Farm Equipment Market: Introduction
Farm equipment are machines or devices used in farming. It includes tractors and implements used in farming to save labor. Farm machines include a great variety of devices with a wide range of complexity: from simple hand-held implements used since prehistoric times to the complex harvesters of modern mechanized agriculture. These are equipment which are pulled by working animals or mounted to machinery (hand tractor, tractor) which are usually used in preparation of land. The most common types of equipment and machinery used on farms include tractors, balers, combines, plows, mowers, planters, and sprayers. Farm tools, implements, and equipment play a very important role in horticultural operations. Their availability makes the work much easier and faster.
Key Drivers of the Farm Equipment Market
The agricultural sector is witnessing a change in its practices from traditional farming to modern farming, which includes modern machinery. These equipment are essential tools that increase yield and improve the maintenance of soil and offer an easy approach to farming. Rise in agricultural practices for easy agro practices and to increase the productivity of crops enhances the demand for farm equipment.
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Mergers and Acquisitions Creating Opportunities in the Farm Equipment Market
Companies adopt a merger and acquisition strategy to create new opportunities for the product in the market. For example, in 2019, at the National Farm Machinery Show, John Deere introduced a new redesigned N500C air drill for small grain producers. The new self-cleaning spring coil wheels replace traditional rubber depth gauge wheels and closing wheels. Other than this, a newly launched cover crop seeder was introduced with a capacity of 40.5 cubic feet.
Hazards Caused by Machinery and Other Equipment Act as Restraints of the Farm Equipment Market
There are some hazards associated with farm equipment that can have a major impact on human life. The risk associated with machinery includes tractors without roll-over protection structures (ROPS), power take-off (PTO) shafts, chainsaws, augers, motorbikes, and machinery with unguarded moving parts. Other hazards include noise pollution – noise from livestock, machinery, and guns can affect hearing. Also crashes or falls from motorbikes, two-wheel and quad bikes, tractors, Utes, and horses can result in major injuries. These factors hamper the growth of the market.
South America the Dominant Market
Brazil and Rest of South America are the largest markets for farm equipment. In South America, a majority of nations follow farming as a core business, as the region has better environmental conditions and geographical land that is suitable for farming. This in turn is estimated to boost the farm equipment market in South America.
Key Players Operating in the Global Market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the farm equipment market are:
- John Deere & Company
- Komatsu Ltd
- Mahindra Group
- Kubota Corp.
- AGCO Group
- Alamo Group
Farm Equipment Market: Research Scope
Farm Equipment Market, by Type
- Hand tool
- Tractor
- Combine
- Plough
- Drag
- Sprayer
- Manure spreader
- Others
Farm Equipment Market, by Distribution Channel
- Online
- Offline
The report on the farm equipment market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
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