The global farm equipment market is anticipated to grow at a CAGR of 20.2 % over the 2022-2028 forecast. The primary factors behind the expansion of the global farm equipment market include an increase in R&D activities and the increasing use of electric farm equipment.
The most recent market report on "Global Farm Equipment Market Analysis and Forecast, 2019-2028" by RationalStat examines the global and regional market based on the product type, duty type, horsepower, drive type, mode of operation and region. A thorough market analysis report offers an overall historical and future market size in term of market value (US$ million) and market volume ('000 units) and a complete market study (year-on-year increase). Market share analysis, the growth of the agricultural industry, summary of the market, strategic imperatives, strategies and plans, key applications, potential growth driver, new research and development for equipment for farming across the globe, and competition analysis for the players that are targeted in the global farm equipment market study.

Market Overview and Dynamics

Farmers have begun using tractor-driven farms with the rise in literacy, awareness, and various government programs to create rural employment. It is anticipated to see a significant increase over the next few years.
Furthermore, the ongoing and expansion of contract farming, with more companies joining the industry, will create opportunities to expand the business. Additionally, with a more intense emphasis on meeting the coming demands for production, various commercial and national banks have created specific plans to help farmers with different programs and offer easy financing options.

Market Trends and Drivers in the Global Farm Equipment Market

The growing gap between the crop yield quality with and without the use of farm equipment is anticipated further to drive the demand for the global farm equipment market. Furthermore, the growing industrialization has reduced the number of rural laborers and is expected to further increase the need for mechanization.

Furthermore, the better quality of crop yield by the use of farm equipment coupled with decent government support is expected to contribute towards the growth of the global market. Asia Pacific is expected to dominate the global farm equipment market as agriculture is the source of income for most of the households in this region which is expected to fuel the sales revenue of farm equipment manufacturing companies in the upcoming years.

India is the biggest tractor market globally, selling more than 800,000 tractors annually, more than 20 times the amount of Japan. However, more than 30% of people purchase tractors for various reasons besides agriculture.

Segmental Analysis: Global Farm Equipment Market

On the basis of product type, flavored Farm Equipment is anticipated to gain considerable growth owing to the use of tractors for varied purposes in the agriculture industry.

Based on the mode of operation, manual tractors are anticipated to acquire a majority share of the market owing to their increasing adoption due to changing customer preferences.

Competition Analysis and Market Structure

The global farm equipment market is fragmented in nature with the presence of various players operating in the region. Leading companies operating in the farm equipment market are focusing on introducing new technologies, and developments to provide to evolving consumer preferences.

Moreover, these players adopt various strategies to increase their market share and gain a competitive edge over other competitors in the global farm equipment market. Mergers and acquisitions, Product launches, partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the global farm equipment market include, 

In November 2021, John Deere developed new material collection systems and mechanical grapples for compact utility tractors. The New Frontier MG20F Mechanical Grapple offers a quick-attach solution for fast installation and features a 1,200-pound (544 kg) lift capacity.

In December 2021, New Holland Agriculture designed a Straddle Tractor to meet the demanding requirements of the narrow vineyards typical of premium wine-growing regions such as Champagne, Médoc, and Burgundy.

In March 2023, Auga launched, the Auga M1 as an ambitious project to manufacture a biomethane-fueled high-performance tractor as a step forward with the unveiling of a pre-production design set for final testing prior to commercial launch. It is also a four-wheel-drive machine with equal-sized wheels all-round intended mainly for tillage and drilling or planting work on arable and large-scale horticultural enterprises.

Some of the key players operating in the global farm equipment market include
AGCO Corporation
Deere & Company
Escorts Ltd
KUBOTA Corporation
Mahindra & Mahindra Limited
KUHN SAS
CLAAS KGaA mbH
Alamo Group Inc.
Eicher Motors
Sonalika, Action Construction Equipment (ACE) Ltd.
Changzhou Dongfeng Agricultural Machinery Group Co., Ltd. among others.

RationalStat has segmented the global farm equipment market on the basis of product type, type, duty type, horse power, drive type, mode of operation, and region.

Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Product Type

oTractors
Heavy Duty Tractors
Mini Tractors

oHarvesting Machinery
Combine Harvesters
Forage Harvesters
Threshers
Reapers

oTillage, Seeding and Cultivation Machinery
Ploughs
Harrows
Cultivators & Tillers

oPlanting & Fertilizing Machinery
Seed Drills
Planters
Spreaders
Sprayers

oSelf-Propelled Sprayers
oHay Machinery
Balers
Mower Conditioners
Tedders & Rakes

oSelf-Propelled Windrowers

Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters) and Market Share (2019-2028) Analysis by Type
oConventional
oElectric

Battery Electric Tractor
Hybrid Electric Tractor
Plug-in Hybrid Electric

Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters) and Market Share (2019-2028) Analysis by Duty Type

oHeavy Duty Tractors
oMini Tractors (A Mini Tractor is capable of performing all agriculture operations that a bigger tractor can, only at a lesser cost)

Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Horse Power (HP)

oUp to 20 HP
o21-30 HP
o31-40 HP
o41-50 HP
o50-60 HP
o60-70 HP
o70-80 HP
o80-100 HP
o100-150 HP
o150-200 HP
o200-250 HP
o250-300 HP
o>300 HP
Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Drive Type

oTwo-Wheel Drive (2WD)
oFour-Wheel Drive (4WD)

Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Mode of Operation

oManual Tractors
oAutonomous Tractors

Global Farm Equipment Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Region

oNorth America Farm Equipment Market
US
Canada

oLatin America Farm Equipment Market
Brazil
Mexico
Rest of Latin America

oWestern Europe Farm Equipment Market
Germany
UK
France
Spain
Italy
Benelux
Nordic
Rest of Western Europe

oEastern Europe Farm Equipment Market
Russia
Poland
Rest of Eastern Europe

oAsia Pacific Farm Equipment Market
China
Japan
India
South Korea
Australia
ASEAN (Indonesia, Vietnam, Malaysia, etc.)
Rest of Asia Pacific

oMiddle East & Africa Farm Equipment Market
GCC
South Africa
Turkey
Rest of the Middle East & Africa

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