CHICAGO, January 30, 2019
CHICAGO, January 30, 2019 /PRNewswire/ --
According to the new market research 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", published by MarketsandMarkets™, 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.
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Browse in-depth TOC on "Farm Equipment Market"
115 - Tables
44 - Figures
199 - Pages
31-70 hp farm tractors is estimated to hold the largest share in tractors market, by power output
The 31-70 hp segment of farm tractors is estimated to account for the largest market share in 2018 due to the high demand for small and mid-range tractors in the countries of Asia Oceania and North America such as China, India, and the US. In 2018, these countries together held almost 80-85% share of farm tractors in the global tractor market. Further, according to Agri-evolution Tractor Market Report, the 30-50 HP segment accounted for about 80% of the total agricultural tractor sales in India in 2015 due to the investment capability of farmers. According to MarketsandMarkets™ analysis, this segment accounted for about 40-45% of the total sales in the US in 2016. These factors have contributed to the largest share of the 31-70 HP segment in the global farm tractor market.
Implements are estimated to be the fastest growing segment in Farm Equipment Market
The implements segment is estimated to be the second largest market during the forecast period. The implements used in plowing & cultivating and harvesting & threshing processes are expected to hold the maximum share in 2018. Factors such as the need to improve soil fertility, sowing process, and productivity level are expected to drive the market for plowing & cultivating in the coming years. On the other hand, the rising demand for harvesting and threshing implements is anticipated to reduce the cost of labor and turnaround time.
Asia Oceania: The largest region for Farm Equipment Market
The Asia Oceania region is projected to be the largest market for farm equipment during the forecast period. China and India are the largest contributors in this region due to factors such as growing population, rising farm mechanization, and large area of land for farming activity. According to World Bank data, China and India had 56.2% and 60.4% of the total land used for agricultural purpose in 2015, respectively. Also, growth of population leads to higher demand for food, which can be accomplished by increasing the mechanization of farm equipment. According to the VDMA Economic Report 2015, China's agricultural mechanization level jumped to 61% in 2014 from 34% in 2004. India has also witnessed the growing adoption of mechanization in farming. As a result, farmers have gradually started to invest in farm equipment to improve productivity. All these factors have contributed to the growth of the agricultural equipment market in Asia Oceania.
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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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