Farm Implements Market Outlook
Farm Implements Market is projected to reach USD 98.1 Billion by 2030 at a CAGR of 7.10% from 2020-2030. Farm implements consist of the tools used in agricultural activities such as cultivators, seed drills, threshers, shredders, and sprayers. There are a few international players in the global farm implements market catering to the increasing demand. Companies such as John Deere, Mahindra Mahindra Limited, AGCO Corporation, and Airmaster Agricultural Machinery are recognized globally.
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 is also fueling the 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 large farm equipment.
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Segmentation
The global Farm Implements Market Size has been segmented into type and application.
Based on type, the global market for farm implements has been segmented into cultivators, seed drills, threshers, shredders, sprayers, and others. The cultivator’s segment is estimated to hold the largest share of the global market for farm implements during the forecast period. The ease provided by cultivators helps save time as large areas of land can be cultivated using these machines in lesser time. They also help reduce labor costs. Cultivators offer deep tillage and are thus broadly used throughout the globe. The segment of seed drills is anticipated to witness the fastest growth during the review period. Highly developed seed drills are used to sow seeds and cover them with soil, guarding them against wind and birds. This reduces the loss of seeds.
Based on the application, the global market for farm implements has been segmented into plowing cultivating, sowing planting, plant protection fertilizing, harvesting threshing, others. The plowing and cultivation segment was the largest in 2018. Growing awareness of the benefits of proper tillage, such as improved soil arability and water holding capacity, is anticipated to propel the growth of the segment. The sowing planting segment of the global Farm Implements Market demand for farm implements is anticipated to witness the highest CAGR during the forecast period. Seed prices are increasing due to improved versatility, such as insecticide-resistant and herbicide-resistant. As a result, proper sowing is required to reduce seed waste.
Key Players Farm Implements Market
Some of the significant participants in the global Farm Implements Industry Analysis are John Deere (US), CNH Industrial N.V. (UK), Claas (Germany), Mahindra Mahindra Limited (India), AGCO Corporation (US), Iseki Co., Ltd. (Japan), Jain Irrigation Systems (India), SDF Group (Italy), Groupe Agrocentre (France), Kubota Corporation (Japan), Agromaster Agricultural Machinery (Turkey), MaterMacc S.p.An (Italy), Morris Industries Ltd. (Canada), Maschio Gaspardo SpA. (Italy), Rostselmash (Russia).
Regional Analysis
Region-wise, the global market for farm implements has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
North America held the largest share of the global market for farm implements in 2018. The rampant adoption of technology in agriculture is accelerating the growth of the market for farm implements in the region.
The market in the Asia Pacific is expected to be the fastest-growing in the research period. The growing need for food sustainability and government subsidies for the purchase of farm implements are encouraging the growth of the regional market.
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