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.
Another looming concern in the farming industry is the changing structure of the agricultural workforce. Countries across the world are witnessing an increase in the average age of farmers. According to the projection made by the Food and Agriculture Organization (FAO) of United Nations (UN), the global population is expected to increase to 9.1 billion by 2050, and with this drastic change in the population over the coming period of time, the global demand for food is to double from what it was in 2005.
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.
Key Questions Answered in the Report
• What is the estimated global powered agriculture market size in terms of revenue for the forecast period 2022-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2022-2026?
• What are the key trends, market drivers, and opportunities in the market pertaining to powered agriculture and equipment?
• What are the major restraints inhibiting the growth of the global powered agriculture equipment market?
• What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
• What is the competitive strength of the key players in the powered agriculture equipment market based on an analysis of their recent developments, product offerings, and regional presence?
• How is the competitive benchmarking of the key powered agriculture equipment companies in the agriculture market based on the analysis of their market coverage and market potential?
• How much revenue each of the segments is expected to record during the forecast period along with the growth percentage, in the following segments:
o Equipment including tractor, combine harvester, planter, sprayer, other equipment
o Application, including pre/post harvesting, sowing and planting, spraying and fertilizing, other applications
o Region, including North America, the U.K., Europe, Asia-Pacific and Japan, China, the Middle East and Africa, and South America
• Which type of players and stakeholders are operating in the market ecosystem of powered agriculture equipment, and what is their significance in the global market?
• Which are the leading consortiums and associations in the global powered agriculture equipment market, and what are their roles in the market?
• How does the regulatory landscape differ in different regions for powered agriculture equipment?
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.
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.
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 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.
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