19 March 2021
Visiongain has published a new report on Farm Equipment Market Report to 2031: Forecasts by Product Type (Tractors, Harvesters, Air Seeders, Grain Drillers, Irrigation and Others), by Application (Plowing & Cultivating, Sowing & Planting, Harvesting & Threshing, Post-harvest & Agro Processing) and by Power Output (22HP, 23-70HP, 71-130HP, 130HP & Above). PLUS Profiles of Leading Farm Equipment Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Farm Equipment market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The market is anticipated to witness positive growth over the forecast period, despite the disruptions created by COVID-19 in the year 2020. The growth of the market can be attributed to the increase in farming activities, particularly contract farming and the continual support from the regional governments through incentives, loans and subsidies to boost farm activities.
COVID-19 Impact on Farm Equipment Market
COVID-19 negatively impacted the farm sector due to restricted public movement and limited economic activities in first few months after the spread of the virus. This in turn led to downturn in the demand for farm equipment. However, resumption of economic activities, opening of international borders and exports, good monsoon and government support led to quick recovery of farm sector and in turn demand for Farm Equipment recovered, starting H2 2020.
Increasing mechanization in farming is one of the key factors driving the demand for farm equipments. Farmers, particularly in the developing regions such as Asia and South America are shifting towards machines over traditional methods, which helps them to increase efficiency and productivity and yield better harvest. Attractive incentives from OEMs to support dealer service acts as a major push for dealers to support sales of farm equipment. Growing contract farming globally and increasing mechanization of farm sector in the countries of developing regions such as Asia and Africa will boost the market growth.
Significant opportunity exists in the new technology farm equipment, major players compete on technology and cost as key differentiation product to win the market. Electric equipment is one such area of opportunity. Many tractor manufacturers are investing significantly in R&D of electric tractors. Agricultural robotics and use of drones for farming are other areas that hold significant revenue opportunities in the farm equipment market. Growth opportunities also exist in the developing part of the world, i.e. regions such as Asia Pacific and Latin America.
Some of the company’s profiled in this report include CNH Industrial. John Deere, AGCO Corp., Kubota Corporation, Mahindra and Mahindra, CLASS KGA, ISEKI & Co., Yanmar, JCB, SDF Group. Additional companies active in the market includes Escorts Ltd., TAFE (Tractor and Farm Equipment Limited), Sonalika Group, Almo Group, Buhler Group, Zetor Tractors and Others.
Leading market players are working on automated/robotic farm equipment for next-gen farming. For instance, ACGO Group is presently developing next generation field robots for seed sowing. John Deere also rolled out new series of new attachments for its Zero-turn Mower lineup.
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