The availability of a wide range of machinery and equipment is anticipated to trigger the growth

WILMINGTON, Del. - June 13, 2023 - PRLog -- The global farm equipment market is anticipated to grow at a CAGR of 20.2 % over the 2022-2028 forecast. The primary factors behind the expansion of the global farm equipment market include an increase in R&D activities and the increasing use of electric farm equipment.

The most recent market report on "Global Farm Equipment Market Analysis and Forecast, 2019-2028" by RationalStat examines the global and regional market based on the product type, duty type, horsepower, drive type, mode of operation and region.

Market Overview and Dynamics

Farmers have begun using tractor-driven farms with the rise in literacy, awareness, and various government programs to create rural employment. It is anticipated to see a significant increase over the next few years.

Furthermore, the ongoing and expansion of contract farming, with more companies joining the industry, will create opportunities to expand the business. Additionally, with a more intense emphasis on meeting the coming demands for production, various commercial and national banks have created specific plans to help farmers with different programs and offer easy financing options.

Market Trends and Drivers

The growing gap between the crop yield quality with and without the use of farm equipment is anticipated further to drive the demand for the global farm equipment market. Furthermore, the growing industrialization has reduced the number of rural laborers and is expected to further increase the need for mechanization.

* India is the biggest tractor market globally, selling more than 800,000 tractors annually, more than 20 times the amount of Japan. However, more than 30% of people purchase tractors for various reasons besides agriculture.

Segmental Analysis

• On the basis of product type, flavored Farm Equipment is anticipated to gain considerable growth owing to the use of tractors for varied purposes in the agriculture industry.

Competition Analysis and Market Structure

The global farm equipment market is fragmented in nature with the presence of various players operating in the region. Leading companies operating in the farm equipment market are focusing on introducing new technologies, and developments to provide to evolving consumer preferences.

• In November 2021, John Deere developed new material collection systems and mechanical grapples for compact utility tractors. The New Frontier MG20F Mechanical Grapple offers a quick-attach solution for fast installation and features a 1,200-pound (544 kg) lift capacity.

For more information about this report: https://store.rationalstat.com/store/global-farm-equipmen...