What is Farm Vehicles Market?
A farm vehicle is a truck or truck tractor determined by the Pennsylvania Department of Transportation to be fully used for agricultural purposes. Increasing farm mechanization rates, especially in the developing countries will help to grow this market. Government initiatives providing the scope for this sector.
The market study is being classified by Type (Tractor, Harvester and Other) and major geographies with country level break-up.
John Deere (United States), CNH Industrial (United Kingdom), Challenger (United States), Foton (China), JCB (United Kingdom), Kioti (United States), Mahindra and Mahindra (India), Kubota (Japan), YTO Group (China) and AGCO (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Claas (Germany), Case IH (United States) and Zoomlion (China).
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Farm Vehicles market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Farm Vehicles market by Type, Application and Region.
On the basis of geography, the market of Farm Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Labour Shortage in Rural Areas
- Adaptation of Contract Farming in Emerging Countries
Market Trend
- Governmental Initiative toward Farm Mechanisation
Restraints
- High Cost of Farm Vehicles
Opportunities
- Increasing Investments in Agriculture Sector Worldwide
- Innovation in the Field of Agriculture Sector
Challenges
- Low Adaptation Rate in Underdeveloped Countries
Market Leaders and some development strategies
In October 2018, Mahindra Agri Solutions Ltd., a subsidiary of Mahindra & Mahindra, entered into a joint venture with Sumitomo Corporation Group, Japan. The joint venture will have Mahindra and Sumitomo Corporation holding 60% and 40% equity, respectively in the new company named Mahindra Summit Agriscience Limited, subject to the parties receiving all applicable approvals.
On 18 April 2018, Mahindra & Mahindra Ltd.'s Farm Equipment Sector (FES), a part of the USD 19 billion Mahindra Group, maintained its leadership position in the tractor industry, having sold over 3 lac tractors in FY18. With this, the company achieved its highest-ever annual tractor sales and registered a growth of 22% in the domestic market, in FY18.
Key Target Audience
Farm Vehicles Manufacturers, Farm Vehicles Component Suppliers, Technology Providers to the Farm Vehicles Industry, Research Institutes, Associations, Organizations, Forums, and Alliances related to Farm Vehicles, Industry Associations and Market Research and Consulting Firm