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Powered Agriculture Equipment Industry report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023.Agriculture has moved away from the use of traditional equipment to mechanization. This assisted farmers in concentrating on yield quality and less on laborious aspect of farming. Powered agricultural equipment comprises tractors, harvesters, combines, and trucks. The global powered agricultural equipment market report by Market Research Future (MRFR) consists of the latest trends in farming and the need for powered tools.
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Market Prospects
The global powered agriculture equipment market is anticipated to expand at 5.43% CAGR during the forecast period (2017-2023) owing to the massive demand for food, asserts MRFR.
The growing worldwide populace is triggering the demand for food which in turn can spur the demand in powered agriculture equipment. Technological advances such as internet of things (IoT) and drones are expected to assist farmers in remotely controlling machines from afar. Investments in novel technologies coupled with new ways of farming such as hydroponics can work favorably for the market.
On the flip side, lack of subsidies and schemes for replacing legacy equipment with new machinery can hamper market growth.
Segmentation
The powered agriculture equipment market is segmented by type.
By type, it is segmented into seed drill, tractors, soil preparation & cultivation equipment, sprayer, combine/combine harvester, and others. Among these, tractors held 52.4% market share in 2016 valued at USD 36.37 billion. It accounted for high sales owing to being used for transport of produce and commercial purposes. Combine/combine harvester held the second-largest share in 2016 due to multifold functions of threshing, reaping, cleaning, and accumulating grains with ease.
Soil preparation & cultivation equipment can display 5.59% CAGR during the assessment period due to use of various tools such as rotary tiller, plows, cultivators, and others.
Regional Analysis
Geographically, the powered agriculture equipment market spans across regions namely, North America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, Asia Pacific is predicted to account for 33.47 % share in 2016 with a market value of USD 23.3 billion. The region comprises more than 60 % of the world’s population and is estimated to increase in the future. Use of agricultural machinery and equipment which can cater to humongous need for foods in India and China can drive the powered agriculture equipment market growth. The region is backed by subsidies provided by state and the central governments can work favorably for the market.
North America was the second largest region with a value pegged at USD 20.2 billion in 2016. The region is host to countries such as the United States which contribute to annual yields. Furthermore, the country is one of the biggest producers of soybean, corn, and maize which can induce the demand for powerful mechanized farming equipment. Self-guiding machines are expected to be the next development in farming machinery which can used in taking proactive and preventive measures in farming.
Europe accounted for close to 25% market share globally in 2016 owing to the presence of arable land in Germany, France, Poland, and Austria-Hungary. Subsidies offered to farmers for purchasing green milling equipment is likely to augur well for the powered agricultural equipment market growth. In addition, prominent farming equipment manufacturers in the region and their export to other countries can drive the Europe market.
Competitive Landscape
Key market players include AGCO Corporation (U.S.), Iseki & Co. Ltd (Japan), John Deere & Co. (U.S.), Escorts Group (India), CNH Industrial (U.K), Mahindra & Mahindra Ltd (India), Alamo Group Inc. (U.S.), SDF S.P.A. (Italy), CLAAS Group (Germany), and Kubota Corporation (Japan).
Industry News
Feb 2019 – John Deere, one of the biggest names in farming equipment, has launched its latest tractor, GridCON which foregoes the use of a battery and relies on a power extension cord for running at close to 400 horsepower. Research engineers at the company have decided to lower the vehicle weight further to enhance its efficiency.
(India), Kubota Corporation (Japan), Alamo Group Inc. (U.S.), Iseki & Co. Ltd (Japan), and others.
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Release ID: 524619
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