Farm Implements Market Size, Analysis, Share & Forecast 2031

Report Description

The global farm implements market size was USD 57 Bn in 2022 and is likely to reach USD 105.1 Bn by 2031, expanding at a CAGR of 7.1% during 2023–2031. The market growth is attributed to the growing farming industry and the rise in demand for advanced agricultural implements for improved productivity.

Farm implements are the tools that are utilized for performing different types of labor-intensive agricultural operations. Farming requires hard work and regular operations; the use of farm equipment and implements are preferred to speed up operations. These tools enable farmers to carry out large-scale agricultural operations within a limited time window, which then saves costs and prevents needless loss of resources.

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The major farm implements product types include irrigation machines, harvesting implements, planting & soil cultivation implements, shredders, and other such agricultural equipment. The use of agricultural implements has significantly reduced the farmers’ worries and has enabled ways of gaining higher profits from agriculture.

COVID-19 Impact on Farm Implements Market

The market report finds that the COVID-19 pandemic hampered the growth of the farm implements market. The factors such as lockdowns and social distancing caused the decline in product demand as the major operations were slowed down or halted.

Major agricultural economies such as India and China faced considerable impact owing to strict lockdowns and the breakdown of supply chain operations. However, the market has shown substantial recovery signs post the wide vaccinations and lifting of lockdowns across the worldwide regions.

Farm Implements Market Dynamics

The global farm implements market report has up-to-date insights that help formulate a strategic roadmap about the estimated market scenario and performance from 2023 to 2031.

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What are the Drivers of the Farm Implements Market?

The demand for food is rising owing to the growing world population, urbanization, and changing lifestyles. The governments in various countries are formulating policies and initiatives to increase farm productivity by supporting farmers in purchasing advanced agricultural machinery. These are some of the factors that are majorly driving the global farm implements market.

Farming equipment/implements are getting significant subsidies from governments. Additionally, the reducing size of agricultural land requires farmers to adopt highly efficient farming methods, that increase productivity and lessen losses. Worldwide, farmers are adopting advanced agricultural tools and equipment for enhanced and speedier operability. The demand for efficient farming with modern agricultural implements is projected to significantly fuel market growth.

What are the Restraints of the Farm Implements Market?

The high cost of farm implements is the key factor that is likely to restrain market growth. The small-scale farmers are hesitant towards making the higher investment in purchasing farming tools and rely on traditional farming methods owing to budget constraints and a lack of knowledge about various schemes by governments. Farmers with lesser land for cultivation do not find buying farming equipment budget friendly owing to high cost, which is expected to restrict the market growth.

What are the Opportunities in the Farm Implements Market?

The advancement in agricultural implements as well as the production of cost-effective modern farming solutions is expected to create significant growth opportunities for the players in the market. The rise in research and development in the agriculture sector is enabling manufacturers in the market to create cutting-edge agricultural equipment that boosts productivity and saves costs and time.

The use of Machine Learning and Artificial Intelligence in agriculture is expected to create lucrative growth prospects for the manufacturer in the industry. Moreover, the presence of several prominent players in the market is expected to create cost-effective solutions, further benefitting the market growth in the coming years.

Scope of the Farm Implements Market Report

The global farm implements market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Farm Implements Market Segment Insights

What Drives Tractors Segment in the Farm Implements Market?

Based on product type, the farm implements market is divided into tractors, seed drills, planting equipment, harvesters, spraying equipment, hay & forage equipment, irrigation & crop processing equipment, rotavators, and others.

The tractors segment is expected to expand at a significant growth rate during the projection period owing to the growing integration of advanced features in tractors for agricultural benefits including three-point linkages, air cooling systems, air-filled tires, and front loaders. Agriculture tractor machines are facilitating speedy operations and offer long-term cost-saving benefits to farmers. As the demand for higher productivity and modern farming equipment is growing, the preference for modern tractors is expected to grow significantly in the years to come.

The harvesters segment is anticipated to grow at a rapid pace during the forecast period. The need for speedy and efficient equipment coupled with efforts for saving the loss of produce during harvesting is likely to give momentum to demand for harvesters in the global market. The addition of advanced technology such as AI, analytics, and ML is expected to further fuel the segment’s growth in the market.

Which Major Factors Influence the Robust Growth of the Plowing & Cultivating Segment?

On the basis of application, the global market is segregated into sowing & planting, fertilizing & plant protection, plowing & cultivating, harvesting & threshing, and others.

The plowing & cultivating application segment held the major share of the market in 2021 and is projected to grow at a robust growth rate during the forecast period. Plowing and cultivation are vital operations in agriculture. The better quality tillage provides improved results in agricultural irrigation and arability, owing to which demand for plowing and cultivation-purpose farm implements is expected to boost significantly during the projection period.

The sowing & planting segment is projected to register considerable growth in CAGR during the forecast period. The growing demand for improving agricultural productivity and the rising prices of seeds is one of significant factors driving the segment’s growth in the global market.

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What are the Major Reasons for High Revenue Generation in Manual Operation Type Segment?

On the basis of operation type, the farm implements market is segmented into automatic, semi-automatic, and manual.

The manual operation type segment is expected to register a significant growth rate in revenues during the forecast period. The manual segment as per the market estimations held more than 55% share of the market, as these manual farm implements facilitate higher control over the operations.

The farming operation where farmers’ personal attention is required has higher applications of manual agricultural equipment. Some of the major manual implements include hand-operated seed drillers, cultivators, and backpack sprayers, among others.

The automatic segment is anticipated to grow at a rapid pace in the global market owing to the rising use of technologically advanced agricultural tools for carrying out agricultural operations. Automatic agriculture implements are beneficial for saving time and unnecessary loss of resources. Additionally, cost benefits and increased productivity enabled by automatic agricultural equipment are likely to boost the growth of the automatic segment during the forecast period.

What Drives the Business-to-Customer (B2C) Segment in the Farm Implements Market?

Based on the distribution channel, the global market is segregated into business-to-customer (B2C) and business-to-business (B2B).

The business-to-customer (B2C) segment is projected to register a significant growth in CAGR during the forecast period owing to the increasing reach of key manufacturers’ B2C channels in various local markets. The establishment of direct selling points and providing hands-on experience is majorly supporting the segment’s growth.

Furthermore, direct purchase is fueled by steadily growing e-commerce businesses in the farming sector. In addition, the possibility of saving considerable costs with the direct purchase of implements from manufacturers in the agricultural implements industry is driving the B2C channel growth.

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Why is North America Dominating the Global Farm Implements Market?

In terms of region, the global farm implements market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America is expected to dominate the market during the projection period owing to the increasing implementation of advanced technology implements to facilitate innovative ways for smart agriculture operations. The need to increase agricultural productivity and reduce dependence on manual labor are some of the key factors driving the market growth in the region.

Asia Pacific is expected to grow rapidly in the global market as the governments from the major economies of the region India and China are availing various subsidies and support initiatives to boost agricultural production. The large land under agriculture and major dependence on farming produce is driving the need for buying modern agricultural implements that facilitate improved speed and growth in harvesting yields in the region.

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