Powered Agriculture Equipment Market Latest Innovations
Agricultural efficiency across the globe has been significantly increasing over the last two decades. With the exponential growth of the global population, the subsequent increase in global food demand, shrinking agricultural lands, and depletion of limited natural resources, the need to improve agricultural yield has become critical. The rise in the urban population in developing countries, with the improvement of quality of living due to high-income levels and the demand for fresh farm produce and animal protein, is bolstering the demand for crop production. The finite presence of natural resources, such as arable land and fresh water, along with falling farm yield trends in many crop categories, have encouraged the growers and agricultural companies to introduce innovative and advanced agriculture equipment to boost farm profitability.
Read Report Overview: Global Powered Agriculture Equipment Market
Global Powered Agriculture Equipment Market (by Equipment Type)
Powered agriculture equipment have a wider implication across various farming practices that are crucial for a healthy and sustainable crop production process. The various applications include water management, soil management, climate management, and others.
The powered agriculture equipment comprises a wide range of solutions such as tractors, sprayers, planters, combines, and other equipment such as balers and tilling equipment. Farm tractors account for the largest share in the market, followed by combine harvesters, planters, and sprayers, in that order. The adoption of powered agriculture equipment is increasing among farmers to improve yield, operational efficiency, soil fertility, and profitability.
Global Powered Agriculture Equipment Market (by Application)
In terms of volume, sowing and planting application is expected to display the fastest growth during the forecast period (2022 -2026), reaching a volume of 632.2 thousand units by 2025. Due to COVID-19, the travel restrictions across countries have led to an immediate shortage of seasonal farm labor. This trend has led to a heavy impact, especially in the ongoing harvest season and the upcoming planting season across the world.
Global Powered Agriculture Equipment Market (by Region)
The governing trends of the powered agriculture equipment market vary across different regions. The powered agriculture equipment market holds a significant share in various countries of North America, South America, the U.K., the Middle East and Africa, Asia-Pacific and Japan, and China. In 2019, Asia-Pacific and Japan led the global powered agriculture equipment market, with a large market concentration in India.
Competitive Landscape of Global Powered Agriculture Equipment Market
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.
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Key players operating in this market have significantly augmented their product launch activities in recent years in order to generate public awareness about their existing and new products and technologies and compete with competitors’ product portfolios. This growth strategy is a widely adopted strategy by companies in this market. For instance, in October 2019, Deere & Company launched 8R wheel tractors, 8RT two-track tractors, and 8RX, which was the industry's first fixed-frame four-track tractor. In 2019, Kubota Corporation launched a new series of tractors featuring high-horsepower models. This launch is expected to accelerate the company’s business in the North American tractor market.