Farm Equipment Market by Region – Global Opportunities & Forecast, 2020-2027

 Farm Equipment Market

The Research report publicized by GMI Organisation envisages that the Farm Equipment Market is likely to boom at a notable rate over the forecast period. This is because the equipment works as an essential instrument that raises the crop yield and enhances soil maintenance.

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Farm Equipment Market Dynamics

The accelerating population and surge in demand for food have stimulated the adoption of effective and sophisticated agricultural production methods. This is one of the prime forces responsible for the growth of the farm equipment market. The intensified initiatives by the government in the form of subsidies, low rate loans, and other credits to promote farm automation and raise farm productivity have stimulated market growth. For instance, the Farm Service Agency (FSA) offered financial credit and loans to the U.S. Department of Agriculture in order to procure livestock, land, feed, equipment, seed, and supplies which will propel the market growth. Besides this, the evolution of technologically sophisticated agricultural equipment such as autonomous tractors, incorporation of latest technologies such as ground-based sensors, GPS, drones, Google Earth, telematics, and robotic systems into the present instrument to enhance productivity is likely to proffer huge opportunities to the market. Additionally, the farm equipment market forecast projects that several innovative agricultural techniques such as harvesters, spraying equipment, hay and forage, irrigation, and crop processing equipment assist in the effective farming process, improving crop quality, and decreasing labor cost, which is likely to bolster the market growth. However, the huge cost of equipment and insufficient awareness regarding the advantages of using agricultural instruments among farmers in developing nations such as India, Indonesia, Bangladesh, and South Korea are the prime forces that might restrain the farm equipment market size.

Product Segment Drivers

Based on the product, the tractors segment is projected to witness a noteworthy boom during the forecast period. This is owing to its extensive range of applications such as plowing, tillage, and planting in fields, strewing fertilizers, and performing daily farm care. Additionally, as per the farm equipment market research, the development of the latest tractors with incorporated remote sensing, automated transmission system, GPS, and data analytics are helping in mechanizing the driving systems.

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