Global Farm Machinery And Equipment Market Trends And Strategies Of Major Players In The Farm Machinery And Equipment Market 2021-2030
1 Sep, 2021
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.
Global Farm Machinery And Equipment Market Size And Drivers:
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 integration of Internet of Things (IoT) applications in farm equipment is expected to drive the market of farm machinery and equipment.
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Trends In The Global Farm Machinery And Equipment Market
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.
Global Farm Machinery And Equipment Market Segments:
The global farm machinery and equipment market is further segmented based on type, application, capacity, operation and geography.
By Type: Cultivator, Rotator, Chisel Plow, Harvester, Roller, Field Sprayer And Spreader, Irrigation System, Livestock equipment, Tractors, Others
By Application: Spraying, Water Supply And Conservation, Cultivation, Harvesting, Seeding, Weeding, Livestock Farming, Others
By Capacity: Small, Medium, Large
By Operation: Manual, Semi-Autonomous, Fully Autonomous
By Geography: The global farm machinery and equipment market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Farm Machinery And Equipment Market At:https://www.thebusinessresearchcompany.com/report/farm-machinery-and-equipment-global-market-report
Farm Machinery And Equipment Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides farm machinery and equipment market overviews, analyzes and forecasts market size and growth for the global farm machinery and equipment market, farm machinery and equipment market share, farm machinery and equipment market players, farm machinery and equipment market segments and geographies, farm machinery and equipment market’s leading competitors’ revenues, profiles and market shares. The farm machinery and equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.