Agriculture Equipment Industry 2021: COVID-19 Impact Analysis, Cost, Production
Posted by Komal Boudhh on January 21st, 2021
As per the research by Market Research Future Reports (MRFR), the global powered agriculture equipment market is projected to value USD 99.89 Billion with a CAGR of 5.43% during the forecast period. The latest technologies and the innovation in agricultural equipment is the major factor driving the global powered agriculture equipment market 2020. The increasing disposable income, implementation of advanced technology in the agricultural equipment are giving the major growth opportunities to the market players. Besides, increasing demand for the equipped tractors, rapidly growing online and offline food service centers, rising sales and production of farm equipment, and subsidies on agricultural equipment are some of the significant factors affecting the global market.
Due to the unforeseen outbreak of the pandemic Coronavirus, there has been a significant change in market dynamics. Various regions have been affected due to the pandemic. We will provide COVID-19 impact analysis with the report.
The global powered agriculture equipment market can be classified on the basis of function, productive type, sales channel, and region.
On the basis of function, the global powered agriculture equipment market can be classified into harvesting, planting & fertilizing, haying, plowing & cultivation, and others.
On the basis of product type, the global powered agriculture equipment market can be classified into the tractor, harvester, cultivation & soil separation equipment, and others.
On the basis of the sales channel, the global powered agriculture equipment market can be classified into aftermarket and OEM.
On the basis of region, the global powered agriculture equipment market can be classified into Asia-Pacific, North America, Europe, and the Rest of the World (RoW).
The geographical analysis of Agriculture Equipment Market in Asia-Pacific, North America, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis by MRFR, the APAC region is likely to expand at the fastest pace during the forecast period. The region consists of the two fastest developing nations’.i.e., India and China. The rapid population explosion in India and China has led to a surge in demand for food. Besides, there has been a rise in the export of cereals.
Moreover, the government incentives and support on farming equipment, introduction of contract farming in India, lack of farm labor, and the increasing sale of tractors are also making a significant contribution to the expansion of the market. On the other hand, the second position is attained by North America. The North American market is estimated to expand at a significant rate during the forecast period owing to the expansion of the wine industry and the rise in demand for the tractors. The U.S acquires the maximum market share. The U.S owns more than 2.2 million farms. Besides, the US, Canada, also plays a significant role in market expansion. Europe is also considered to be a lucrative market for agriculture equipment owing to the lack of labor and improved productivity through mechanization. In the European region, France and Germany are the most important markets. John Deere and Fendt are the top-rated agriculture tractor and suppliers in Germany.
However, the market dynamics have changed significantly due to the outbreak of COVID-19. Several regional markets have been affected by it.
The forefront players of the global powered agricultural equipment market are
The forefront players of the global agriculture equipment market are SDF S.P.A. (Italy), John Deere & Co. (U.S.), AGCO Corporation (U.S.), Mahindra & Mahindra Ltd (India), Kubota Corporation (Japan), CNH Industrial (U.K), CLAAS Group (Germany), Escorts Group (India), Alamo Group Inc. (U.S.), Iseki & Co. Ltd (Japan), and others.
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