Farm Equipment Market is Expected to reach $200 billion in sales by decade end – IndustryARC Research
Rapid Farm Mechanization to Improve Yield Will Propel the Growth of Farm Equipment Industry to $200 billion in Sales by 2020.
The report “Farm Equipment Market By Type (Tractors, Fertilizing, Plant protection Equipment, Harvesting Equipment , Irrigation Equipment, Others); By Phase (Land Development, Sowing, Planting, Cultivation, Harvesting, Threshing, Others)-Forecast (2015-2020)”, published by IndustryArc, Rapid Farm Mechanization to Improve Yield Will Propel the Growth of Farm Equipment Industry to $200 Billion in Sales by 2020.
Farm Equipment is machineries used for the production of crops and includes a wide variety of equipment such as tractors, harvesting machinery, tillage equipment and so on. The choice of equipment by the user depends on different parameters such as phase of usage, farm size, soil type, crop type and intensity of farming practices. Market potential for farm equipment differs across the globe owing to the variability in farm mechanization level, government support and the different kinds of farming practices that are employed. The global farm equipment market is segmented based on type, farming phase and geographic perspective.
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According to a recent study from IndustryARC, the global farm equipment market is projected to grow at 5.8% CAGR during 2015-2020 to reach $200 Billion by 2020. The support provided by the government in the form of subsidies on the purchase of farm equipment is fuelling the growth of this industry in the developing economies.
Farm Equipment Market has become highly competitive across regions due to the wide existence of Key Players such as:
- Deere & Company (U.S.)
- AGCO Corporation (U.S.)
- CNH Industrial (U.K.)
- Kubota Corporation (Japan)
- Mahindra & Mahindra (India)
These giants are significantly investing into R&D to meet the diversified needs of the farmers for efficient crop production.
- Crop Production Cycle consists of Five Phases such as:
- Land Development
- Planting & Sowing
- Harvesting & Threshing
Typically, each phase involves exclusive set of operations and equipment (except for the Tractor). Land development as well as Harvesting & threshing are the significant phases in the usage of the farm equipment. Decreasing arable land coupled with rising demand for crop produce fuels the adoption of mechanized farming. Due to growing concern for food safety in South-east Asian region there has been increasing emphasis on crop processing equipment in the recent years.
Tractors account for the maximum share in the global farm equipment market with China and India as the dominant markets. In the past decade, precision farming practices have evolved drastically with the integration of computer-aided systems. Large-scale farming in the developed regions has led to the usage of advanced technological solutions within the farming activities, such as remote sensing, wireless communication, GPS Guidance and Data analytics. Global leaders in the market have been providing farm management solutions that ensure low-cost and efficient farm operations. Continuous innovation prevails in this industry due to ever-evolving needs of farming. However, machinery that has been developed by manufacturers needs to be tested and permitted for safety and emission before it is commercialized.
Environmental concern in agriculture has resulted in no-till farming and drip irrigation and these practices have proven to be environmentally sustainable as well as economical. No-till farming is majorly practiced in the Americas and the Western European regions; whereas, it is negligible in APAC and Africa.
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“Tractors account for maximum share in the Global Market with China and India leading.”
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