Farm Implements Market Overview
Farm Implements Market Size is projected to be valued at USD 68.45 Billion by 2025, registering a CAGR of 6.9% during the review period. Several agricultural activities such as plowing and sowing are time-consuming and labour-intensive. However, advancements in the industry have led to the use of state-of-the-art farm implements that aid farmers in various activities. The shortage of labor and ease of operating farm implements are driving the growth of the global farm implements market. Increasing financial support to farmers by the governments in developing nations such as the provision of loan waivers are also fueling market growth. The decreasing farm sizes have increased pressure on farmers to use modern agricultural tools to increase crop yield, thereby fostering the growth of the global farm implements market.
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Market Dynamics
The global Farm Implements Market Size has seen steady growth in recent years thanks to the expansion of the agriculture industry. the worth of latest farm equipment sales in 2018 was USD 228 million above in 2017.
In addition, increased subsidies for the acquisition of farm equipment and implements and loan waivers to farmers by governments in emerging countries are projected to market the expansion of the marketplace for farm implements. as an example, the Department of Agriculture, Cooperation, and Farmers Welfare, India, provides subsidies to farmers through state governments under various schemes like the Rashtriya Krishi Vikas Yojna (RKVY) for the acquisition of agricultural equipment.
Nevertheless, the high cost of farm implements is predicted to impede the expansion of the worldwide market.
Key Players Farm Implements Market
Some of the significant participants in the global Farm Implements Market Size are John Deere (US), CNH Industrial N.V. (UK), Claas (Germany), Mahindra & Mahindra Limited (India), AGCO Corporation (US), Iseki & Co., Ltd. (Japan), Jain Irrigation Systems (India), SDF Group (Italy), Groupe Agrocentre (France), Kubota Corporation (Japan), Agromaster Agricultural Machinery (Turkey), MaterMacc S.p.A (Italy), Morris Industries Ltd. (Canada), Maschio Gaspardo SpA. (Italy), Rostselmas (Russia).
Regional Analysis
Region-wise, the global market for farm implements has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
North America held the largest share of the global market for farm implements in 2018. The rampant adoption of technology in agriculture is accelerating the growth of the market for farm implements in the region.
The market in the Asia Pacific is expected to be the fastest growing in the research period. The growing need for food sustainability and government subsidies for the purchase of farm implements are encouraging the growth of the regional market.
Segmentation
The global market for farm implements has been segmented into type and application.
Based on type, the global market for farm implements has been segmented into cultivators, seed drills, threshers, shredders, sprayers, and others. The cultivator’s segment is estimated to hold for the largest share of the global market for farm implements during the forecast period. The ease provided by cultivators helps save time as large areas of land can be cultivated using these machines in lesser time. They also help reduce labor costs. Cultivators offer deep tillage and are thus broadly used throughout the globe. The segment of seed drills is anticipated to witness the fastest growth during the review period. Highly developed seed drills are used to sow seeds and cover them with soil, guarding them against wind and birds. This reduces the loss of seeds.
Based on the application, the global market for farm implements has been segmented into plowing & cultivating, sowing & planting, plant protection & fertilizing, harvesting & threshing, others. The plowing and cultivation segment was the largest in 2018. Growing awareness of the benefits of proper tillage, such as improved soil arability and water holding capacity, is anticipated to propel the growth of the segment. The sowing & planting segment of the global market for farm implements is anticipated to witness the highest CAGR during the forecast period. Seed prices are increasing due to improved versatility, such as insecticide-resistant and herbicide-resistant. As a result, proper sowing is required to reduce seed waste.
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