NEW YORK, Sept. 15, 2021 /PRNewswire/ -- The global farm equipment market size has the potential to grow by USD 28.6 billion during 2020-2024, and the market's growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.
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The farm equipment market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to increase as compared to 2020.
Companies across the globe are focusing on creating a Resilient Business Model in the Face of COVID-19. Vendors are continuing their ongoing operations while building resilient business models as the path to recovery from the pandemic is being carved out.
The recovery process involves various phases including:-
- Recognizing the existing business model
- Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
- Conceptualize scenario-based planning to mitigate future crisis situations.
Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates.
- Quarterly impact analysis and updates on market estimates.
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Major Three Farm Equipment Market Participants:
- AGCO Corp.
- BROHAWK EXPORTS
- Bucher Industries AG
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get a detailed market share analysis of market participants during COVID-19 lockdown: https://www.technavio.com/report/farm-equipment-market-industry-analysis
Farm Equipment Market 2020-2024: Segmentation
The farm equipment market is segmented as below:
- Geographic Landscape
- North America
- South America
The farm equipment market is driven by increasing demand for small tractors. In addition, other factors such as the rising deployment of equipment and technologies for precision farming are expected to trigger the farm equipment market.
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Market Drivers Market Challenges Market Trends Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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