Agricultural Implements Market size is estimated to reach $14.7 billion by 2025 and is poised to grow at a CAGR of 7.1% during the forecast period 2020-2025. Agricultural implements include the use of tractors, harvesters, ploughs, and cultivators to assist in various agricultural activities. The use of agricultural implements helps to achieve low crop yield in less time and minimum effort. The growing trend towards converting traditional farm implements to sophisticated implements is promoting the growth of the agricultural implements market. The North American market dominates the global agricultural implementation market in terms of revenue contribution compared to markets in other regions. This is since there is a well-developed agricultural sector and a high awareness on the products available in the area.
By Product Type- Segment Analysis
The global Agricultural Implements market based on the Product has tractor, combine harvesters, Plough, Sprayers and others. The continuous promotion of products by manufacturers leads to an increase in the use of agricultural implements to improve farm production capacity. The tractor segment brought high income in the year 2019 owing to the increase in the number of tractors in small, medium and large farms and is set to continue over the forecast period (2020-2025).
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By Application – Segment Analysis
Based on application, the market has cultivation, planting, irrigation, harvesting and others. Harvesting and threshing applications is set to exhibit highest CAGR over the forecast period 2020-2025. The main factor behind growing demand for agricultural products in many applications, such as land development, plant protection, pruning, and sowing and planting is the shortage of farm labor.
By Geography – Segment Analysis
The North American market dominates the agricultural implements market worldwide in terms of input contribution compared to that of markets in other regions. The reason for this is the presence of a well-functioning regional agricultural sector and a knowledge of local products. Asia Pacific has the second largest revenue share in the global agricultural implements market, followed by markets in Europe, Latin America and the Middle East & Africa. The Asia-Pacific market is set to register rapid growth in terms of revenue during the forecast period 2020-2025. This is owing to increased government support for the adoption of technologically advanced agricultural equipment and increased availability of specific equipment required in the region.
Drivers – Agricultural Implements Market
High Productivity and Efficiency
The use of agricultural implements increases productivity, efficiency and productivity of every man. Mechanization increases land yield per unit area and leads to lower labor costs, resulting in better utilization of land and therefore increased farm income. One of the biggest advantages of agricultural implements is that they can replace manual labor.
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Challenges – Agricultural Implements Market
The main challenge of this market is the cost of acquiring the agricultural implements that is poised to affect the expansion of the market. In addition, lack of awareness among farmers about the benefits of using agricultural implements is a major deterrent to the market and lack of safety related regulations mainly in developing regions also set to hinder the market growth.
Agricultural Implements Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Agricultural Implements Market. Key companies of this market include AGCO Corporation, Agrostroj Pelhrimov A.S., China National Machinery Industry Corporation, Concern Tractor Plants, Deere & Company, Escorts Limited, Mahindra Group, Same Deutz-Fahr Group, Valmont Industries, Weifang Euroking Machinery and Others.
In November 2018, CNH signed a strategic digital farming agreement with Industrial Farmers Edge. Farmers Edge is a Canadian agro-tech company focused on databased farm decision-making systems.
In October 2018, Mahindra & Mahindra’s subsidiary Mahindra Agro Solutions Ltd entered into a joint venture with Sumitomo Corporation Group in Japan.
In August 2018, AGCO launched the new TerraGator C Series High Flotation Nutrient Applicator. Allows the applicant user to apply multiple products in a single pass through the field.
Geographically, North America is poised to see extraordinary development owing to well-developed agricultural sector and a high awareness on the products is set to continue during the forecast period (2020-2025).
The increase in the mechanization of various agricultural activities such as plowing, planting and harvesting is set to increase the demand for agricultural implements, which leads to the growth of the global agricultural implements industries.
Lack of awareness among farmers about the benefits of using agricultural implements is a major deterrent to the market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is set to be provided in the Agricultural Implements Market report.
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