The utilization of agricultural equipment assists in obtaining high crop yields in comparatively less time and minimal efforts. The use of automatic and semiautomatic agricultural equipment reduces the necessity of labor on farms, which reduces the costs incurred on manpower. An increase in mechanization of various farming activities such as plowing, harrowing, planting, harvesting and tilling is further boosting the demand for the farm implement market. Furthermore, the growing global population creates a demand for additional food cultivation and this demand creates the need to use automatic farm equipment to increase the cultivation efficiency.
MARKET DRIVER
Increases in crop production and emerging economies in developing countries drive the farm implement market. Favorable climatic conditions for food and production and government support with subsidies for farmers also favor market growth. Several government administrations globally are providing funds to their farmers to push them to adopt sustainable agriculture practices and enhance productivity by using machinery. Adding to that, financial support to farmers such as loan waiver schemes through the regional governments is boosting the market growth. Increasing demand for high-capacity machinery due to large farms and the rising popularity of self-propelled machines.
MARKET OPPORTUNITY
Increased adoption of intelligent combined harvesters equipped with monitoring tools to increase farm yield. Increasing demand for high-capacity machinery due to large farms and the rising popularity of self-propelled machines boosts a great opportunity for the farm implement market.
MARKET RESTRAINT
The high initial cost of agricultural equipment is one of the major factors. The inability of small farmers to invest a high amount results in the low penetration of farm equipment in emerging countries.
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MARKET GROWTH CHALLENGES
The growth of the rental market as renting farm equipment is cost effective compared to purchasing the equipment on a standard loan from a financial institution is a major challenge faced by the farm implement market.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of the global farm implement market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. An increasing demand for various farm implement in various applications has led to the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
FARM IMPLEMENT MARKET SEGMENTAL OVERVIEW
The global farm implement market comprises of different market segment like product type, application, automation, and geography.
The tractor is expected to dominate the market over the forecast period. Due to an increase in the number of tractors on small, medium and large farms, it created a demand for tractors. The rise in demand for highly efficient tractors for various applications such as planting, sowing and others drive the growth of the tractor in the market. Further, a rise in demand for high performance tractors for muddy and heavy soil conditions and for mulching applications created demand for applications in agricultural activities.
FARM IMPLEMENT MARKET BY APPLICATION
By application, the farm implement includes key segment of
The Cultivation is anticipated to lead the market, gaining the majority of the market share in 2021, and is expected to maintain its dominance over the estimated time period. The major factor driving the cultivation application segment is the growing awareness of the benefits of proper tillage, such as improved arability and water holding capacity of the soil. Cultivation helps to improve soil physical conditions to allow improved root growth.
FARM IMPLEMENT MARKET BY AUTOMATION
By automation, the farm implement includes key segment of
The Automatic segment are expected to dominate the market over the forecast period. Farm automation practice can make agriculture more profitable and help to reduce the ecological footprint of farming at the same time. Farm machinery is used in farming to save labor. Farm automated implement helps to increase production rates and productivity, and more effective resource utilization.
FARM IMPLEMENT MARKET BY GEOGRAPHY
By geography, the farm implement includes key segment of
Asia-Pacific is likely to witness rising demand for farm implement across the country. The presence of a well-functioning regional agricultural sector and knowledge of local products. The widespread adoption of technology in agriculture is driving the growth of the farm implement market in the region. In addition, increased gross domestic product, infrastructure investment, rising per capita income and a growing inclination toward mechanization boost the farm implement market growth in the Asia-Pacific region. Countries like China, India and Japan are considered a major contributor to the Asia-pacific farm implement market. For instance, in India, growing government initiative for FDI and subsidies have created more opportunities for the farm implement market.
COVID-19 IMPACT ANALYSIS ON GLOBAL FARM IMPLEMENT MARKET
The outbreak of COVID in the farm implement market caused distribution since it spread across the globe. COVID-19 impacted various sectors and industries, including the agricultural machinery and equipment market. The COVID-19 outbreak caused a slight decline in the farm implement market in 2020. The restriction imposed by governments to stop the spread of the novel coronavirus has led to the temporary shutdown of manufacturing facilities. The pandemic's stringent lockdowns and travel restrictions hampered the logistics and production of agricultural equipment, which affected overall sales. At the initial stage of a pandemic, the world experienced supply shocks as China is the producer and supplier of most of the raw materials or inputs in many industries. Therefore, there were disruptions to the availability of goods supplied from China, thereby affecting the overall farm implement market. However, the farm implement industry is recovering in the post-pandemic due to improving economic conditions and the rise in adoption of farm mechanization techniques to help in increasing agricultural productivity.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the farm implement market is certainly based on the range of market players operating in the machinery and equipment industry market with growing government initiative by launching various schemes in different parts of the world. Besides, a number of market players offered a wide range of products for different applications in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
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