Farm Equipment Market by Product and Geography - Forecast and Analysis 2020-2024
Global Farm Equipment Market: About this market
Technavio’s farm equipment market analysis considers sales from implement, combines, sprayer, and baler products. Our study also finds the sales of farm equipment in APAC, Europe, MEA, North America, and South America. In 2019, the implement segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the growing preference for environmental sustainability will play a significant role in the implement segment to maintain its market position. Also, our global farm equipment market report looks at factors such as the growing number of acquisitions and partnerships, government initiatives to support sustainable agriculture practices, and the increasing global population and demand for food. However, the growth of the organic food industry, declining availability of arable land, and stringent regulations may hamper the growth of the farm equipment industry over the forecast period.
Global Farm Equipment Market: Overview
Increasing global population and demand for food
The market is driven by the increasing global population and the corresponding increase in the demand for food. Also, the availability of farm equipment through rentals is anticipated to boost the growth of the farm equipment market further. The agricultural sector is focusing on increasing agricultural output and food production to keep up with the rising food demand. Thus, an increased global population and growing demand for food will lead to the expansion of the global farm equipment market at a CAGR of almost 5% during the forecast period.
Increasing availability of farm equipment through rentals
The increasing availability of farm equipment through rental facilities has been significant for market growth. Rental services also help end-users to save on the initial investments required to purchase farm equipment. The availability of farm equipment on a rental basis allows end-users to gain access to machinery that incorporates the latest technologies. End-users also do not have to worry about servicing and maintenance. Several start-ups are entering the rental space for farm equipment. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global farm equipment market during the forecast period 2020-2024, click here.
With the presence of several major players, the global farm equipment market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading farm equipment manufacturers, that include AGCO Corp., BROHAWK EXPORTS, Bucher Industries AG, CLAAS KGaA mbH, CNH Industrial NV, Deere & Co., ISEKI & Co. Ltd., Kubota Corp., Mahindra & Mahindra Ltd., and Yanmar Holdings Co. Ltd.
Also, the farm equipment market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook