According to the MRFR research reports, the global farm implements market is projected to reach a market size of over USD 68.45 Billion by 2025 while registering a robust CAGR of 6.9% during the assessment timeframe.
Farm implements include the tools used in agricultural activities such as sprayers, shredders, threshers, and others. The global farm implements market has recorded significant growth over recent times due to increasing agricultural activities, subsidies on purchase of farm equipment, modernization of agriculture, rising demand for food, and decreasing farm sizes. However, the market's growth is likely to be restricted by the high charges of modern farm implements.
Competitive Analysis
The global farm implements market is flooded with a wide number of players. The players in the market are adopting several new techniques and strategies such as partnerships, acquisition, and product developments to grow their business globally and strengthen their market position. The leading players in the farm implements market include Rostselmas (Russia), MaterMacc S.p.A (Italy), Agromaster Agricultural Machinery (Turkey), SDF Group (Italy), Iseki & Co., Ltd. (Japan), Kubota Corporation (Japan), Mahindra & Mahindra Limited (India), John Deere (U.S.), Morris Industries Ltd. (Canada), Groupe Agrocentre (France), Claas (Germany), CNH Industrial N.V. (U.K.), Maschio Gaspardo SpA. (Italy), Jain Irrigation Systems (India), AGCO Corporation (U.S.), and several others.
Segment Analysis
The global market for farm implements is divided into numerous segments based on type, application, and region.
Based on type, the global market for farm implements is bifurcated into sprayers, shredders, threshers, seed drills, cultivators, and others.
By application, the global farm implements market is bifurcated into harvesting & threshing, plant protection & fertilizing, sowing & planting, plowing & cultivating, and others.
Regional Analysis
The global farm implements market is studied across five major regions: Asia-Pacific, North America, South America, Europe, and the Middle East & Africa.
The North American regional market for farm implements dominated the market globally in 2018. The regional market's growth is being driven by the widespread adoption of technology in agriculture and the presence of major market players in the region. The heavy investments being made by the leading market players is another prime aspect propelling the regional market's growth.
The Asia-Pacific region is likely to record the fastest growth over the review timeframe. The regional market's growth is being driven by the provision of government subsidies on the purchase of farm implements and the growing need for food sustainability.
The European regional market is likely to exhibit substantial growth over the review timeframe. The regional market's growth is driven by the consistent technical evolution and the growing number of government initiatives.
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Recent Developments
- December 2021- CNH Industrial N.V. announced the acquisition of NX9, a software suite dedicated to offering ISOBUS core technologies and applications for agricultural equipment and associated intellectual property rights. This latest R&D investment shapes the company's strategic impetus to more effectively innovate and build products in the precision agriculture space and offer higher value for its farming customers. The deal indicated a future stance in consolidating in-house digital agriculture competencies, which enrich product, distribution, brand, and supply chain strength. The acquisition will broadly incorporate efficient ISOBUS capabilities across the electrical vehicle architecture of CNH Industrial's core agriculture product portfolio, particularly implements and tractors. This will enable effortless connection, control, and command, including mixed fleets; boost in-development projects, and get in-machine solutions to market faster.
- May 2021- Raven, an American manufacturer of precision agriculture products, has launched an OMNi brand to create a single strategy for intelligent autonomous solutions to revolutionize the future of agriculture. The latest brand and independent growth platform include two incorporated products- OMNiPOWER and OMNiDRIVE.
- June 2021 – A worldwide supplier of secure turnkey solutions for the Internet of Things (IoT) and Remote Environment Management (REM), delivering Software as a Service (SaaS), intelligent hardware, engineering services, and connectivity services, revealed that the company's Fox3 Seriestelematics gateway was utilized in the building of an intelligent farming solution by LACOS, a Germany-based a medium-sized company that designs innovative precision farming solutions for the agricultural sector.
- The Lantronix FOX3-3G-BLE telematics gateway allowed the LACOS intelligent farming solution to integrate remote capture of vehicle movement, driver status, location, and other vehicle-related data. It also makes it accessible on a secure cloud-based management platform.
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