As stated in an extensive report, providing insights on type, automation, business, and geography., The Global Farm Equipment Marketaccounted for USD 114.2 billion in 2020.
Farm equipment includes a comprehensive variety of equipment involved at various stages of agriculture such as land improvement, seeding, breeding, harvesting, and separating. The equipment varies from simplest machines such as hand tools, spreader, seeder, and high-end engineered engines.
Different equipment suggested by companies in the agriculture machinery industry assists farmers to operate in farming exercises such as sowing and harvesting, which additionally supports the implementation of farming equipment. The expanding market for high-powered engines, advancing agriculture business including economic incentives by the administrators.
With the crisis of COVID-19, the farming machinery industry demanded some versatility for instruments to be adjusted with transition engines. As worldwide supply chains were disrupted and production sectors shut down by management measures to limit the spread of the virus, the business was reduced during the pandemic.
The scarcity of land, water supplies, and labor costs have expanded the demand for agriculture mechanization in emerging countries. The penetration of farm equipment is good and is anticipated to grow because farmers require access to the most advanced farm technologies to improve their farm operations and production costs.
Asia-Pacific is expected to expand the market for the fastest growth during the forecast period. The growing market for high-powered engines, developing agriculture industry including financial incentives by the management. Developing administration policies to support agriculture industrialization, machinery is anticipated to drive the market growth in the Asia-Pacific region.
Some of the prominent players of the farm equipment market are Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation., among others.