Farm equipment market worth $126.0 billion by 2027

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CHICAGO, February 1, 2022 /PRNewswire/ — According to new market research report Agricultural Equipment Market per tractor power output (250 HP), Tractor Drive Type, Autonomous Tractor, Electric Tractor (Hybrid, Electric), Farm Equipment (Combine, Baler, Sprayer), Implement, Location & Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global agricultural equipment market is expected to grow from $99.4 billion in 2021 for $126.0 billion by 2027, at a CAGR of 4.0% over the forecast period. The demand for electric and autonomous vehicles would create growth opportunities for the agricultural equipment market.

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Two-wheel drive segment is expected to be the largest segment during the forecast period

The two-wheel drive segment is estimated to dominate the market, in terms of value, during the forecast period. These tractors are popular among emerging countries such as India, Chinaand Japan with small-scale farms, since two-wheel drive tractors are cheaper and their repair costs are lower. According to the Indian Council of Food and Agriculture, only 40-45% of cultivated land will be mechanized in 2021. India an even more lucrative market.

The 31-70 HP agricultural tractor is expected to hold the largest market in the agricultural tractor rental market in 2021

Tractors hold the largest share among all rented farm equipment. The companies work with application companies to promote rental businesses and encourage farmers to use agricultural equipment at affordable prices. For example, SEMA Equipment (USA), a John Deere dealer, charges $100/h for the 6E series, $140 for the 7R series, $150/h for 8RT/R, and $180/h for the 9RT/R series. In August 2021, Sonalika launched the app to bridge the gap between farmers and high-tech agricultural machinery, from land preparation to harvesting. The app connects farmers to a wide range of machine rental companies that offer high-tech agricultural tools for rent in their vicinity.

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Asia and Oceania is estimated to be the dominant regional market

India is the largest tractor market in the world. However, sales of tractors, especially small-horsepower tractors of 31 to 50 hp, were down 12.7% in the first half of fiscal 2020 due to the COVID-19 outbreak. However, since the government deemed farming essential, the easing of restrictions has boosted tractor sales by May 2020. The rollout of various government programs and loan exemptions for farmers and the promotion of agricultural mechanization are also expected to boost the Indian tractor market. The regulations would mainly drive the Indian agricultural industry.

Main market players

the Agricultural Equipment Market is consolidated. John Deere (USA), AGCO Corporation (USA), CNH Industrial (UK), Kubota Corporation (Japan) and CLAAS (Germany) are the major players in the Agricultural Equipment market. New product development, partnerships and joint venture strategy was the most dominant strategy adopted by major players from 2018 to 2021, which helped them innovate their offerings and expand their customer base.

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