The 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 a combine harvester, planters, and sprayers. Farmers across the globe are increasingly adopting powered agriculture equipment to improve the yield, soil fertility, operational efficiency, and profitability.
The report "Global Powered Agriculture Equipment Market, By Product Type (Tractors, Combine Harvester, Sprayer, Soil Preparation and Cultivation Equipment, Seed Drill and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030.”
Key Highlights:
- In November 2018, CNH Industrial entered into the strategic digital agriculture agreement with Farmers Edge. Farmers Edge is a Canada-based agri-tech company focused on data-driven agricultural decision-support systems. Through this agreement, customers will get access to FarmCommand, a unique platform that interfaces with the brand’s existing precision farming portals and further extends the range of planning, analysis, execution and agronomic decision-making information available to them.
- In September 2018, engineering conglomerate Escorts showcased automated concept tractor aimed at smart farming solutions. Escorts has collaborated with seven companies for the development of this autonomous tractor that will guide the farmers.
Analyst View:
The exponential population of the world has led to a drastic rise in the demand for food. This, in turn, has accelerated the need for advancements in agriculture technology for better productivity. The growth trajectory of the powered agriculture equipment market is guided by these technological innovations and advancements. The advent of the Internet of Things (IoT) and automation has led to a noteworthy development in the powered agriculture equipment market. Automation in agriculture has opened new avenues for growth in the near future. The need for maximum production in limited space is projected to push the expansion of the powered agriculture equipment market. Investments are poised to flow towards the development of innovative power equipment for revolutionizing scientific agriculture. Furthermore, the need for machinery for undertaking new ways of farming such as hydroponics are also prognosticated to favor the proliferation of the powered agriculture equipment market through the forecast period.
Key Market Insights from the report:
Powered Agriculture Equipment Market is estimated to be US$ 90.60 billion by 2030 with a CAGR of 5.2% during the forecast period. The market report has been segmented on the basis of product type, and region.
- By product type, Tractors segment accounted for the largest market share of 52.4%, with a market value of USD 36.37 billion.
- By region, Asia Pacific accounted for the largest market share of 33.47%, with a market value of USD 23.3 billion and is projected to grow at the highest CAGR of 6.26%.
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Competitive Landscape:
The prominent player operating in the global powered agriculture equipment market includes Deere and Co., CNH Industrial, AGCO Corporation, CLAAS Group, Kinze Manufacturing Inc., ISEKI Group, Mahindra & Mahindra, Escorts Group, Kubota Corporation, and Alamo Group Inc.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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