Farm equipment or agriculture machinery aids the agricultural workers to manage yield, time and cost of farming practices. The market hosts a wide variety of machinery that differs in mechanism, performance, usage and price. Farm equipment market report provides detailed analysis on the industry by type, by farming phase and by region. Major products in the market include tractors, tillage equipment, planting equipment, and harvesting equipment and so on, used at different phases of crop production.
Farm mechanization has gained importance in the recent years with growing population and food requirements. The global market for farm equipment has witnessed a drastic change in product offerings due to the intensification of farms and large-scale farming practices. Tractors are the leading product segment of this market with China and India holding majority share in terms of volumes. Farm equipment market is estimated to grow with APAC as the fastest growing market according to IndustryARC analysis.
MARKET TRENDS AND MARKET GROWTH STATISTICS:
In the past decade, supply and demand for high performance farm machinery or agricultural machines have grown significantly in the developed nations such as U.S., Germany and Japan. Along with performance, farmers in these nations are also considering the safety, flexibility of operation, GPS assistance, comfort and design of the equipment. In contrast, users in the developing economies prefer fuel-efficient and economic machinery. Global manufacturers have been focusing on agricultural manufacturing through developing efficient machinery that meets the emission and safety standards.
Regional Analysis Brief:
Global players are investing in India and China, the growth engines of the Asia-Pacific market, to reap the benefits from escalating use of farm equipment in the region. Increasing government support in the form of subsidies for purchasing farm machinery and supportive market prices for crops are the major...