Global Farm Equipment Market Research Report 2020-2027
Global Farm Equipment Market is valued approximately at USD 103.3 billion in 2019 and is anticipated to grow with a growth rate of more than 3.9% over the forecast period 2020-2027. Farm equipment are the equipment used at several stages of agriculture such as planting, sowing, land development, cultivation, harvesting, and threshing. Farm equipment includes tools such as hand trowel to fertilizers, fertilizer spreader, harrow, seeder, plow, and high-end engineered tractors. The use of automatic and semiautomatic equipment reduces the costs incurred on manpower in farm. The government support with farm loan waivers/credit finance, OEM/sales incentives to support dealer service and rental operations, contract farming and increase in farm mechanization are the few factors responsible for growth of the market over the forecast period.
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Further rising government initiatives for agricultural growth and increasing advancements in agriculture sector are the driving factor responsible for the growth of the market over the forecast period. According to Department of Agriculture, Cooperation & Farmers Welfare, in 2018, Indian Government initiated Micro Irrigation Fund created with National Bank for Agriculture and Rural Development (NABARD) with an initial corpus of Rs. 5000 crore or USD 66.67 million (Rs. 2000 crore for 2018-19 & Rs. 3000 crores for 2019-20) for encouraging public and private investments in Micro irrigation. Also, Pradhan Mantri Samman Nidhi Yojana was introduced, goal of providing a minimum fixed pension of Rs 3000 (US$ 42.92) to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years, under the Union Budget 2019-20. U.S. Department of Agriculture (USDA) provides direct and guaranteed farm ownership and operating loans to family-size farmers and ranchers, who are unable to obtain commercial credit from a bank, Farm Credit System institution, or other lender. Thus, government initiatives for agricultural growth will create a lucrative demand for the market. However, the growth of the rental market and high cost of equipment in emerging economies is the major factor restraining the growth of global Farm Equipment market during the forecast period.
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Last Update : Oct 19, 2020 10:23 AM
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