Market Overview:
The Farm Equipment Market size is estimated to reach $227.5 billion by 2030, growing at a CAGR of 6.1% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Farm Equipment Market – By Automation (Fully automatic, Semi-automatic, and Manual), By Machinery Type (Tractor, Soil Cultivation, Planting, Irrigation, Fertilization, Harvesting, Hay Making, Loader and Agriculture Robots), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Advances in sustainable farming techniques and the increasing adoption of autonomous machinery are fueling the growth of the Farm Equipment industry during the forecast period.
APAC Dominated the Market in 2023:
In 2023, the APAC region dominated the Farm Equipment Market, capturing a 43% revenue share. This growth is fueled by the significant agricultural activities in India and China, where a large population relies on farming. In China, the shift towards mechanization, driven by rapid industrialization and a need to maintain agricultural output, has led to strong demand for advanced machinery. Agriculture's contribution to China's GDP reached $2.72 trillion in 2022, as per the National Bureau of Statistics. Similarly, India's push towards modernizing agriculture, supported by government initiatives and the rising adoption of precision farming, has surged demand for innovative equipment. With India's agriculture sector projected to grow by 3.5% in FY 2022-23, the demand for advanced farm machinery is set to increase.
Farm Equipment Market: Key Takeaways
Government Support and Subsidies Boost Market Expansion:
Government support, through subsidies and financial incentives, is a key driver of growth in the Farm Equipment Market. Programs offering financial aid, tax breaks, and technology adoption incentives encourage farmers to invest in advanced machinery, enhancing both productivity and sustainability. Additionally, global initiatives like agriculture finance and insurance by The World Bank are supporting financially vulnerable farmers. In FY 2023, The World Bank allocated $5.9 billion to agriculture, with $3 billion focused on climate action, underscoring the importance of sustainable development. The Indian Ministry of Agriculture also reported an increase in subsidized farm equipment from 1.37 million in January 2022 to 1.38 million by December 2022, highlighting growing support for mechanization. Coupled with rising R&D investments and increasing demand for high-quality agricultural products, these factors are driving exponential growth in the market.
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Surge in Mechanization Fuels Demand in Developing Countries:
The increasing adoption of agricultural mechanization in developing countries is significantly boosting demand for Farm Equipment. With challenges like dwindling land availability, water scarcity, and labor shortages, these nations are turning to mechanized solutions to improve agricultural efficiency. This shift has led to a surge in demand for tractors, harvesters, irrigation systems, and precision farming tools. For example, In October 2023, Sonalika International Tractors introduced five new series, including an eco-friendly model, designed for global markets. The growing focus on precision agriculture and sustainable farming practices is further fueling market growth, as developing countries seek to optimize resource use and secure food production in a resource-constrained environment.
Scope of the Report:
Recent Developments:
• In August 2023, Mahindra and Mahindra introduced 7 lightweight tractors under the OJA platform in Cape Town, South Africa, in collaboration with Mitsubishi Mahindra Agriculture Machinery from Japan. These models, ranging from 20 hp to 40 hp, are set to be launched in India soon, with larger utility tractors expected next year.
• In January 2023, John Deere celebrated its 25th industry anniversary by launching 7 new tractors and 3 implements in India, featuring the advanced Power and Technology 4.0 edition. The launch included a special limited-edition model, the John Deere 5045 D Power Pro 4WD V3, designed for specific crop needs, aiming to boost efficiency and productivity for Indian farmers.
• In September 2022, AGCO Corporation brought the latest Fendt 300 Vario tractors to North American farmers, offering enhanced agricultural efficiency through cutting-edge technology and superior performance.
Farm Equipment Market: Competitive Landscape
Key companies profiled in the Farm Equipment Market are Deere & Company, Kubota Corporation, Mahindra and Mahindra Limited, AGCO Corporation., Iseki & Co. Ltd, Escorts Limited, Daedong Industrial Co. Ltd, JCB, Tractors and Farm Equipment Limited, Sonalika and others.
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