Farm Equipment Market worth $126.0 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 1, 2022 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the global Farm Equipment Market is projected to grow from USD 99.4 billion in 2021 to USD 126.0 billion by 2027, at a CAGR of 4.0% during the forecast period. The demand for electric and autonomous vehicles would create growth opportunities for the Farm Equipment Market.
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309 – Tables
55 – Figures
319 – Pages
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Two-wheel drive segment is expected to be the largest segment during the forecast period
The two-wheel drive segment is estimated to lead the market, in terms of value, during the forecast period. These tractors are popular among emerging countries such as India, China, and Japan with small farm sizes, as two-wheel drive tractors are less expensive, and their repair costs are less. According to the Indian Council of Food and Agriculture, only 40-45 % of cultivated land will be mechanized in 2021. This makes India an even more lucrative market.
The 31–70 HP farm tractor is expected to hold the largest market in farm tractor rental market in 2021
Tractors hold the largest share among all the rented farm equipment. Companies collaborate with application companies to promote leasing businesses and encourage farmers to use farm equipment at affordable prices. For instance, SEMA Equipment (US), a dealer for John Deere, charges USD 100/hr for 6E series, USD 140 for 7R series, USD 150/hr for 8RT/R, and USD 180/hr for 9RT/R series. In August 2021, Sonalika launched the app to bridge the gap between farmers and hi-tech farm machinery, from land preparation to harvesting. The app connects the farmers with a huge range of machinery renters that offer high-tech agricultural implements on rent within their vicinity.
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Asia Oceania is estimated to be the dominant regional market
India is the largest market for tractors in the world. However, tractor sales, particularly of small-powered tractors with 31-50 HP, witnessed a decline of 12.7% in the first half of FY 2020 due to the COVID-19 outbreak. However, since the government deemed agriculture essential, relaxations in restrictions have boosted tractors sales from May 2020. The rolling out of various government schemes and loan waivers for farmers and the promotion of farm mechanization are also expected to boost the Indian tractor market. Regulations would mainly drive the Indian farm industry.
Key Market Players
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 2021, which helped them to innovate on their offerings and broaden their customer base.
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