Farm Equipment Market to Register Substantial Expansion by 2025

Farm Equipment Rental Market Farm Equipment Rental Market

CITY, Country, 2020-May-20 — /EPR Network/ —

The report Farm Equipment Market by Tractor Power Output (<30,31-70, 71-130, 131-250, >250), Drive (2WD, 4WD, & Autonomous), Combines, Baler, Sprayer, Implement (Plow & Cultivate, Sow, Harvest, Plant Protection & Fertilizer), Rental, & Region – Global Forecast to 2025″, The farm equipment market is projected to grow at a CAGR of 4.04% during the forecast period, to reach a market size of USD 135.2 billion by 2025 from USD 102.5 billion in 2018. Factors such as increasing population, growth of mechanization due to increasing government support through subsidies or incentives, shortage of skilled farm labor, and rising labor wages are expected to fuel the demand for farm equipment.

<30 hp power range is expected to be the largest segment in the farm tractor market, by power output, during the forecast period

Tractors with <30 hp power are estimated to hold the largest market share, in terms of volume, during the forecast period. China, India, and the US lead the sales of farm tractors and have a high demand for <30 hp tractors. The Chinese market has a high demand for less than 30 hp tractors and combines. According to the publication from “China Agricultural Machinery Distribution Association”, ~65% market belonged to <30 hp tractors in 2017. According to a publication from the Association of Equipment Manufacturers (AEM), the US and Canada had approximately 62–64% market of <40 hp farm tractors in 2017. Factors such as lower price compared to large tractors and small farmland per farmer would drive the market for small and medium farm tractors in Asia Oceania and North America.

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Two-wheel drive is estimated to be the largest farm tractors market, by drive type, during the forecast period

The two-wheel drive is estimated to account for 90–95% share in the global farm tractor market in 2018. Due to the high sales of small tractors, Asia Oceania is estimated to be the key contributor to the growth of this market. North America is also expected to contribute significantly to the growth of this segment. According to John Deere factbook statistics (2017) published by AEM, the sales of two-wheel drive farm tractors was nearly 99% in Asia Oceania and North America.

Plowing & cultivating leads the implements market during the period of 2018 to 2025

Plowing & cultivating is anticipated to hold the largest share in the implements market. The implements used in this process perform the initial operation of breaking compact earth surface and loosen the soil mass to help in even penetration of crops. The need to improve the soil fertility level, maintain the nutrients, and enhance productivity would boost the demand for plowing & cultivating implements

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Cereal combines are projected to lead the combines market during the forecast period

The cereal combine is anticipated to be the largest and fastest growing market from 2018 to 2025. The demand for cereals crops such as rice, wheat, pulses, and corn has shown significant growth and is expected to grow further in coming years. With the expected growth in the production of these crops, the demand for cereal combines are also expected to see promising business opportunity in the coming years.

Key Players:

Some prominent players in the farm equipment market are John Deere (US), AGCO Corporation (US), CNH Industrial (UK), CLAAS (Germany), Kubota (Japan), Mahindra & Mahindra (India), SDF Group (Italy), J C Bamford Excavators (UK), and Iseki (Japan).

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