Northbrook, IL -- (SBWIRE) -- 10/17/2019 -- The Farm Equipment Market is projected to reach USD 135.2 billion by 2025 from USD 102.5 billion in 2018, at a CAGR of 4.04% during the forecast period.

Innovation in the field of autonomous tractors

Technological advancements in agriculture have helped farmers increase production while using less input. For instance, the introduction of autonomous tractors is considered a significant step in the future of farming. Autonomous tractors employ the same approach as driverless vehicles. These tractors use advanced GPS systems, sensors (RADAR and LiDAR), and video cameras to remotely control the functions of the tractor using a tablet or smartphone. With auto-steering abilities, these tractors also have control abilities.

Asia Oceania is expected to account for the largest market share during the forecast period

Asia Oceania is estimated to be the largest and fastest growing market for agricultural equipment from 2018 to 2025. China and India hold a dominant position in this market due to rising population, small arable land per farmer, and falling crop prices. Despite the slowdown in the global farm tractors market, India experienced a positive growth of 20.5% in 2016 as compared to 2015. According to the Agrievolution Tractor Market report, China continues to hold the top position in the global market despite a decline in tractor sales in recent years. With increased government support and incentives, farmers have increased the usage of modern agricultural equipment and practices. In India, the National Agricultural Development Program (NADP) provides subsidies ranging from 30%–50% on the purchase of agricultural equipment such as farm tractors, harvesters, sprayers, paddy transplanters, threshers, and tillers. The Australian Government raised around USD 190.5 million to support R&D activities in the agriculture sector. All these factors have resulted in the growth of the market in the region.

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Tractor is anticipated to be the largest and fastest growing segment of farm equipment rental market

Tractor is estimated to be the largest and fastest growing segment of market. Farm tractor accounts for 55–60% share of the market globally. The rental market is driven by factors such as the high cost of high horsepower tractors, combines, balers, and tillers. Renting equipment provides additional benefits such as low rental cost and no ownership and maintenance costs that ease the burden on farmers. Also, the newer equipment is equipped with advanced technologies such as telematics, swath control, and auto steering control that further hike the equipment cost. Thus, the availability of newer and advanced equipment such as tractors and others at a reasonable cost without the maintenance cost would drive the market.

Key Players:

Some of the key players in the farm equipment market are John Deere (US), AGCO Corporation (US), CNH Industrial (UK), CLAAS (Germany), Kubota (Japan), Mahindra & Mahindra (India), SPF Group (Italy), J C Bamford Excavators (UK), and Iseki (Japan). John Deere

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