Powered Agriculture Equipment Market Will Create Highest Returns by 2026

Posted by BIS RSRCH on January 12th, 2022

The global 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 yield, soil fertility, operational efficiency, and profitability. The powered agriculture market includes agricultural machinery manufacturers that provide vertically integrated farm equipment solutions.

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Agriculture equipment manufacturers around the world are experimenting with ways for electrical equipment to improve tractors and implements. Aspects of power source and power output of a tractor have seen significant development, and this development has been welcomed by consumers. One of the most promising product shifts with respect to tractors is battery-powered tractors. These tractors can perform all the functions of a standard tractor and also provide the benefit of electrification.

Agricultural OEMs have also come up with specialty tractors that suit distinct cases. Some of them include utility tractors for landscape maintenance and non-farm grading, wheat-land tractors with fixed wheels for heavy fieldwork, and row-crop tractors which possess adjustable tread width that allows tractors to pass down rows of crops without crushing them. In 2020, Escorts Ltd. launched its first Hybrid Concept Tractor, which is powered by fuel and battery both.

The key players in the powered agriculture equipment market are coming up with different product launch activities in order to generate public awareness about their new and upcoming products and technologies. Product development and innovation have helped these companies to compete with the competitors’ product portfolios. This strategy has been a widely adopted strategy by the players in this market. TeeJet Technologies led the market in terms of new product developments; however, others, including Deere & Company, BASF SE, Microsoft, Topcon Corporation, Agrivi, and The Toro Company, have also launched products during January 2019-December 2021. This suggests that all the companies are focusing on product launch strategies and trying to diversify their product portfolios.

Trends such as high population growth, increasing disposable incomes, and booming urbanization in the Asia-Pacific and Japan region have resulted in a robust evolution in the consumption patterns amongst the population of the region. Hence, farmers of the region are focusing on increasing crop yield and having an all-year-round supply of agricultural produce to meet the escalating demand.

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As the COVID-19 pandemic forces countries to close their borders, the agricultural sectors are facing major challenges. Even in regions and countries that are unlikely to face food crisis, such as those in North America and Europe, there is also a lack of labor as new challenges keep unskilled workers out. Also, COVID-19 travel restrictions across countries have led to an immediate shortage of seasonal farm labor due to the COVID-19 pandemic. This has had a heavy impact, especially in the ongoing harvest season and the upcoming planting season across the world.

The competitive landscape of the global powered agriculture market witnessed the companies showing an inclination toward the adoption of strategies such as product launches and developments. Deere & Company, AGCO Corporation CLAAS Group, CNH Industrial, ISEKI Group, Kinze Manufacturing Inc., Mahindra & Mahindra, and Escorts Group, among others, are the prominent players in the powered agriculture equipment market. This market includes the presence of a large number of small-sized to medium-sized companies that compete with each other as well as with large enterprises.