DUBLIN, Oct. 22, 2020 /PRNewswire/ -- The "Global Powered Agriculture Equipment Market: Focus on Type, Tractor HP, Electric Tractors, Applications, and Next-Gen Equipment, Impact of COVID-19 - Analysis and Forecast, 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The powered agriculture equipment market is projected to grow from $63.17 billion and 2,217.8 thousand units in the year 2019 to $70.03 billion and 2,359.7 thousand units by 2025. The need to elevate farm produce has resulted in awareness among governments of different countries, which is expected to drive the market. The market growth is expected to solve rising concerns over global food security; hence initiatives by governments and stakeholders are increasing intensively, including investments and trade policies, to drive the market.
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 the yield, operational efficiency, soil fertility, and profitability.
Impact of COVID-19 on Global Powered Agriculture Equipment Market
In this COVID-19 pandemic, the agriculture equipment industry is playing a critical role as a bridge in the food value chain, providing maintenance support and necessary equipment. Due to the COVID-19 outbreak, the supply chain has been interrupted, and companies are focusing on new strategies of producing and consuming locally. As per BIS Research estimates, the market is expected to experience growth from December 2020 till Q3, 2021, because of localization. Further, by Q3-Q4, 2022, the industry is expected to be back to normal with global exposure. Moreover, India, the biggest tractor market, is expected to see a 19% dip in 2020.
Key players operating in this market have significantly augmented their product launch activities in recent years to generate public awareness about their existing and new products and technologies and compete with competitors' product portfolio. 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. The partnerships and collaborations strategy has also been significantly employed for expansion in the powered agriculture equipment market.
Regional Market Dynamics
In 2019, the Asia-Pacific and Japan region recorded the largest volume sales of powered agriculture equipment, followed by China and North America. 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.
The Asia-Pacific and Japan region showed a dip in 2020 for powered agriculture equipment market unit sales due to the COVID-19 pandemic. Post COVID-19, the Asia-Pacific and Japan region is expected to offer high market growth opportunities owing to the increasing urban population, the growing market penetration of internet farming practices, and the rising favorable government investments. Governments, consortiums, associations, and global organizations such as the United Nations (UN) are all taking continuous initiatives to mitigate the impact of COVID-19 on the agriculture industry.
Market Growth Drivers
- Rising Global Food Insecurity
- Rising Demand for Autonomous Equipment
- Increasing Government Initiatives for Sustainable Food Production
Market Growth Restraints
- High Initial Investment Costs
- Lack of Technical Knowledge and Awareness
- Rising Opportunities in Developing Countries
- Adoption of Robots and Drones in Agriculture
- Integration of GIS in Agriculture
- Alternative screening and testing methods
Key Questions Answered in this Report:
- What is the expected global powered agriculture equipment market size in terms of value and volume during the period 2019-2025?
- What is the expected future scenario, revenue generation, and sales volume of the different types of powered agriculture equipment such as tractors, combine harvesters, planters, and sprayers, across the globe, regions, and key countries?
- What is the expected future scenario and volume unit sales to be generated by different tractors classified on the basis of power output, across the globe, regions, and key countries?
- What is the expected future scenario and volume unit sales to be generated by electric tractors & non-electric tractors?
- What is the expected future scenario and volume unit sales to be generated by equipment used in different applications of powered agriculture equipment such as harvesting, sowing and planting, and spraying and fertilizing, among others?
- Which region is the largest market for the global powered agriculture equipment market?
- What is the expected future scenario, revenue and volume sales to be generated by different regions and countries in the global powered agriculture equipment market such as North America, South America, Europe, the U.K., China, Asia-Pacific and Japan, and Middle East & Africa?
- What is the competitive strength of the key players in the global powered agriculture equipment market on the basis of the analysis of their recent developments, product offerings, and regional presence?
- How is the market share of the global powered agriculture equipment market divided among the key companies?
- How are the stakeholders of the global powered agriculture equipment market positioned across its supply chain and what is their role in the chain?
- What are the market dynamics of the global powered agriculture equipment market, including market drivers, restraints, and opportunities?
- What is the SWOT analysis for leading companies in the global powered agriculture equipment market?
- Which are the different key consortiums & associations in the market and what is their role?
- What is the expected future scenario and revenue to be generated by next-generation powered agriculture equipment market such as drones, harvesting & picking robots, autonomous tractors, and other robots for crop production?
Key Topics Covered:
1 Market Dynamics
2 Competitive Landscape
3 Industry Analysis
3.1 Supply Chain Analysis
3.2 Emerging Market Trends
3.2.1 Electric Powered Agriculture Equipment
3.2.2 Multi-Hybrid Seed Planter
3.3 Key Consortiums in Agricultural Equipment Market
3.4 Industry Attractiveness
3.4.1 Threat of New Entrants
3.4.2 Bargaining Power of Buyers
3.4.3 Bargaining Power of Suppliers
3.4.4 Threat from Substitutes
3.4.5 Intensity of Competitive Rivalry
4 Global Next-Generation Powered Agriculture Equipment Market
4.1 Assumptions and Limitations
4.2 Market Overview
4.3 Global Next-Generation Powered Agriculture Equipment Market, (by Type)
4.3.1 Unmanned Aerial Vehicles (UAVs)/Drones
4.3.2 Harvesting and Picking Robots
4.3.3 Autonomous Tractors
5 Global Powered Agriculture Equipment Market (by Equipment Type)
5.1 Assumptions and Limitations
5.2 Market Overview
5.3.1 Global Tractor Market
5.3.2 Global Tractor Market (by Power Output : <_0hp_>100HP)
5.3.3 Global Tractor Market (by Power Source: Electric & Non-Electric Tractors)
5.4 Combine Harvesters
6 Global Powered Agriculture Equipment Market (by Application)
6.1 Assumptions and Limitations
6.2 Market Overview
6.2.2 Sowing and Planting
6.2.3 Spraying and Fertilizing
7 Global Powered Agriculture Equipment Market (by Region)
7.1 Asia-Pacific and Japan
7.2 North America
7.3 Middle East and Africa
7.6 South America
8 Company Profiles
8.2 AGCO Corporation
8.3 AeroVironment, Inc.
8.4 CLAAS Group
8.5 CNH Industrial N.V.
8.6 Deere & Company
8.7 ISEKI & CO. Ltd.
8.8 Kubota Corporation
8.9 Mahindra & Mahindra Ltd.
8.10 Parrot SA
8.11 Robert Bosch GmbH
8.12 SDF Group
8.13 Trimble Inc.
8.14 Abundant Robotics Inc.
8.15 Deepfield Robotics
8.16 Kinze Manufacturing
8.17 ecoRobotix Ltd.
8.18 Harvest Automation Inc.
8.19 Harvest Croo Robotics
8.20 Naio Technologies
8.21 PrecisionHawk Inc.
8.22 Robotics Plus
8.23 Tirth Agro Technology Private Limited
8.24 Tractors and Farm Equipment Ltd.
8.25 Yamaha Motor Co. Ltd.
8.26 Yanmar Co. Ltd.
8.27 Zetor Tractors a.s.
9 Report Scope and Methodology
9.1 Report Scope
9.2 Global Powered Agriculture Equipment Market Segmentation
9.3 Global Powered Agriculture Equipment Market Research Methodology
9.3.3 Primary Data Sources
9.3.4 Secondary Data Sources
9.3.5 Data Triangulation
9.3.6 Market Estimation and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/jvuwu5
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