LONDON, Dec. 07, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s farm equipment market report, the global farm machinery and equipment market is fragmented, with a large number of small players. The top ten competitors in the market made up to 26.30% of the total market in 2020. Major players in the market include Deere & Company, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, and CLAAS KGaA mbH.
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Companies in the farm machinery and equipment market have faced many disruptions due to COVID. Interrupted supply chains, social distancing requirements, reduced workforces have all resulted in a lot of agricultural land being left unattended for long periods of time, ultimately dampening the growth of the farm machinery and equipment market. For instance, in May 2023, the domestic tractor sales in India for Mahindra & Mahindra saw a decrease of -4.9% in the sales as compared to May 2020, whereas other major companies such as Tafe Group and Sonalika saw a -32.4% and -10.2% decrease in sales over the same time frame respectively.
Companies in the farm machinery and equipment market are developing new products and adopting innovative new ways and electric machinery to recover the revenues to try and retain their market positionings. For instance, OEMs such as CNH Industrial, John Deere, Kubota, and Mahindra have already developed driverless tractors. With the help of this technology, in a few years, farmers can use their smartphones to rent a driverless tractor.
The Business Research Company’s report titled Farm Machinery And Equipment Global Market Report 2023 – By Type (Cultivator, Rotator, Chisel Plow, Harvester, Roller, Field Sprayer And Spreader, Irrigation System, Livestock equipment, Tractors), By Application (Spraying, Water Supply And Conservation, Cultivation, Harvesting, Seeding, Weeding, Livestock Farming), By Capacity (Small, Medium, Large), By Operation (Manual, Semi-Autonomous, Fully-Autonomous), COVID-19 Impact And Recovery covers major farm machinery and equipment companies, farm machinery and equipment market share by company, farm machinery and equipment manufacturers, farm machinery and equipment market size, and farm machinery and equipment market forecasts. The report also covers the global farm machinery and equipment market and its segments.
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The global farm machinery and equipment market is expected to grow from $183.85 billion in 2020 to $201.83 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $276.85 billion in 2025 at a CAGR of 8.2%.
The farm machinery and equipment market is segmented by type into tractors, harvester, livestock equipment, chisel plow, field sprayer and spreader, roller, and others. The tractor market was the largest segment of the farm machinery and equipment market by device type, accounting for $74.3 billion or 35.5% of the total market in 2020. The chisel plow market is expected to be the fastest-growing segment going forward at a CAGR of 8.1%. The market is also segmented by application into spraying, water supply and conservation, cultivation, harvesting, seeding, weeding, livestock farming, others, by capacity into small, medium, large, and by operation into manual, semi-autonomous, fully-autonomous.
The top growth potential in the farm equipment market by type will arise in the tractors market, which will gain $28.7 billion of global annual sales by 2025. The top growth potential in the farm machinery market by application will arise in the harvesting market, which will gain $23.7 billion of global annual sales by 2025, by capacity will arise in the large market, which will gain $44.9 billion of global annual sales by 2025, by operation will arise in semi-autonomous market, which will gain $48.1 billion of global annual sales by 2025. The farm machinery and equipment market size will gain the most in the China at $17.7 billion.
Farm Machinery And Equipment Global Market Report 2023 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide farm machinery and equipment market overviews, analyze and forecast market size and growth for the whole market, farm machinery and equipment market segments and geographies, farm machinery and equipment market trends, farm machinery and equipment market drivers, farm machinery and equipment market restraints, farm machinery and equipment market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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