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Farm Equipment Market to Witness Astonishing Growth by 2025

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Farm Equipment Market to Witness Astonishing Growth by 2025

August 13
13:09 2021
Farm Equipment Market to Witness Astonishing Growth by 2025
Attractive Opportunities in Farm Equipment Market
Farm Equipment Market by Tractor Power Output (250HP), Drive (2WD,4WD) & Autonomous, Combines, Baler, Sprayer, implement (Plowing & Cultivating, Sowing & Planting, Harvesting & Threshing), Rental & Region – Global Forecast to 2025

The global Farm Equipment Market is projected to reach USD 113,012 million by 2025 from an estimated USD 92,214 million in 2020, declining at a CAGR of 4.2% during the forecast period, mainly due to attractive government policies to farmers in the form of loan waivers, credit finance, monetary aid in difficult times such as drought, pandemic such as COVID-19 etc. Increasing popularity and awareness of farm mechanization is significantly expected to drive farm equipment market. Also, developments in precision agriculture and autonomous tractors is expected to create future opportunities in farm equipment market.

Based on region, the farm tractor market is segmented into four major regions— Asia-Oceania, Europe, North America, and the Rest of the World (RoW). Each region is further segmented on the basis of power output into 250 HP. Asia-Oceania is expected to be the largest market for farm tractors during the forecast period. Asia Oceania is expected to lead the farm tractor market during the forecast period. Countries considered under Asia Oceania are India, Japan, China, South Korea, Australia, and the Rest of Asia Oceania. The increasing farm mechanization driven by government efforts and subsidies/loan waivers is expected to drive farm tractor sales in India. Tractor sales have been sluggish in China since 2015 and continued till 2019, due to stringent subsidy policies. However, increasing government policies to promote agriculture mechanization and favorable policies are also expected to drive the farm tractor market in China. The increasing presence of international brands such as John Deere, CLAAS, and Massey Ferguson in Asia-Oceania is expected to boost the growth of the farm tractor market. Increasing government efforts to promote farm mechanization, contract farming, and loan waivers is also expected to drive the market.

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Based on power output, the farm equipment rental market is segmented into 250 HP. The rental market is also expected to grow at a significant rate in Asia Oceania in the coming years. In Asia Oceania, particularly in developing countries, average farm sizes are small. Thus, farmers cannot afford to buy tractors or combines for small farmlands. Therefore, leasing of high-cost equipment such as balers and combine harvesters is expected to grow significantly in Asia Oceania. Tractors with 31-70 HP are expected to hold the largest share of the total rental market in the region, owing to the higher demand for small and mid-range tractors. As the region has smaller farmlands (1–10 acres), the demand for smaller and mini combines is expected to grow. High prices of these equipment make farmers reluctant to purchase them instead rent them at affordable prices.

Based on drive type, the farm tractor market is segmented into two-wheel drive and four-wheel drive. Four-wheel drive tractors are expected to be the fastest growing market in the farm tractor market. The demand for four-wheel drive tractors has increased, due to its advantages over two-wheel drive tractors. Four-wheel drive tractors offer better traction on wet or uneven terrain, increasing productivity and enhancing performance. These tractors can be used in different applications such as tillage, livestock operations, crop protection, mowing, hauler, loading operations, slashing, scraping, and air seeding, where driving is not limited to the construction of rows. Compatibility and flexibility with various high-powered implements are expected to drive the demand for four-wheel drive tractors in the coming years. However, high-cost of four-wheel drive tractors may act as a restraint in cost-sensitive countries mainly in Asia Oceania and RoW.

Based on the farm equipment market is segmented into cereal combines, non-cereal combines, balers, and sprayers. Combines or combine harvesters hold the largest share of the market among all other equipment during the forecast period. Increasing farm mechanization, high labor cost, and the lack of workforce are the main factors driving the combines market. The demand for balers and self-propelled sprayers is high in the European and North American regions. However, farmers in Asia-Oceania refrain from investing in heavy implements such as combines and balers, due to their high cost and lack of knowledge to operate them.

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Autonomous tractors are expected to be launched in the market by 2022. Various key players are working on developing autonomous tractors lineup for the market.

Key Market Players

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). These companies are key players in the farm equipment technology and adhere to strategies such as new product developments and strategic expansions through collaborations, partnerships, and mergers & acquisitions to gain traction in the growing demand for farm equipment.

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