|
|
(Transportation-News.com, November 09, 2021 ) The global Farm Equipment Market is projected to reach USD 113,012 million by 2025 from an estimated USD 92,214 million in 2020, declining at a CAGR of 4.2% during the forecast period, mainly due to attractive government policies to farmers in the form of loan waivers, credit finance, monetary aid in difficult times such as drought, pandemic such as COVID-19 etc. Increasing popularity and awareness of farm mechanization is significantly expected to drive farm equipment market. Also, developments in precision agriculture and autonomous tractors is expected to create future opportunities in farm equipment market.
Four-wheel drive tractors are projected as the fastest growing tractors in drive type segment
Four-wheel drive is expected to be the fastest-growing market during the forecast period. Benefits such as better traction, reduced slippage, and suitability for rough terrain and slopes are driving the demand for four-wheel drive tractors. These tractors increase productivity and can operate with large and heavy implements such as rotavators, disc harrow, power harrow, large cultivators, loader, combine harvesters, and dozer attachments. Asia Oceania countries such as China and India are also witnessing demand for four-wheel drive tractors, where two-wheel tractors hold majority of sales.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=164005174
Combines is expected to hold the largest market in farm equipment segment
Combines include harvesters used for crops such as rice, wheat, pulses, corn, and soybean. Small and mini combines are preferred for crop harvesting in Asia Oceanian, as the agricultural land is comparatively small (1–10 acres) in this region. Growing mechanization rate of the three main staple food products such as wheat, rice, and corn, and growing government support in terms of tax rebates and subsidies are expected to drive the market for combine harvesters in future. Europe is expected to be the largest market for non-cereal combines during the forecast period. Due to the increasing demand for higher capacity machines that can handle large acres per day is expected to drive non-cereal combines in the European market as well as globally.
Asia Pacific region is expected to lead the farm tractor market during the forecast period
Asia Oceania is expected to lead the farm tractor market during the forecast period.Australia is expected to be the fastest growing and India is expected to be the largest market in the forecast period. 31-70 HP tractors are most popular in the region due to the suitability of these tractors with the soil and crop type such as wheat, maize, pulses etc. India is leading the 31-70 HP tractors and is expected to hrow in the coming years. The increasing farm mechanization driven by government efforts and subsidies/loan waivers is expected to drive farm tractor sales in Asia Oceania. Additionally, the increasing presence of international brands such as John Deere, CLAAS, and Massey Ferguson in Asia Oceania is expected to boost the growth of the farm tractor market. Growing horticulture industry, increasing demand for high-powered tractors, new product launches and enhancements at competitive prices is also expected to drive farm equipment market.
Key Market Players:
The farm equipment market is dominated by globally established players such as John Deere (US), CNH Industrial (The Netherlands), AGCO (US), CLAAS (Germany), Mahindra & Mahindra (India), and Kubota (Japan).
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=164005174
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
newsletter@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
|
