The global powered agricultural industry has witnessed a massive transformation owing to the increasing demand for efficient powered agriculture equipment. Rising world population and the subsequent rise in global food demand, along with the shrinkage of the agricultural workforce, have resulted in growing concerns to enhance farm yield and increase the demand for farm mechanization across the world. With the rapid implementation of powered agriculture equipment, farmers can enhance production yield by increasing inputs and efficient management of farm enterprises. The advent of innovative equipment has resulted in reduced energy consumption and overall cost-effective operations owing to their more precise and resource-efficient approach. As a result, the powered agriculture equipment industry is anticipated to progress due to the ever-growing affinity for more convenient and smart farming solutions than the traditional methods.
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Moreover, extensive research and development activities and appropriate regulatory environments are also a prerequisite for the sustained growth of this market. Various government and private research institutes, and favorable trade policies are putting in substantial efforts to identify the benefits of these advanced farming solutions for augmenting global food production.
The global powered agriculture equipment market research study offers a broad perspective on the analysis of the industry. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
The global powered agriculture equipment market encompasses a wide array of solutions such as tractors, combines, planters, sprayers, and other equipment such as tilling equipment, haymaking equipment, and balers. Farm tractors accounted for the largest share in the market, followed by combine harvester, planters, and sprayers. Farmers across the globe are increasingly adopting powered agriculture equipment to improve yield, soil fertility, operational efficiency, and profitability. The powered agriculture market includes agricultural machinery manufacturers that provide vertically integrated farm equipment solutions.
Trends such as high population growth, increasing disposable incomes, and booming urbanization in the Asia-Pacific and Japan region have resulted in a robust evolution in the consumption patterns amongst the population of the region. Hence, farmers of the region are focusing on increasing crop yield and having an all-year-round supply of agricultural produce to meet the escalating demand.
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As the COVID-19 pandemic forces countries to close their borders, the agricultural sectors are facing major challenges. Even in regions and countries that are unlikely to face food crisis, such as those in North America and Europe, there is also a lack of labor as new challenges keep unskilled workers out. Also, COVID-19 travel restrictions across countries have led to an immediate shortage of seasonal farm labor due to the COVID-19 pandemic. This has had a heavy impact, especially in the ongoing harvest season and the upcoming planting season across the world.
The competitive landscape of the global powered agriculture market witnessed the companies showing an inclination toward the adoption of strategies such as product launches and developments. Deere & Company, AGCO Corporation CLAAS Group, CNH Industrial, ISEKI Group, Kinze Manufacturing Inc., Mahindra & Mahindra, and Escorts Group, among others, are the prominent players in the powered agriculture equipment market. This market includes the presence of a large number of small-sized to medium-sized companies that compete with each other as well as with large enterprises.
