John Deere (US), CNH Industrial (UK) and Kubota Corporation (Japan) are leading players in Farm Equipment Market
The global farm equipment market is projected to grow from USD 111.8 billion in 2022 to USD 141.6 billion by 2027, at a CAGR of 4.8% during the forecast period. The base year for the report is 2021, and the forecast period is from 2022 to 2027.
Increasing farm mechanization, increase in demand for food due to increasing population and rising costs of labour, especially skilled labour, and growing penetration of electric vehicles are driving the growth and advancements in the farm equipment market.
The farm equipment market is consolidated. John Deere (US), AGCO Corporation (US), CNH Industrial (UK), Kubota Corporation (Japan), and CLAAS (Germany) are the top players in the farm equipment market. New product development, partnership and joint venture strategy have been the most dominating strategy adopted by major players from 2018 to 2022, which helped them to innovate on their offerings and broaden their customer base.
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John Deere (US) is engaged in the development, manufacture, and distribution of a diverse range of agricultural and construction equipment. It operates through four business segments: agriculture & turf, construction & forestry, financial services revenues, and other revenues. It offers agricultural equipment and machinery under the agricultural & turf segment. The company invested USD 1.8 billion in R&D activities in 2020, which accounted for 4.6% of its total revenue. The agriculture & turf segment is further sub segmented into three product lines-large agriculture, small agriculture, and turf. The large agriculture segment includes net sales of tractors with more than approximately 200 horsepower and associated attachments, combines, cotton pickers, cotton strippers, self-propelled forage harvesters and related attachments, sugarcane harvesters, harvesting front-end equipment, sugarcane loaders and pull behind scrapers, tillage, and seeding. Company is also investing in Autonomous tractors and Electric Farming tractors.
CNH Industrial (Netherlands) offers its products under five business segments namely: agriculture, construction, commercial and specialty vehicles, powertrain, and financial services. The agriculture segment designs, manufactures, and sales farm machinery and implements, including two-wheel and four-wheel drive tractors, crawler tractors (Quadtrac), combines, cotton pickers, grape and sugar cane harvesters, hay & forage equipment, planting & seeding equipment, soil preparation and cultivation implements, and material handling equipment.
Kubota Corporation (Japan) operates through three segments, namely, farm & industrial machinery, water & environment, and others. It offers farm equipment under various brands which includes Kverneland Group, Great Plains Manufacturing, Vicon, and Land Pride. In addition to Japan and other Asian countries, it has a presence in North America and Europe. As of 2020, it had a total workforce of 41,605 employees across the globe. In the farm & industrial machinery segment, the company offers tractors, implements, combine harvesters, rice transplanters, utility vehicles, and riding mowers. It has deployed more than 4 million tractors worldwide.
Related Reports:
Farm Equipment Market by Tractor Power Output (<30, 31-70, 71-130, 131-250, >250HP), Tractor Drive Type, Autonomous Tractor, Electric Tractor (Hybrid, Electric), Farm Equipment (Combine, Baler, Sprayer), Implement, Rental & Region - Global Forecast to 2027
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