota (Japan).
The farm equipment market is segmented on the farm tractor by power output [<30 HP, 31–70 HP, 71–130 HP, 131–250 HP, and >250 HP], drive type [two-wheel and four-wheel], farm equipment market by type [combines, balers and sprayers], farm implement by function [plowing & cultivating, sowing & planting, plant protection & fertilizing, harvesting & threshing, and others], farm equipment rental market [tractor, combines and others], farm tractor rental market by power output[[<30 HP, 31–70 HP, 71–130 HP, 131–250 HP, and >250 HP], farm tractor rental market by drive type [two-wheel and four-wheel], autonomous tractor by power output [<30 HP, 31-100 HP, >100 HP] and farm tractor market by region [Asia Oceania, Europe, North America and RoW] . The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the farm equipment market and the sub-segments.This will also help the key players to identify the highest potential region and design its product portfolio as per the market requirements.
A detailed study on upcoming technologies such as autonomous, electric tractors is expected to help farm equipmebt manufacturers to understand the potential market for them.This report also include various analysis like supply chain, average selling price trends, market ecosystem.
This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04960851/?utm_source=GNW
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