Farm equipment are mechanical devices such as tractors and several attached implements, which are intended to be utilized in diverse farming operations in order to save time and labor. These equipment are easy to use and help in diverse agricultural operation such as primary and secondary tillage of soil, cultivation, spraying of fertilizers, insecticide, pesticides, herbicides, harvesting of crop, irrigation system, water conservation management, and livestock farming. Farm equipment are essential tools for farming practices. The agricultural sector is witnessing a change its practices from traditional farming to modern farming, which includes modern machinery. These equipment are essential tools that increase yield and improve the maintenance of soil and have easy approach in farming. Rise in agricultural practices for easy agro practices and to increase the productivity of crop enhances the demand for the farm equipment market during this forecast period.
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Based on region, the global farm farm equipment market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The region of North America have usage of farm equipment. The region is technologically advanced in terms of agricultural practices and hence, witnesses the increased usage of farm equipment. In Europe the scarcity of human labor for agricultural practices makes the farmer dependent on farm equipment. In Asia Pacific, the farming sector is a major business due to diverse climatic and geographic conditions. Additionally, a majority of countries depend on the agricultural sector, which boosts the usage of farm equipment. Middle East & Africa is highly focused towards its agricultural practices for modernization that enhances the use of farm equipment. In South America, a majority of nations witness farming as a core business, as the region has better environmental conditions and geographical land that is suitable for farming. This in turn is estimated to boost the farm equipment market in South America.
Major drivers of the farm equipment market include high dependence on agriculture, major work force involved in agro business, regulatory body support, and rapid technological advancements in the agro sector. The farm equipment market witnesses certain restraints such as high price of equipment, cost of maintenance, small farm sizes, changing climatic conditions, and dependence on multiple equipment for diverse agro operation. However, it also witnesses opportunities such as cooperative farming, improving rental services, enhancing technological changes of equipment, low manufacturing cost, and small land holding equipment.
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Key players operating in the global farm equipment market include John Deere & Company, Komatsu Ltd, Mahindra Group, Kubota Corp., AGCO Group, Alamo Group, SDF Group, Class AGaA, CNH Industrial N.V., Iseki & Co., Ltd., Same Deutz-Fahr Group S.p.A. (SDF), J.C. Bamford Excavators Limited, and Escorts Limited.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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