Powered Agriculture Equipment Market: Introduction
- Powered agriculture equipment refers to agriculture machinery used in farming and agriculture. Several types of equipment such as hand tools and power tools, to tractors, come under the category of powered agriculture equipment. Various ranges of equipment or machinery are used in both organic and nonorganic farming.
Key Drivers of the Global Powered Agriculture Equipment Market
- Increasing population is one of the major factors driving the growth of food production around the world, which increases the usage of powered agriculture equipment. Powered agriculture equipment is replacing traditional methods due to availability of highly innovated and advanced products. Other factors such as labor shortage, ease of financing, government initiatives in the form of financing schemes, subsidies and low import duties, rising income levels of rural households, and emergence of contract farming are enabling farmers to derive benefits of training, technology, and easy financing. These factors contribute to the growth of the powered agriculture equipment market around the world.
Factor Restraining the Global Powered Agriculture Equipment Market
- Large capital investment is required initially that may restrict small farmers from investing in agriculture equipment. This may hinder the market growth in developing countries.
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Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global powered agriculture equipment market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the powered agriculture equipment market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the powered agriculture equipment market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America powered agriculture equipment market is segmented into Brazil, and Rest of South America.
- North America accounted for largest share of the global powered agriculture equipment market due to the presence of large producers of corn, wheat, and soy, which is driving the demand for agriculture equipment in the region. Canada and the U.S. are major contributors to the growth of the powered agriculture equipment market in North America.
- The powered agriculture equipment market in Asia Pacific is projected to expand rapidly during the forecast period due to increasing food productivity in the region. Asia is the most populated region globally, which faces issues of food shortage that leads to increase in food production. China and India are majorly agriculture-based countries; subsidies given by central and state governments encourages farmers to invest in agriculture equipment. This is expected to expand the powered agriculture equipment market in the Asia Pacific region.
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Key Players Operating in the Global Market
Manufacturers in the powered agriculture equipment market are focusing on becoming more proficient and developing advanced equipment to enhance their competitive advantage and market share globally. Companies are concentrating on generating public awareness about their existing and new products & technologies. Moreover, they are strategizing on collaborations and partnerships to compete with the product portfolio of competitors.
For instance, in October 2019, Deere & Company launched 8RT two-track tractors, 8R wheel tractors, and 8RX tractor. 8RX tractor was the industry’s first fixed frame four track tractor.
In 2019, Kubota Corporation launched a new series of tractors with high horsepower featured models. This launch was held with the vision to accelerate the company's business in the tractor market.
A few of the key players operating in the global powered agriculture equipment market are:
- AGCO Corporation
- Alamo Group Inc.
- CLAAS KGaA mbH
- CNH Industrial
- Deere & Company
- Escorts Limited
- ISEKI & CO., LTD.
- KUBOTA Corporation
- Mahindra & Mahindra Ltd.
Global Powered Agriculture Equipment Market: Research Scope
Global Powered Agriculture Equipment Market, by Product Type
- Field Cultivator
- Shredders and Cutters
- Seeders and Planters
- Others (Plough, Baler, etc.)
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.