The global Agriculture and Farm Equipment market was valued at USD 132.7 billion in 2017 and is anticipated to grow at a CAGR of more than 8.8% during the forecast period. Agriculture and farm equipment are used in farming practices to save labor costs, and maximize quality, productivity, sustainability, and profitability. Agriculture and farm equipment are used for diverse operations such as handling of residues from previous crops, fertilizer distribution and application, primary and secondary tillage of the soil, pest control, seeding, planting, and transplanting, cultivation, pest control, and transportation. They also assist in harvesting, storage of crops, irrigation, premarketing processing, drainage, and water conservation. These equipment enable farmers to use crop inputs such as pesticides, fertilizers, and irrigation water effectively to enhance crop yield while reducing environment pollution.
The increasing demand for food crops owing to population increase primarily drives the market growth. There has been growing mechanization of farm operations to increase food production and improve crop quality. Agricultural practices such as precision farming are increasingly being adopted across the world owing to increasing need to maximize crop production along with enhancing environmental protection, thereby boosting the adoption of agriculture and farm equipment. Other factors driving the growth of this market include growth in the global agricultural industry, reducing availability of labors, and increasing labor costs. Integration of technologies such as automation and robotics along with support and subsidies from governments further supplement the growth of this market. However, high initial investment restricts the growth of the agriculture and farm equipment market. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
The global Agriculture and Farm Equipment market is segmented on the basis of product, and region. Based on the type of product, the market is segmented into planting and fertilizing equipment, farm tractors, irrigation equipment, haying equipment, harvesting equipment, plowing equipment, and others. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, France, and Russia. Asia-Pacific is bifurcated into China, India, Japan, and Australia. Asia-Pacific accounted for the largest share in the global Agriculture and Farm Equipment market in 2017 owing to growing need to improve agricultural productivity.
The leading players in the market include Agrocenter Ltd., CNH Industrial N.V., Amazone Ltd., Horsch Maschinen GmbH, John Deere, Kubota Corporation, Mahindra & Mahindra Limited., Morris Industries Ltd., AGCO Corporation, Agromaster, CLAAS KGaA mbH, and Escorts Group among others. The leading players in the market are introducing new innovative products in the market to cater to the growing consumer demands. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.