" Farm Implements Market Forecast: Analyzing Size, Research, and Share 2023-2030"
Market Forecast
Farm Implements Market is projected to be valued at USD 98.4 Billion by 2030, registering a CAGR of 7.1% during the review period. Several agricultural activities such as plowing and sowing are time-consuming and labor-intensive. However, advancements in the industry have led to the use of state-of-the-art farm implements that aid farmers in various activities.
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The shortage of labor and ease of operating farm implements are driving the growth of the global farm implements market. Increasing financial support to farmers by the governments in developing nations such as the provision of loan waivers are also fueling market growth. The decreasing farm sizes have increased pressure on farmers to use modern agricultural tools to increase crop yield, thereby fostering the growth of the global farm implements market.
Growth Opportunities in the Market
- Seed drills segment to grow at a robust rate: The seed drills segment is expected to register the highest CAGR during the forecast period. The increasing awareness about the importance of proper sowing coupled with the ease and efficiency offered by seed drills is expected to drive the growth of the segment. Moreover, seed drills significantly reduce wastage, which is further projected to propel demand.
- Dominance of the plowing & cultivating segment: Plowing and cultivating are extremely time and labor-intensive and crop productivity is dependent to a large extent on the preparation of land as it impacts the arability, texture, and moisture-holding capacity of the soil. The plowing & cultivating segment is projected to dominate the market during the forecast period and register the highest CAGR of approximately 7.9% from 2022 to 2030.
- Key Players,
John Deere (US),CNH Industrial N.V. (UK),Mahindra & Mahindra Limited (India),AGCO Corporation (US),Kubota Corporation (Japan),Claas (Germany),Iseki & Co., Ltd. (Japan),Jain Irrigation Systems (India),SDF Group (Italy),Groupe Agrocentre (France),Agromaster Agricultural Machinery (Turkey),Maschio Gaspardo SpA. (Italy),MaterMacc S.p.A (Italy),Morris Industries Ltd. (Canada),Rostselmas (Russia),, — -
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