Market Scenario
Global Farm Implements Market is estimated to reach USD 68.45 billion with a CAGR of 6.9% from 2020 to 2025 (forecast period). The report evaluates critical players, including a five-year global market analysis, which highlights market growth. The analysis offers a forecast of market opportunities for every region over the next five years. The report also gives a comprehensive study of Covid-19 impact analysis of the market by type, application, and by regions.
Nevertheless, the high cost of farm implements is expected to impede the growth of the global market.
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Key Players
Some of the significant participants in the Global Farm Implements Market are John Deere (US), CNH Industrial N.V. (UK), Claas (Germany), Mahindra & Mahindra Limited (India), AGCO Corporation (US), Iseki & Co., Ltd. (Japan), Jain Irrigation Systems (India), SDF Group (Italy), Groupe Agrocentre (France), Kubota Corporation (Japan), Agromaster Agricultural Machinery (Turkey), MaterMacc S.p.A (Italy), Morris Industries Ltd. (Canada), Maschio Gaspardo SpA. (Italy), Rostselmas (Russia).
Segmentation
The global market for farm implements has been segmented into type and application.
Based on the application, the Global Farm Implements Market has been segmented into plowing & cultivating, sowing & planting, plant protection & fertilizing, harvesting & threshing, others. The plowing and cultivation segment were the largest in 2020. Growing awareness of the benefits of proper tillage, such as improved soil arability and water holding capacity, is anticipated to propel the growth of the segment. The sowing & planting segment of the global market for farm implements is anticipated to witness the highest CAGR during the forecast period. Seed prices are increasing due to improved versatility, such as insecticide-resistant and herbicide-resistant. As a result, proper sowing is required to reduce seed waste.
Regional Analysis
Region-wise, the global market for farm implements has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The market in the Asia Pacific is expected to be the fastest growing in the research period. The growing need for food sustainability and government subsidies for the purchase of farm implements are encouraging the growth of the regional market.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.