Farm Implements Market is projected to be valued at USD 68.45 Billion by 2025, registering a CAGR of 6.9% during the review period. Several agricultural activities such as plowing and sowing are time-consuming and labor-intensive. However, advancements in the industry have led to the use of state-of-the-art farm implements that aid farmers in various activities. The shortage of labor and ease of operating farm implements are driving the growth of the global farm implements market. Increasing financial support to farmers by the governments in developing nations such as the provision of loan waivers are also fueling market growth. The decreasing farm sizes have increased pressure on farmers to use modern agricultural tools to increase crop yield, thereby fostering the growth of the global farm implements market.
The Global Farm Implements Market has witnessed high growth in recent years owing to the growth of the agriculture industry. The decreasing farm sizes, increasing use of agricultural land for industrial purposes, and growing demand for food from a rapidly increasing population have made it necessary to increase crop productivity, thereby driving the growth of the global farm implements market. The value of sales of new farm equipment in 2018 was USD 228 million higher than in 2017. Moreover, increasing subsidies on the purchase of farm equipment and implements and direct loan waivers to farmers by the governments in various developing nations are projected to foster the growth of the farm implements market. For example, the Department of Agriculture, Cooperation and Farmers Welfare, India, provides subsidies to farmers through state governments under different schemes such as the Rashtriya Krishi Vikas Yojna (RKVY) for the purchase of agricultural equipment. However, the high cost of farm implements is expected to hamper the growth of the global farm implements market.
- John Deere (US)
- CNH Industrial N.V. (UK)
- Mahindra & Mahindra Limited (India)
- AGCO Corporation (US)
- Kubota Corporation (Japan)
- Claas (Germany)
- Iseki & Co., Ltd. (Japan)
- Jain Irrigation Systems (India)
- SDF Group (Italy)
- Groupe Agrocentre (France)
- Agromaster Agricultural Machinery (Turkey)
- Maschio Gaspardo SpA. (Italy)
- MaterMacc S.p.A (Italy)
- Morris Industries Ltd. (Canada)
- Rostselmas (Russia)
Growth Opportunities in the Market
Seed drills segment to grow at a robust rate: The seed drills segment is expected to register the highest CAGR during the forecast period. The increasing awareness about the importance of proper sowing coupled with the ease and efficiency offered by seed drills is expected to drive the growth of the segment. Moreover, seed drills significantly reduce wastage, which is further projected to propel demand.
Dominance of the plowing & cultivating segment: Plowing and cultivating are extremely time and labor-intensive and crop productivity is dependent to a large extent on the preparation of land as it impacts the arability, texture, and moisture-holding capacity of the soil. The plowing & cultivating segment is projected to dominate the market during the forecast period and register the highest CAGR of approximately 7.9% from 2019 to 2025.
North America: North America accounted for the largest share of the global farm implements market in 2018. The widespread adoption of technology in agriculture is driving the growth of the farm implements market in the region.
Asia-Pacific: The market in Asia-Pacific is projected to be the fastest-growing during the study period. The increasing need for food sustainability and provision of government subsidies on the purchase of farm implements are fostering the growth of the regional market.
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