Farm implements market outlook
As per Market research Future (MRFR) analysis, the worldwide farm implements market is estimated to succeed in USD 68.45 billion with a CAGR of 6.9% from 2019 to 2025 (forecast period). The report evaluates critical players, including a five-year global marketing research, which highlights market growth. The analysis offers a forecast of market opportunities for each region over subsequent five years. The report also gives a comprehensive study of Covid-19 impact analysis of the market by type, application, and regions.
Farm equipment consists of tools utilized in agricultural activities like cultivators, seed drills, threshers, shredders, and sprayers. Some international players within the global farm market cater to increasing demand. Companies like Deere, Mahindra & Mahindra Limited, AGCO Corporation, and Airmaster Agricultural Machinery are known worldwide.
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Market Dynamics
The global farm implements market has seen steady growth in recent years thanks to the expansion of the agriculture industry. the worth of latest farm equipment sales in 2018 was USD 228 million above in 2017.
In addition, increased subsidies for the acquisition of farm equipment and implements and loan waivers to farmers by governments in emerging countries are projected to market the expansion of the marketplace for farm implements. as an example, the Department of Agriculture, Cooperation, and Farmers Welfare, India, provides subsidies to farmers through state governments under various schemes like the Rashtriya Krishi Vikas Yojna (RKVY) for the acquisition of agricultural equipment.
Nevertheless, the high cost of farm implements is predicted to impede the expansion of the worldwide market.
Key Players Farm implements Market
Some of the significant participants in the global farm implements market are John Deere (US), CNH Industrial N.V. (UK), Claas (Germany), Mahindra & Mahindra Limited (India), AGCO Corporation (US), Iseki & Co., Ltd. (Japan), Jain Irrigation Systems (India), SDF Group (Italy), Groupe Agrocentre (France), Kubota Corporation (Japan), Agromaster Agricultural Machinery (Turkey), MaterMacc S.p.A (Italy), Morris Industries Ltd. (Canada), Maschio Gaspardo SpA. (Italy), Rostselmas (Russia).
Regional Analysis
Region-wise, the global market for farm implements has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
North America held the largest share of the global market for farm implements in 2018. The rampant adoption of technology in agriculture is accelerating the growth of the market for farm implements in the region.
The market in the Asia Pacific is expected to be the fastest growing in the research period. The growing need for food sustainability and government subsidies for the purchase of farm implements are encouraging the growth of the regional market.
Segmentation
The global market for farm implements has been segmented into type and application.
Based on type, the global market for farm implements has been segmented into cultivators, seed drills, threshers, shredders, sprayers, and others. The cultivator’s segment is estimated to hold for the largest share of the global market for farm implements during the forecast period. The ease provided by cultivators helps save time as large areas of land can be cultivated using these machines in lesser time. They also help reduce labor costs. Cultivators offer deep tillage and are thus broadly used throughout the globe. The segment of seed drills is anticipated to witness the fastest growth during the review period. Highly developed seed drills are used to sow seeds and cover them with soil, guarding them against wind and birds. This reduces the loss of seeds.
Based on the application, the global market for farm implements has been segmented into plowing & cultivating, sowing & planting, plant protection & fertilizing, harvesting & threshing, others. The plowing and cultivation segment was the largest in 2018. Growing awareness of the benefits of proper tillage, such as improved soil arability and water holding capacity, is anticipated to propel the growth of the segment. The sowing & planting segment of the global market for farm implements is anticipated to witness the highest CAGR during the forecast period. Seed prices are increasing due to improved versatility, such as insecticide-resistant and herbicide-resistant. As a result, proper sowing is required to reduce seed waste.
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