USD 150.4 Million by 2028 Farm Equipment Market Size Lead – GlobeNewswire

| Source: Vantage Market Research Vantage Market Research
“According to the latest research study, the demand of Global Farm Equipment Market size & share expected to reach to USD 150.4 Million by 2028 from USD 114.2 Million in 2020, at a compound annual growth rate (CAGR) of 3.50% during the forecast period 2021 to 2028”

WASHINGTON, Dec. 10, 2021 (GLOBE NEWSWIRE) — Major factors such as Government support to farmers in the form of loan waivers/credit finance/subsidized loans to drive farm mechanization is expected to propel the growth of Farm Equipment Market during the forecast period, states Vantage Market Research, in a report, titled “Farm Equipment Market by Type (Hand tool, Tractor, Combine, Plough, Drag, Sprayer, Manure spreader, Others), by Distribution Channel (Online, Offline), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” 
The COVID-19 outbreak has affected various industries worldwide. The Farm Equipment Market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:
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The Report on Farm Equipment Market Highlights:
Market Overview:
Government Supports Farm Loan And Finance To Drive the Market Growth
The implementation of a farm loan waiver policy supports farmers to buy farm machinery. Management launched several policies in several to support farmers with their mortgages and support farm industrialization. Like the Farm Service Agency gives secured and focus farm administration and operating expenses to family-size workers that are inadequate to secure business credit from a bank or from other lenders. FSA loans can also be utilized to acquire land, husbandry, machinery, feed, seed, and quantities. Every year, the management spends a huge amount of money on different subsidies to drive the agricultural sector. Consequently, various authorities have extended their assistance in the form of subsidies to assist operators to adopt advanced agriculture equipment to improve food generation.
High Cost Of Equipment In Emerging Economies To effects the Market Demand
The R&D efforts have succeeded in the expansion of advanced products that are proficient in managing multiple tasks. The exceptional machine involves complex mechatronic methods that require specific production and manufacturing processes. The designing, generation, and delivery of the equipment require huge expenses, which are displayed in the cost of the machinery made available to producers. The failure of small farmers to spend a high amount leads to the low infiltration rate of farm machinery in developing countries. Farmers in the emerging economic country in which farmers are reluctant to spend on expensive machinery.
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Precision agriculture Adoption Boosts the Market Demand
The agriculture sector is within constant pressure to deliver agricultural goods to provide to the increasing population, which has made farmers concentrate on efficiency and potency to drive market growth. Accuracy farming is becoming popular among farmers that want to generate more with inadequate resources. This procedure of farming can effectively control the problem of high interest for food over different geographies. This procedure also enables farmers to increase their operational performance and improve production, thus reducing the gap within the availability and usage of agricultural products. Accuracy farming technology promotes the effective use of resources such as water, seeds, land, fertilizers, and agricultural machinery, which, advances the overall amount and character of the product. Newly delivered agricultural drones to large farms, district authorities, and publishers of agricultural produce. Therefore, the agriculture market is an opening for OEMs as they present upgraded potency to farmers.
Regional Analysis:
Brazil and Rest of South America to Fuel the High Market Demand Due to favourable Environment Conditions
Brazil and Rest of South America will show its dominance of Farm Equipment Market in next five years. However, it has accounted significant growth of Farm Equipment Market during the last few years. A majority of countries maintain farming as a core market, as the country has more favourable environmental requirements and geographic land that is proper for agriculture. This in turn is supposed to expand the farm equipment market in South America.
List of Prominent Players in the Farm Equipment Market:
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Recent Developments in the Industry:
1. July 2020: Expanding on its established line-up of attachments, John Deere unveiled its new CP18E, CP24E and CP30E cold planers. These new attachments offerings help operators who work on street repairs, levelling uneven pavement, texturing pavement and cleaning around larger milling machines. The CP18E, CP24E and CP30E are compatible with John Deere skid steers and compact track loaders, as well as equipment offered by competitors.
2. November 2019: Mahindra & Mahindra Ltd. (M&M), the world’s largest tractor manufacturer by volumes and a part of the USD 20.7 billion Mahindra Group, showcased innovative Precision Farming solutions powered by advanced digital technologies for the very first time, at Agritechnica.
3. December 2019: CNH Industrial N.V. announced today that the Company completed its acquisition (previously announced on November 4, 2019) of K Line Ag, an Australian agricultural tillage and residue management equipment manufacturer.
This market titled “Farm Equipment Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
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