The Farm Machinery And Equipment Global Market Report 2023 by The Business Research Company, provides farm machinery and equipment market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Farm Machinery And Equipment Global Market Report 2023, the global farm machinery and equipment market size will grow from $216.1 billion in 2022 to $232.61 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global farm machinery and equipment is expected to grow to $303.75 billion in 2027 at a CAGR of 6.9%.
The integration of Internet of Things (IoT) applications in farm equipment is expected to drive the market for farm machinery and equipment. The world’s population will surpass 9 billion people by 2050. Farmers need access to better instruments and practices that will help them to deliver more agricultural products in less time. Farmers need to adopt new and modern technologies to produce food for the ever-expanding population.
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The farm machinery and equipment market is segmented:
1) By Type: Cultivator, Rotator, Chisel Plow, Harvester, Roller, Field Sprayer And Spreader, Irrigation System, Livestock equipment, Tractors, Other Types
2) By Capacity: Small, Medium, Large
3) By Operation: Manual, Semi-Autonomous, Fully-Autonomous
4) By Application: Spraying, Water Supply And Conservation, Cultivation, Harvesting, Seeding, Weeding, Livestock Farming, Other Applications
Eco-friendly electric tractors are likely to be an emerging trend in the farm machinery and equipment market. Eco-friendly tractors operate through electronic batteries that can be recharged simply by plugging them into a standard socket and don’t require any kind of fuel that creates air pollution. There are also many tractors where farmers can install wind or solar power to produce electricity to charge the tractor’s batteries. For instance, in India, in March 2020, a startup company Celestial E-Mobility launched an electric tractor, which is not only eco-friendly and cost-effective but also gives the same power as that of its diesel counterpart and is available cheaper than diesel tractors. The zero-emission tractor features battery swapping, and regenerative braking, and also helps to power an UPS.
The farm machinery and equipment market report table of contents includes:
1. Farm Machinery And Equipment Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
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20. Global Farm Machinery And Equipment Market Competitive Landscape
21. Key Mergers And Acquisitions In The Agricultural Implement Market
22. Farm Machinery And Equipment Market Opportunities And Strategies
23. Farm Machinery And Equipment Market, Conclusions And Recommendations
24. Appendix
Top Major Players:
- AGCO Corporation
- CLAAS KGaA mbH
- CNH Industrial N.V
- Escorts Group
- ISEKI & Co. Ltd
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