Major players in the farm machinery and equipment market are AGCO Corporation, CLAAS KGaA mbH, CNH Industrial N.V., Escorts Group, ISEKI & Co., Ltd., John Deere (Deere & Company), Kubota Corporation, Mahindra & Mahindra Limited, Same Deutz-Fahr Group S.p.A. (SDF), and Valmont Industries Inc.
The global farm machinery and equipment market is expected to grow from $183.85 billion in 2020 to $201.83 billion in 2021 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 consists of sales of farm machinery and equipment by entities (organizations, sole traders, or partnerships) that are engaged in manufacturing agricultural and farm machinery and equipment, and other turfs and grounds care equipment, including planting, harvesting, and grass mowing equipment (except lawn and garden-type). Only goods and services traded between entities or sold to end consumers are included.
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 doesn’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 Cellestial 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 available cheaper than diesel tractors.
The zero-emission tractor features battery swapping, regenerative braking, and also helps to power an UPS.
The farm machinery and equipment market covered in this report is segmented by type into cotton ginning machinery; feed processing equipment; fertilizing machinery; haying machines; milking machines; planting machines; plows; poultry brooders, feeders, and waterers; combines (i.e., harvester-threshers); other farm machinery and equipment. It is also segmented by application into spraying; water supply and conservation; cultivation; harvesting; seeding; weeding; livestock farming; others.
In April 2018, Tractors and Farm Equipment Limited (TAFE), an Indian tractor manufacturer acquired Serbian based tractor and agriculture equipment brand IMT for INR 45 million ($0.60 million). The acquisition will help TAFE to expand its footprint in the Balkans and Eastern Europe. The acquisition will also give TAFE the right to use the Brand and Intellectual Property Rights, including the designs, trademarks, and copyright (IPR) of IMT.
The integration of Internet of Things (IoT) applications in farm equipment is expected to drive the market of 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.
For instance, the utilization of a smart greenhouse which operates with the help of IoT enables to monitor and control climate without human intervention.The IoT sensors in the smart greenhouse provide information on the light levels, pressure, humidity, and temperature and also control the actuators automatically to open a window, turn on lights, control a heater, turn on a mister, or turn on a fan.
Therefore, IoT help increases production with reduced labor and drives the farm machinery and equipment market.
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