Market Analysis
The global powered agricultural equipment market size is predicted to touch USD 99.89 billion at a healthy 5.43% CAGR between 2018- 2024, states the recent Market Research Future (MRFR) analysis. Agriculture equipment, simply put, is machinery used in farming as well as other agriculture. Cultivation and soil separation equipment, harvester, tractor, and others are the different types of powered agriculture equipment that have various functions such as plowing and cultivation, planting and fertilizing, harvesting, and others.
Various factors are propelling the global powered agriculture equipment manufacturers market share. According to the recent MRFR report, such factors include the growing demand for effective powered agriculture equipment, increasing population, global food demand, growing concerns to improve farm yield, and growing demand for farm mechanization worldwide. Additional factors adding market growth include rapid implementation of such equipment, the launch of innovative equipment for its resource-efficient and precise approach, and growing demand for convenient & efficient smart farming solutions. Besides, the latest innovation and technologies in agriculture equipment, rising disposable income, use of advanced technology in agriculture equipment, demand for equipped tractors, availability of subsidies on agricultural equipment, growing production and sales of farm equipment, and rapidly growing offline & online food service centers are also adding market growth.
On the contrary, high cost, installation issues, and the on-going COVID-19 impact are factors that may impede the global powered agriculture equipment market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global powered agriculture equipment market based on sales channel, productive type, and function.
By function, the global powered agriculture equipment market is segmented into plowing and cultivation, planting and fertilizing, harvesting, and others.
By product, the global powered agriculture equipment market is segmented into cultivation and soil separation equipment, harvester, tractor, and others. Of these, the tractor segment will lead the market over the forecast period.
By sales channel, the global powered agriculture equipment market is segmented into OEM and aftermarket.
Regional Analysis
Based on the region, the global powered agriculture equipment market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, the APAC region is predicted to dominate the market over the forecast period. The presence of developing nations such as China and India, rapid population explosion, burgeoning demand for food, increase in export of cereals, rising sale of tractors, lack of farm labor, availability of contract farming, especially in India, and government support & incentives on farming equipment are adding to the global powered agriculture equipment market growth in the region.
The global Powered agricultural implements market in North America is predicted to hold the second-largest share over the forecast period. Penetration of latest technologies, favorable government subsidies, large size farms, growing demand for tractors, and expanding wine industry is adding to the global powered agriculture equipment market growth in the region. The United States & Canada have the maximum share in the market.
The global powered agriculture equipment market in Europe is predicted to have sound growth over the forecast period. Improved productivity through mechanization, presence of leading agriculture suppliers and agriculture tractor in Germany, and lack of labor are adding to the global powered agriculture equipment market growth in the region.
The global powered agriculture equipment market in the RoW is predicted to have steady growth over the forecast period.
Key Players
Eminent players profiled in the global powered agriculture equipment market report include SDF S.P.A. (Italy), Iseki & Co. Ltd (Japan), Escorts Group (India), Alamo Group Inc. (U.S.), CLAAS Group (Germany), Kubota Corporation (Japan), CNH Industrial (U.K), Mahindra & Mahindra Ltd (India), John Deere & Co. (U.S.), and AGCO Corporation (U.S.).
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