Farm Equipment Market

Market Leaders - Farm Equipment Market

The global farm equipment is projected to reach USD 113.0 billion by 2025 from an estimated USD 92.2 billion in 2020 at a CAGR of 4.2%  during the forecast period. The base year for the report is 2019, and the forecast period is from 2020 to 2025.

The primary reason for the growth of this market is the increasing farm mechanization globally, primarily driven by favorable government policies and schemes. The degradation of soil fertility, unpredictable climatic changes, and the requirement of better operational output are driving farmers to opt mechanized methods of farming for enhanced productivity and performance. Schemes such as credit finance and OEM programs/sales incentives to support dealer service and rental operations are other additional factors expected to propel the farm equipment market. Subsidies and other financial support provided by the regional governments on the purchase of farm equipment are also boosting the market.

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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 also moving towards precision agriculture 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 globally.

John Deere is one of the key players in the farm equipment market, owing to its diversified product portfolio, regional spread and continuous new product launches as per market needs with latest technologies and advanced features. Positive response to the company’s precision technology, updates to row-crop tractors, enhancements to other large and midsized tractors boost the performance of the company globally. The vast geographical presence of the company helps it to cater to needs of customers. In June 2020, John Deere has added two new models of X Series Combines to its 2021 harvesting lineup to help large-scale farmers thresh, separate, and clean more bushels per hour or harvest more acres per day, even under changing conditions, without risking grain loss or quality.

CNH Industrial focuses on digital transformation of agricultural equipment. The company is strengthening its competitiveness and product offerings by acquiring application and software companies such as AgDNA. The company is also focusing on developing alternative propulsion concept tractors to comply with stringent emission norms such as T6 Methane Power and modular hybrid STEYR Konzept tractor. This is expected to help the company retain its competitiveness amidst the growing popularity of electro mobility. In December 2019, CNH Industrial N.V acquired K Line Ag, an Australian agricultural tillage and residue management equipment manufacturer.

Related Reports:

Farm Equipment Market by Tractor Power Output (<30,31–70,71–130,131–250,>250HP), Drive (2WD,4WD) & Autonomous, Combines, Baler, Sprayer, implement (Plowing & Cultivating, Sowing & Planting, Harvesting & Threshing), Rental & Region - Global Forecast to 2025

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Mr. Aashish Mehra
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[email protected]

Report Code
AT 2835
RI Published ON
9/10/2020
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