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.
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.
- SDF
Global Powered Agriculture Equipment Market: Research
Scope
Global Powered Agriculture Equipment Market, by Product
Type
- Tractor
- Sprayer
- Field
Cultivator
- Shredders
and Cutters
- Seeders
and Planters
- Others
(Plough, Baler, etc.)
This study by TMR is all-encompassing framework of the
dynamics of the market. It mainly comprises critical assessment of consumers'
or customers' journeys, current and emerging avenues, and strategic framework
to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth
prospects, untapped avenues, factors shaping their revenue potential, and
demand and consumption patterns in the global market by breaking it into
region-wise assessment.
The following
regional segments are covered comprehensively:
- North
America
- Asia
Pacific
- Europe
- Latin
America
- The
Middle East and Africa
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