Market Research Future (MRFR) has published a cooked research report on the “powered agriculture equipment Market” that contains information from 2022 to 2027. The powered agriculture equipment Market is estimated to register a CAGR of 5% during the forecast period of 2022 to 2027 and projected to grow at USD 115 Billion by 2027.
MRFR recognizes the following companies as the key players in the Market — SDF S.P.A. (Italy), Iseki & Co. Ltd (Japan), Escorts Group (India), Alamo Group Inc. (U.S.), CLAAS Group (Germany), Kubota Corporation (Japan), CNH Industrial (U.K), Mahindra & Mahindra Ltd (India), John Deere & Co. (U.S.), and AGCO Corporation (U.S.).
Market Overview
The global powered agricultural equipment market size is predicted to touch USD 115 Billion by 2027 at a healthy 5% CAGR between 2022- 2027, states the recent Market Research Future (MRFR) analysis.
Agriculture equipment, simply put, is machinery used in farming as well as other agriculture. Cultivation and soil separation equipment, harvester, tractor, and others are the different types of powered agriculture equipment that have various functions such as plowing and cultivation, planting and fertilizing, harvesting, and others.
Various factors are propelling the global powered agriculture equipment manufacturers market share. According to the recent MRFR report, such factors include the growing demand for effective powered agriculture equipment, increasing population, global food demand, growing concerns to improve farm yield, and growing demand for farm mechanization worldwide. Additional factors adding market growth include rapid implementation of such equipment, the launch of innovative equipment for its resource-efficient and precise approach, and growing demand for convenient & efficient smart farming solutions. Besides, the latest innovation and technologies in agriculture equipment, rising disposable income, use of advanced technology in agriculture equipment, demand for equipped tractors, availability of subsidies on agricultural equipment, growing production and sales of farm equipment, and rapidly growing offline & online food service centers are also adding market growth.
On the contrary, high cost, installation issues, and the on-going COVID-19 impact are factors that may impede the global powered agriculture equipment market growth over the forecast period.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global powered agriculture equipment market based on sales channel, productive type, and function.
· By function, the global powered agriculture equipment market is segmented into plowing and cultivation, planting and fertilizing, harvesting, and others.
· By product, the global powered agriculture equipment market is segmented into cultivation and soil separation equipment, harvester, tractor, and others. Of these, the tractor segment will lead the market over the forecast period.
· By sales channel, the global powered agriculture equipment market is segmented into OEM and aftermarket.
Key Players
Eminent players profiled in the global powered agriculture equipment market report include SDF S.P.A. (Italy), Iseki & Co. Ltd (Japan), Escorts Group (India), Alamo Group Inc. (U.S.), CLAAS Group (Germany), Kubota Corporation (Japan), CNH Industrial (U.K), Mahindra & Mahindra Ltd (India), John Deere & Co. (U.S.), and AGCO Corporation (U.S.).
Recent Developments
Governments worldwide have implemented various measures to combat the challenges posed by the pandemic and support the growth of the agriculture sector. Notably, the US government launched a relief program of USD 19 billion to aid farmers, including direct payments of USD 16 billion to producers. Additionally, the US government committed to monthly purchases of USD 100 million in freshly produced dairy and meat products, providing crucial support to the agricultural industry during these challenging times.
In the European Union, new rural development measures have been approved, allowing countries with remaining rural development funds to provide financial assistance to farmers and small agri-food businesses in 2020. These measures aim to strengthen the agricultural sector and ensure the stability of food production and supply.
In November 2021, prominent market company John Deere introduced new material collection systems and mechanical grapples for compact utility tractors. The New Frontier MG20F Mechanical Grapple, a new addition to the global powered agriculture equipment market, offers quick-attach capabilities for fast installation and boasts a lift capacity of 1,200 pounds (544 kg). This innovation enhances the efficiency and versatility of compact utility tractors, contributing to increased productivity in agricultural operations.
In the same month, another market player, New Holland Agriculture, designed a Straddle Tractor tailored to the narrow vineyards typically found in premium wine-growing regions like Champagne, Médoc, and Burgundy. The specialized Straddle Tractor meets the demanding requirements of these vineyards, enabling farmers to navigate the tight spaces and effectively manage their vineyards.
In August 2021, AGCO Corporation's brand Massey Ferguson introduced the VE Series planters on an international scale. The series comprises rigid and folding-frame planters, as well as narrow transport and track planters. These VE Series planters offer straightforward, dependable, and durable solutions for consistent and accurate seed placement, ultimately leading to optimal yields in agricultural production.
In November 2021, reliable market company CLAAS developed new flagship TORINO 1913 and TORINO 2014 models, featuring increased engine power, higher lift capacity, and an even greater loading height. These advancements in agricultural machinery enhance the efficiency and performance of farm operations, enabling farmers to achieve higher productivity and output.
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