Major players in the farm machinery and equipment market are AGCO Corporation, CLAAS KGaA mbH, CNH Industrial N.V, Escorts Group, ISEKI & Co. Ltd, John Deere (Deere & Company), Kubota Corporation, Mahindra & Mahindra Limited, Same Deutz-Fahr Group S.
Reportlinker.com announces the release of the report “Farm Machinery And Equipment Global Market Report 2023” p.A. (SDF), and Valmont Industries Inc.
The global farm machinery and equipment market will grow from $216.1 billion in 2022 to $232.61 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The farm machinery and equipment market is expected to grow to $303.75 billion in 2027 at a CAGR of 6.9%.
The farm machinery and equipment market consists of sales of combine harvester, rotavator or rotary tiller, plough or plow, tractor trailer, power harrow, leveler, water bowser, ripper machine, and disc harrow. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The farm machinery and equipment refer to equipment engaged in manufacturing agricultural and farm machinery and equipment, and other turfs and grounds care equipment, including planting, harvesting, and grass mowing equipment (except lawn and garden-type).
The Asia Pacific was the largest region in the farm machinery and equipment market in 2022.North America was the second largest region in the farm machinery and equipment market.
The regions covered in the farm machinery and equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of farm machinery and equipment are cultivator, rotator, chisel plow, harvester, roller, field sprayer and spreader, irrigation system, livestock equipment, tractors, and other types. Chisel plow refers to a soil tillage device pulled by a tractor or animal, used to break up and stir soil a foot or more beneath the surface without turning it.
The capacities are small, medium, and large. The operation is manual, semi-autonomous, and fully autonomous.
The various applications involved are spraying, water supply and conservation, cultivation, harvesting, seeding, weeding, livestock farming, and other applications.
The integration of Internet of Things (IoT) applications in farm equipment is expected to drive the market for farm machinery and equipment. The world’s population will surpass 9 billion people by 2050.
Farmers need access to better instruments and practices that will help them to deliver more agricultural products in less time. Farmers need to adopt new and modern technologies to produce food for the ever-expanding population.
For instance, the utilization of a smart greenhouse that operates with the help of IoT enables monitoring and controlling of climate without human intervention. The IoT sensors in the smart greenhouse provide information on the light levels, pressure, humidity, and temperature and also control the actuators automatically to open a window, turn on lights, control a heater, turn on a mister, or turn on a fan.
Therefore, IoT help increases production with reduced labor and drives the farm machinery and equipment market.
Eco-friendly electric tractors are likely to be an emerging trend in the farm machinery and equipment market. Eco-friendly tractors operate through electronic batteries that can be recharged simply by plugging them into a standard socket and don’t require any kind of fuel that creates air pollution.
There are also many tractors where farmers can install wind or solar power to produce electricity to charge the tractor’s batteries. For instance, in India, in March 2020, a startup company Celestial E-Mobility launched an electric tractor, which is not only eco-friendly and cost-effective but also gives the same power as that of its diesel counterpart and is available cheaper than diesel tractors.
The zero-emission tractor features battery swapping, and regenerative braking, and also helps to power an UPS.
In October 2020, Escorts, an Indian multinational conglomerate that operates in the sectors of agricultural machinery, construction machinery, material handling, and railway equipment acquired a 40 % stake in Kubota agricultural machinery for an undisclosed amount. This acquisition will raise Kubota’s stake in the Indian company to 14.99% from 9.09%, Escorts. Kubota is an India-based agricultural machinery manufacturer.
The countries covered in the farm machinery and equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The farm machinery and equipment market research report is one of a series of new reports that provides farm machinery and equipment market statistics, including farm machinery and equipment industry global market size, regional shares, competitors with a farm machinery and equipment market share, detailed farm machinery and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the farm machinery and equipment industry. This farm machinery and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.