Global Farm Equipment Market: An Overview
As per the Food and Agriculture Organization of the United Nations, an estimated world population of 9.1 billion people in 2050 will require an escalated production of food throughout the world. The overall food production needs to be raised both quantitatively by over 70% by 2050, and qualitatively by growing more nutrient-dense crops worldwide. An increment in the global population requires a complete overhaul in farm machinery. An enhanced version of machinery used at farms will provide us with better, and higher quantities of food.
Farmers do not sit in air-conditioned workspaces, instead, they work out on the fields where a requirement for proper machinery to reduce manual workload is a necessity. With the continuous advancement of technology, the farm machinery market is booming with innovation and flexible options. Farmers can save up on manual employment, and invest their capital in procuring machinery that eases their harvesting process on the fields. Employing machinery on farms ensures that the maximum area is utilized for agricultural purposes in a shorter span of time.
IndustryARC analysts have estimated the farm equipment market growth to be valued between $170 billion to $175 billion. According to the analyst, this market is set to grow at a standard CAGR of less than 6% during the forecast period of 2019-2025. The report is titled “Farm Equipment Market: By Type (Tractors, Fertilizing, Plant Protection Equipment, Harvesting Equipment, Irrigation Equipment, Hay and Forage Equipment, Crop processing Equipment, Seeding Equipment, Grain Handling Equipment, Cutters and Shredders, Sprayers ); By Phase (Land Development, Sowing, Planting, Cultivation, Harvesting, Threshing, Others); By Application (Agri Equipment, Construction Equipment, Chemical Applications, Financing Equipment, Material Handling Equipment, Snow Removal Equipment, Property Maintainance Equipment); By Geography – Forecast (2019-2025).”
Global Farm Equipment Market: Key Drivers
Farm equipment market includes the production of machinery, and vehicles like tractors, tree trimmers, harrow, ploughs, seeder, fertilizer spreader, etc. This market is quite promising owing to the ever-increasing demand for agricultural produce in the current global scenario. Several drivers fuel the farm equipment market growth and help in acquiring a higher demand.
- Global Hunger and Dietary Transitions
According to Food and Agriculture Organization of United Nations, if the governments of all the countries do not work towards the incessant provision of food towards the needy and vulnerable, by 2050 we will have around 370 million undernourished people. This encourages the growth of the farm equipment market as the demand for quick food production soars. Diet transitions emanating in several affluent parts of the world will also drive farm machinery market growth. Increased demand for exotic produce like avocados, amaranth, and other superfoods will require efficient farm equipment.
- Women’s Role in the Farming Industry
Women play a very significant role in the agriculture industry. According to the Food and Agriculture Organization, up to 80% of total farm labor is performed by the female gender. If enhanced mechanization is introduced in the agricultural market, women’s drudgery will reduce considerably. It will become easier to manage arable land, which is poised to expand by 70 million hectares in the next thirty years.
Global Farm Equipment Market: Competitive Landscape
Analyst at IndustryARC has predicted the Asia Pacific to lead the farm equipment market. According to the Asian Development Bank, more than 2.2 billion people in the region rely on agriculture for their livelihoods. This is the reason why the APAC region is estimated to hold around 40%-45% of the entire market share.
Some of the key players in farm equipment market are AGCO, John Deere, CLAAS, Massey Ferguson, Argo Group, Mahindra and Mahindra, Hunter Industries, Toro Corp., Jain Irrigation, Bucher Industries, CNH Industrial, Kvernerland Group, SDF Group, Kubota, and Lindsay Corp.
Farm equipment market will thrive on several factors- increasing population, and global demand for food, dietary transitions, and lifestyle changes. Farmers rely heavily on the market because it helps them earn more while assuring a reduction in manual workload. If there is consistent innovation in this sector, women workforce will also experience a radical change in their lives.
Talk to one of our sales representative about the full report by providing your details in the link below:
- Agriculture Inoculants Market
- Agricultural Drones Market
- Agricultural Nanotechnology Market