July 13, 2022 06:30 ET | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.

Chicago, July 13, 2022 (GLOBE NEWSWIRE) -- According to the new market research report by MarketsandMarkets™, the "Farm Equipment Market by Tractor Power Output(<30, 31-70, 71-130, 131-250, >250HP), Tractor Drive Type, Autonomous Tractor, Electric Tractor(Hybrid, Electric), Farm Equipment(Combine, Baler, Sprayer), Implement, Rental & Region - Global Forecast to 2027", published by MarketsandMarkets™, the Farm Equipment Market is projected to grow from USD 99.4 billion in 2021 to USD 126.0 billion by 2027, at a CAGR of 4.0% during the forecast period.

The demand for electric and autonomous vehicles would create growth opportunities for the Farm Equipment Market.

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The two-wheel-drive would be the largest tractor segment during the forecast period

During the forecast period, the two-wheel-drive segment would lead the Farm Equipment Market. Asian Countries (such as India, China, and South-East Asian Countries) have comparatively smaller farm sizes than western countries; hence, low HP & low-cost tractors are more prevalent in these countries. These low HP tractors are mostly equipped with two-wheel drives, making this segment the leading segment.

The <70 HP tractors segment would continue leading the farm tractor market over the forecast period

The low HP tractors are more prevalent in Asian countries as these countries have low mechanization rates and small farm sizes compared to western countries. Also, countries like India have upgraded emission regulations for agriculture equipment. The engines with <37 kW power would also be covered under regulations, leading to the increased cost of these agriculture tractors. Hence, the demand for <30 HP tractors will grow further in the near future in India and other Asian countries.

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Asia Oceania is estimated to be the dominant regional market

India is the largest market for tractors in the world. However, tractor sales, particularly of small-powered tractors with 31-50 HP, witnessed a decline of 12.7% in the first half of FY 2020 due to the COVID-19 outbreak. Considering the new emission regulations introduced for agriculture tractors which would include <37 kW engines, the >55 HP tractors prices would rise by ~10%-20%. To compensate, the Indian OEMs are planning to introduce the CNG tractors by 2024. Considering the Battery technology is expensive, and OEMs have to depend on China for the raw materials and battery packs, the cost of the electric tractors can be 40-50% higher than ICE tractors, which delays the RoI. Hence, the electric tractors in the Asian region would commercialize beyond 2026-2027.

The Farm Equipment Market is consolidated, where OEMs - John Deere (US), AGCO Corporation (US), CNH Industrial (UK), Kubota Corporation (Japan), and CLAAS (Germany) lead the Farm Equipment Market. New product development, partnership, and joint venture strategy have been the most dominating strategy adopted by major players from 2018 to 2021, which helped them to innovate their offerings and broaden their customer base.

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