The powered agriculture equipment market is expected to reach a market size of USD 136.55 Billion at a steady CAGR of 6.6% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to rising need for enhancing agriculture productivity and increase stocks of food grains. Increasing agriculture exports and rising need for judicious use of natural resources are among other key factors driving increasing deployment of powered agriculture equipment. Rising need for mechanizing farm operations in the agriculture sector in various developing countries is also contributing significantly to market growth, and the trend is expected to continue over the forecast period during the forecast period.
Technological advancements in agriculture equipment is a major factor driving growth of the global powered agriculture equipment market. Manufacturers of powered agriculture equipment are incorporating more advanced technologies such as robotic systems, GPS, navigation systems, sensors, and imaging solutions in farm equipment to cater to farmer needs to increase productivity and crop yields. Adoption of agricultural drones and drones for monitoring production and improving output has been increasing substantially in developed and developing countries in the recent past. Increasing focus on precision agriculture and livestock monitoring and management are factors expected to result in rising adoption agricultural drones during the forecast period. Adoption of electric tractors has also been increasing in the recent past due to rising preference for more eco-friendly energy sources and reduced carbon emissions as compared to diesel-powered counterparts.
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The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.
Competitive Outlook:
The global Powered Agriculture Equipment market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Powered Agriculture Equipment market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Valuable Market Insights:
- The report highlights the latest trends observed in the consumption pattern of each regional segment.
- Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.
- The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global Powered Agriculture Equipment market.
- The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.
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Key Highlights of Report
- In February 2021, AGCO Corporation, which is a global leader, manufacturer, and distribution of agricultural machinery and solutions, announced that it had joined the NEVONEX partner network, which is powered by Bosch, as part of the continued strategy of AGCO. The partnership with Bosch is expected to help AGCO make data management easier for farmers.
- Tractors segment accounted for largest market share of 49.4% in 2020. Incentives and subsidies provided by the government to encourage farm mechanization have been driving the adoption of tractors in the agricultural sector during the forecast period.
- The agricultural unmanned aerial vehicles or agricultural drones segment revenue is expected to expand at a rapid CAGR of 7.5% during the forecast period. The rising need for monitoring overall crop health and managing livestock and monitoring for health issues are contributing to the growing sales of agricultural drones in the agriculture sector.
Key players in the market include AGCO Corporation, John Deere & Co., Mahindra & Mahindra Limited, CNH Industrial N.V., Kubota Corporation, CLAAS, Alamo Group Inc., Escorts Group, Iseki & Co., Ltd. and SDF S.P.A.
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Emergen Research has segmented the global Powered Agriculture Equipment market on the basis of type, next generation equipment, and region:
- Type Outlook (Revenue, USD Billion; 2021–2028)
- Combine Harvesters
- Tractors
- Seed Drill
- Soil Preparation & Cultivation Equipment
- Sprayer
- Others
- Next Generation Equipment Outlook (Revenue, USD Billion; 2021–2028)
- Harvesting & Picking Robots
- Agricultural Unmanned Aerial Vehicles or Agricultural Drones
- Driverless Tractors
- Electric Tractors
- Others
- Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
Table of Contents:
- Chapter 1 includes an introduction of the global Powered Agriculture Equipment market, along with a comprehensive market overview, market scope, product offerings, and an investigation of the market drivers, growth opportunities, risks, restraints, and other vital factors.
- Chapter 2 offers an in-depth analysis of the key manufacturers engaged in this business vertical, along with their sales and revenue estimations.
- Chapter 3 elaborates on the highly competitive terrain of the market, highlighting the key manufacturers and vendors.
- In Chapter 4, our team has fragmented the market on the basis of regions, underscoring the sales, revenue, and market share of each region over the forecast timeline.
- Chapters 5 and 6 have laid emphasis on the market segmentation based on product type and application.
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