Market Scenario
Global Farm Implements Market is estimated to reach USD 68.45 billion with a CAGR of 6.9% from 2020 to 2025 (forecast period). The report evaluates critical players, including a five-year global market analysis, which highlights market growth. The analysis offers a forecast of market opportunities for every region over the next five years. The report also gives a comprehensive study of Covid-19 impact analysis of the market by type, application, and by regions.
Farm equipment consists of tools used in agricultural activities such as cultivators, seed drills, threshers, shredders, and sprayers. Some international players in the global farm market cater to increasing demand. Companies such as John Deere, Mahindra & Mahindra Limited, AGCO Corporation, and Airmaster Agricultural Machinery are known worldwide. The global farm implements market has seen steady growth in recent years due to the growth of the agriculture industry. The value of new farm equipment sales in 2020 was USD 228 million higher than in 2020.
In addition, increased subsidies for the purchase of farm equipment and implements and direct loan waivers to farmers by governments in emerging countries are projected to promote the growth of the market for farm implements. For instance, the Department of Agriculture, Cooperation, and Farmers Welfare, India, provides subsidies to farmers through state governments under various schemes such as the Rashtriya Krishi Vikas Yojna (RKVY) for the purchase of agricultural equipment.
Nevertheless, the high cost of farm implements is expected to impede the growth of the global market.
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Key Players
Some of the significant participants in the Global Farm Implements Market are John Deere (US), CNH Industrial N.V. (UK), Claas (Germany), Mahindra & Mahindra Limited (India), AGCO Corporation (US), Iseki & Co., Ltd. (Japan), Jain Irrigation Systems (India), SDF Group (Italy), Groupe Agrocentre (France), Kubota Corporation (Japan), Agromaster Agricultural Machinery (Turkey), MaterMacc S.p.A (Italy), Morris Industries Ltd. (Canada), Maschio Gaspardo SpA. (Italy), Rostselmas (Russia).
Segmentation
The global market for farm implements has been segmented into type and application.
Based on type, the global market for farm implements has been segmented into cultivators, seed drills, threshers, shredders, sprayers, and others. The cultivator’s segment is estimated to hold for the largest share of the global market for farm implements during the forecast period. The ease provided by cultivators helps save time as large areas of land can be cultivated using these machines in lesser time. They also help reduce labor costs. Cultivators offer deep tillage and are thus broadly used throughout the globe. The segment of seed drills is anticipated to witness the fastest growth during the review period. Highly developed seed drills are used to sow seeds and cover them with soil, guarding them against wind and birds. This reduces the loss of seeds.
Based on the application, the Global Farm Implements Market has been segmented into plowing & cultivating, sowing & planting, plant protection & fertilizing, harvesting & threshing, others. The plowing and cultivation segment were the largest in 2020. Growing awareness of the benefits of proper tillage, such as improved soil arability and water holding capacity, is anticipated to propel the growth of the segment. The sowing & planting segment of the global market for farm implements is anticipated to witness the highest CAGR during the forecast period. Seed prices are increasing due to improved versatility, such as insecticide-resistant and herbicide-resistant. As a result, proper sowing is required to reduce seed waste.
Regional Analysis
Region-wise, the global market for farm implements has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
North America held the largest share of the global market for farm implements in 2020. The rampant adoption of technology in agriculture is accelerating the growth of the market for farm implements in the region.
The market in the Asia Pacific is expected to be the fastest growing in the research period. The growing need for food sustainability and government subsidies for the purchase of farm implements are encouraging the growth of the regional market.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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