Leeds, UK -- (SBWIRE) -- 07/03/2019 -- Adoption of advanced farming machinery over traditional labour-intensive farming is viewed as one of the important solutions to meet the elevated requirement for food products. To enhance crop quality along with overcoming labour shortage by employing autonomous tractors, fertilizer sprayers, ground-based sensors and drones are soon becoming a favoured practice globally. Automated robotic machinery easily carries out farming activities like sowing, pulling heavy loads, ploughing and irrigation withstanding harsh weather and topography conditions. Improved financial aids from global agriculture finance institutions and government aids to train farmers are instrumental in the deployment of farm equipment at the grass root level.
The global farm equipment market is predicted to value over US$ 133 billion by 2026 end, registering a CAGR of 3.4% during a 2019-2026 tenure.
Key Farm Equipment Market Restraints
- Low adoption rate due to the high cost of farm equipment in emerging nations
- Lack of technological knowledge among older farming population in developing countries
Global Farm Equipment Market, by Tractor Power Output
+ <30 horsepower tractors are estimated to be in high demand in the large agricultural nations like India, China, Canada and America especially in farming cash crops like strawberry and grapes. This segment is projected to hold the largest market volume in coming years.
Global Farm Equipment Market, by Drive
+ Two wheel drive (2WD)
+ Four wheel drive (4WD)
John Deere sources reported high sales of small tractors or two-wheel drive in North America and this segment is projected to be the largest among global farm equipment market by drive type segmentation.
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Global Farm Equipment Market, by Equipment Type
Global Farm Equipment Market, by Application
+ Plow & Cultivate
+ Sow & Planting
+ Plant Protection & Fertilizing
Ploughing and cultivating segment holds major application segmentation in the farm equipment market. Soil fertility level improvement to maintain productivity is the prime need that is estimated to promote further growth of the segment in future.
Global Farm Equipment Market, by Region
+ North America
+ Latin America
+ Asia Pacific
+ Rest of the World
A strong presence of farm equipment manufacturers and large farming areas in North America facilitate strong growth opportunities of the farm equipment market. Progressive economic growth exhibited in the APAC region particularly in India, China and Japan are projected to promote the fastest market growth in this region.
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+ Tier 1 players- established companies in the market with a major market share
+ Tier 2 players
+ Emerging players which are growing rapidly
+ New Entrants
FutureWise Key Takeaways
+ Growth prospects
+ SWOT analysis
+ Key trends
+ Key data-points affecting market growth
Objectives of the Study:
+ To provide an exhaustive analysis of the global farm equipment market on the basis of tractor power output, equipment type, by application, and regions
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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