Powered Agriculture Equipment Market 2018
Powered Agriculture Equipment Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Powered Agriculture Equipment Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023
Global Powered Agriculture Equipment Market Information Report by Product Type (Tractors, Combine/Combine Harvester, Sprayer, Soil Preparation & Cultivation Equipment, Seed Drill, Others), and by Region – Global Forecast To 2023
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Market Synopsis
The global powered agriculture equipment market is estimated to expand at 5.43 % CAGR during the forecast period (2017-2023) owing to the increasing demand for food, asserts Market Research Future (MRFR). Agriculture equipment and tools play a crucial role in several functions as per the need of the consumers. Powered equipment is slowly taking over traditional methods owing to advanced and highly innovated products.
Drivers and Constraints Impacting the Market
With the growing population in several regions, there has been an increase in the overall demand for food. In order to increase productivity and supply of food, the agricultural processes need to be faster. The adoption and utilization of agricultural equipment and mechanization techniques have made this possible. This triggers the demand for powered agricultural equipment across the globe. In several countries, governments are offering extensive support to farmers to purchase agricultural equipment in order to work efficiently. This is anticipated to foster the market growth over the forecast period. For instance, in countries like India, the government has initiated Rashtriya Krishi Vikas Yojana to support farmers to purchase tractors at a subsidized rate. The emergence of advanced technology is triggering the market growth during the forecast period. GPS locators, computer monitoring systems, and self-steer programs allow most advanced tractors and are less wasteful and more precise in the use of seed, fuel, or fertilizer.
On the flip side, financial issues to replace old equipment with new machinery is one of the major factors hindering the market growth during the assessment period.
Global Powered Agriculture Equipment Market: Segmental Analysis
The global powered agriculture equipment market has been segmented on the basis of product type and region.
By mode of product type, the global powered agriculture equipment market has been segmented into cultivation and soil preparation equipment, seed drill, tractors, combine/combine harvester, sprayer, and others. Among these, the tractor segment is predicted to account for the largest market share with 52.4 % in 2016 and a market value of 36.37 billion. Tractors are one of the most essential equipment in the agricultural industry and hold the highest volume in the market. Tractors account for the highest sales as they are multifunction. They are usable as agricultural equipment in monsoons as well as commercial and other transportation purposes.
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Regional Insights
Geographically, the powered agriculture equipment market spans across regions namely, North America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, Asia Pacific is predicted to account for the largest market share with 33.47 % in 2016 and a market value of USD 23.3 billion. The Asia Pacific region comprises more than 60 % of the world’s population and is estimated to increase in the future. This is further leading to shortage of food in the country. Use of agricultural machinery and equipment has proven to be an effective way to increase the production of food. One of the major driving factors in this region is the number of subsidies by the state and the central governments which is encouraging the farmers to purchase equipment for their farms. Moreover, countries such as China, India, and Indonesia promote the market in this region.
North America is predicted to hold the second position in the market with a market value of USD 20.2 billion. North America is one of the major producers of corn, wheat, and soybean which require the use of agricultural equipment, thus stimulating the market growth during the forecast period. Countries like the United States account for the largest share in the North American region. Canada is also a major market in this region and is predicted to expand at 5.00% CAGR over the review period.
Europe accounts for 24.7% market share globally owing to the presence of major countries like Germany and France in this region. Germany is one of the leading exporters of agriculture machinery in the world.
Industry News
Engineering conglomerate Escorts have showcased India’s first automated concept tractor which aims at smart and precision-based farming. This autonomous tractor will provide information on water management and soil health along with advanced farming techniques through its sensor. This concept tractor features two-way voice interface for real-time voice conversation related to farming and the service of the tractor.
Competitive Analysis
The major players operating the global market are Escorts Group (India), CLAAS Group (Germany), Alamo Group Inc. (U.S.), Mahindra & Mahindra Ltd (India), AGCO Corporation (U.S.), Kubota Corporation (Japan), CNH Industrial (U.K), Iseki & Co. Ltd (Japan), John Deere & Co. (U.S.), SDF S.P.A. (Italy), and more.
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