Global Powered Agriculture Equipment Market Trends, Demand and Forecast to 2023
Posted by Monica nerkar on January 15th, 2020
Global Powered Agriculture Equipment Market to Strike 5.43% CAGR during the Forecast Period
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
Some of the key players profiled in the report are John Deere & Co. (U.S.), CNH Industrial (U.K), Kubota Corporation (Japan), CLAAS Group (Germany), Escorts Group (India), Iseki & Co. Ltd (Japan), AGCO Corporation (U.S.), Mahindra & Mahindra Ltd (India), SDF S.P.A. (Italy), and Alamo Group Inc. (U.S.).
According to the latest analysis presented by Market Research Future (MRFR), the global powered agriculture equipment market is set to strike a CAGR of 5.43% during the forecast period. The valuation of the market is likely to touch USD 99.89 Bn towards the end of the review period.
The exponential population of the world has led to a drastic rise in the demand for food. This, in turn, has accelerated the need for advancements in agriculture technology for better productivity. The growth trajectory of the powered agriculture equipment market is guided by these technological innovations and advancements.
The advent of the Internet of Things (IoT) and automation has led to a noteworthy development in the powered agriculture equipment market. Automation in agriculture has opened new avenues for growth in the near future. The need for maximum production in limited space is projected to push the expansion of the powered agriculture equipment market.
Investments are poised to flow towards the development of innovative power equipment for revolutionizing scientific agriculture. Furthermore, the need for machinery for undertaking new ways of farming such as hydroponics are also prognosticated to favor the proliferation of the powered agriculture equipment market through the assessment period.
By product type, the global powered agriculture equipment market has been segmented into tractors, combine/combine harvester, sprayer, soil preparation & cultivation equipment, seed drill, and others.
The global powered agriculture and equipment market, by region, has been segmented into Europe, North America, Asia Pacific and the Rest of the World. Asia Pacific accounted for the maximum share of 33.47% in 2016 and was valued at USD 23.3 Bn. The region houses 60% of the world population which has intensified the demand for food in the region. This, in turn, is poised to catalyze the growth of the powered agriculture equipment market in the region. The major country-level markets in the region, such as China, India, Indonesia, etc., are investing in agricultural production on a large scale. It is projected to drive the expansion of the powered agriculture equipment market over the next couple of years owing to the requirement for enhanced productivity.
North America is expected to hold the second position in the global marketplace and touched a valuation of USD 20.2 Bn in 2016. North America has always pioneered technological innovations which are likely to favor the expansion of the powered agriculture equipment market in the foreseeable future. The U.S. is a major producer of wheat, corn, and soybean, which has motivated the leaders to revolutionize the regional market. Furthermore, Canada is also another major country-level market expected to complement the proliferation of the regional market.
Europe accounts for 24.7% share of the global powered agriculture and equipment market. Germany and France are the most substantial country-level markets in the region. Furthermore, Germany is also one of the leading exporters of agriculture machinery in the world. It is anticipated to exhibit significant growth over the assessment period.
In April 2018, IBM Research, the largest industrial research organization in the world, has collaborated with an agtech startup, Hello Tractor, for the development of AI and blockchain-driven platform for African farmers.
In September 2018, Engineering conglomerate Escorts showcased automated concept tractor aimed at smart farming solutions. Escorts has collaborated with seven companies for the development of this autonomous tractor that will guide the farmers.
In December 2018, the U.S. based Sullivan Auctioneers powered by Proxibid launched eTractor.com for trusted online equipment solutions, timed auctions, offering live auctions, and an equipment marketplace.
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About the AuthorMonica nerkar
Joined: September 20th, 2019
Articles Posted: 107
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