NEW YORK, March 11, 2019 /PRNewswire/ -- Global Powered Agriculture Equipment Market Anticipated to Reach $151.19 billion by 2023, BIS Research Report
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The global agricultural industry has witnessed a massive transformation owing to the increasing demand for efficient powered agriculture equipment.Rising world population and the subsequent rise in global food demand along with the shrinkage of agricultural workforce have resulted in growing concerns to enhance farm yield and increase the demand for farm mechanization across the world.
With the rapid implementation of powered agriculture equipment, farmers are able to enhance productivity by increasing inputs and efficiently manage their farm enterprises.The advent of innovative equipment has resulted in reduced energy consumption and overall cost-effective operations owing to their more precise and resource-efficient approach.
As a result, the powered agriculture equipment industry is anticipated to progress due to the ever-growing affinity for more convenient and smart farming solutions than the traditional methods.
The market research study offers a wide perspective of the different types of powered agriculture equipment and analyses its impact on the agriculture sector by providing critical insights into the direction of its future expansion. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
The report answers the following questions about the global powered agriculture equipment market:
• What is the global powered agriculture equipment market size in terms of value along with the unit sales during the period 2017-2023?
• What is the revenue generated and volume sales by the different types of powered agriculture equipment such as tractors, harvesters, planters, and sprayers?
• What are the volume sales of different tractors on the basis of power output?
• What are the major next generation agriculture equipment expected to witness positive growth in the next five years?
• What is the anticipated market size for different regions based on various equipment in the forecast period?
• What are the key trends and opportunities in the market pertaining to countries included in different geographical regions?
• How attractive is the powered agriculture equipment market for different stakeholders present in the farming industry by analyzing the complete supply chain?
• What are the major driving forces that are expected to increase the demand for powered agriculture solutions during the forecast period?
• What are the major challenges inhibiting the growth of the global precision agriculture market?
• What kind 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 , through the analysis their recent developments, product offerings, and regional presence?
The report further includes a thorough analysis of the impact of the five major forces to understand the overall attractiveness of the industry. The report also focuses on the key developments and investments made in the powered agriculture equipment market by the players and government.
Moreover, the report consists of a comprehensive analysis of powered agriculture equipment market for different geographical regions.The powered agriculture equipment market holds a prominent share in various countries of the Americas, Europe, Asia-Pacific (APAC) and Rest-of-the-World (RoW).
The report also provides a country-based analysis for all the leading countries in every region, including the U.S, Canada, Germany, the U.K, France, Italy, Russia, China, Japan, Australia, New Zealand, India, South Korea, and Brazil. Each geographical region analysis details individual driving and restraining forces acting in the market in addition to the key players from that particular region. The key players identified in the market are AGCO Corporation, CLAAS Group, CNH Industrial N.V., Deere & Company, Escorts Group, ISEKI Co. Ltd., Kubota Corporation, Mahindra & Mahindra, SDF Group, and Kinze Manufacturing Inc.
Farm productivity across the globe has been significantly increasing since the last decade.With the exponential growth of the world population, subsequent rise in global demand for food, shrinking agricultural lands, and depletion of finite natural resources, the need to enhance farm yield has become critical.
The increase in urban population in developing countries with the enhancement of quality of living due to high income levels and the demand for fresh crop produce and animal protein are the major factors boosting the demand for crop production. Limited availability of natural resources, such as fresh water and arable land, along with declining yield trends in several staple crops, have prompted growers and companies in the farming sector to introduce innovative agriculture equipment in order to enhance farm profitability.
The farming industry has witnessed numerous revolutions over decades starting from the domestication of livestock and crops to the organized use of crop rotation with the help of new farming techniques.This was followed by the large-scale usage of fertilizers and pesticides and systematic breeding called the green revolution.
Finally, with the introduction of Information and communication technologies (ICT) in farming since the last decade, the farming industry has been witnessing another revolutionary phase.Over the last decade, the agriculture equipment market has witnessed a steady growth in terms of technological advancement and cost reduction.
Moreover, the rapid development of contract farming services and corporate partnerships has led to the increased demand for powered agriculture equipment across the globe.
Another looming concern over the farming industry is the changing structure of agricultural workforce.Numerous countries across the world are witnessing an increase in average age of farmers.
According to 2012 Census of Agriculture, the average age of a farmer in the U.S. was 58, which has increased by 8 years, since 1982. According to the Labor Force Survey of 2016, 59.2% of the working population were 40-64 years old in the European Union countries. Alarmingly, the average age of farmers in Japan was found to be 65.8 in 2013, as per the Tokyo Foundation for Policy Research. Agricultural labor in most of the countries has declined as well. As per World Bank, the East Asia and Pacific region has witnessed a decline from 51% in 1991 to 21% in 2017, whereas Latin America and the Caribbean Countries witnessed a shift from 25% in 1991 to 14% in 2017. Subsequently, change in structure of agricultural workforce has made farm labor expensive across the world over time. This change in the global aging demographic has eventually triggered the adoption of powered agriculture equipment.
The powered agriculture equipment market is projected to grow from $XX billion in 2017 to $151.19 billion by 2023, at a CAGR of XX% from 2018 to 2023. High growth in the market is expected to be driven by the increasing need for increasing the agriculture production and reducing the requirement of the manual labor. Moreover, the global powered agriculture equipment market has been strongly motivated by the substantial support of the government in terms of investments, favorable initiatives, and trade policies.
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 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 demand for next generation powered agriculture equipment is growing due to the increasing applications in the farming industry.Farmers across the world are using auto-guided tractors to reduce multiple trips for farm monitoring, hence reducing crop damage, and fuel consumption.
Some of the major next generation agriculture equipment penetrating the market are drones, harvesting robots, and driverless tractors. These equipment are witnessing gradual adoption by the farmers especially in the U.S., Australia and Germany. Some other emerging agriculture equipment are robotic sprayers and weeding robots. Key players innovating in this field are Deere and Company, AGCO Corporation, Autonomous Tractor Corporation, CNH Industrial, Yanmar Co. Ltd., Kinze Manufacturing Inc., Lovol Heavy Industry Co. Ltd., and Mahindra and Mahindra Ltd., among others.
The trends of the powered agriculture equipment market vary across different geographical regions.The powered agriculture equipment market holds a prominent share in various countries of the Americas, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
In 2017, Asia-Pacific was at the forefront of the global powered agriculture equipment market, with huge market concentration in China and India.
The competitive landscape for the powered agriculture market demonstrates an inclination toward companies adopting strategies such as product launch and development.The major established players in the market are focusing on product launches and developments to introduce new technologies or developing further on the existing product portfolio.
Deere and Co., CNH Industrial, AGCO Corporation, CLAAS Group, Kinze Manufacturing Inc., ISEKI Group, Mahindra & Mahindra, and Escorts Group, among others, are the prominent players in the powered agriculture equipment market. The market is highly fragmented with the presence of a huge number of small-sized to medium-sized companies that compete with each other and the large enterprises.
Key players operating in this market have ramped up their product launch activities over the recent years, in order to generate public awareness about their existing and new products and technologies and to compete with the competitors' product portfolio.This has been the most widely adopted strategy by the players in this market.
For instance, in December 2017, AGCO Corporation's brand Massey Ferguson launched a new self-propelled sprayer, MF 9130 Plus. In September 2017, Escorts Group introduced a new electric & hydrostatic concept tractor to expand its portfolio of tractors for the export and domestic market.
• Australia, New Zealand (ANZ)
• South Korea
• The Americas
• The U.S.
• The U.K.
• Rest-of-the-World (RoW)
• Middle East
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