The 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. 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.
The growth of the powered agriculture equipment market has been considerably extensive. However, there is still a significant share of the population unaware of the numerous benefits of these equipment and the extent of government support to the agriculture industry. In the past two decades, next-generation agriculture techniques and technologies have also been adopted by farmers across the globe to increase crop yield, shrink wastage, and ensure food security.
Powered Agriculture Equipment Market Overview
The Powered Agriculture Market was valued at $57.39 billion in 2021, which is expected to grow with a CAGR of 5.02% and reach $73.32 billion by 2026.
Powered Agriculture Equipment by Equipment Type
The powered agriculture equipment comprises a wide range of solutions such as tractors, sprayers, planters, combines, and other equipment such as balers and tilling equipment. Farm tractors account for the largest share in the market, followed by combine harvesters, planters, and sprayers, in that order in 2021. The adoption of powered agriculture equipment is increasing among farmers to improve yield, operational efficiency, soil fertility, and profitability.
Powered Agriculture Equipment by Application
In terms of volume, sowing and planting application is expected to display the fastest growth during the forecast period, reaching a volume of 523.05 thousand units by 2026. Due to COVID-19, the travel restrictions across countries have led to an immediate shortage of seasonal farm labor. This trend has led to a heavy impact, especially in the ongoing harvest season and the upcoming planting season across the world.
Powered Agriculture Equipment by Region
In 2021, Asia-Pacific and Japan led the global powered agriculture equipment market, with a large market concentration in India. 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.
Impact of COVID-19
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 a 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.
Key Market Players and Competition Synopsis
Some of the key players operating in the market Kubota Corporation, AGCO Corporation, Deere & Company, CLAAS Group, CNH Industrial N.V., ISEKI & CO. Ltd., Robert Bosch GmbH, Mahindra & Mahindra Ltd., Trimble Inc., SDF Group, Parrot S.A., Harvest Automation, PrecisionHawk Inc., Tirth Agro Technology Private Limited, Kinze Manufacturing, Yanmar Holdings Co. Ltd., ZETOR Tractors., among others.
The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (holding 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the Powered Agriculture industry.
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How This Report Can Add Value
This extensive report on global powered agriculture equipment market will help you with:
- This report covers major regions associated with the powered agriculture equipment market.
- Extensive competitive benchmarking of the top 25 players has been done to offer a holistic view of the global powered agriculture market landscape.
Product/Innovation Strategy: The product segment helps the reader in understanding the different types of equipment for the powered agriculture industry and their potential globally. Moreover, the study provides the reader a detailed understanding of the operation of different equipment (i.e., tractors, combine harvesters, planter, sprayer, and others.).
Recent Developments in Powered Agriculture Equipment Market
- In September 2021, Deere & Company acquired the Brazilian-based private company in business for sugarcane harvesters.
- In September 2021, Deere & Company acquired the bear flag robotics to accelerate autonomous technology.
- In February 2021, AeroVironment, Inc. had acquired Arcturus UAV, so as to accelerate and expand the UAS market segment.
- In February 2021, AeroVironment, Inc. acquired the ISG from Progeny Systems Corporation that works in artificial intelligence, machine learning, and autonomy technologies.
Key Questions Answered in the Report
- What is the estimated global powered agriculture market size in terms of revenue for the forecast period 2022-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2022-2026?
- What are the key trends, market drivers, and opportunities in the market pertaining to powered agriculture and equipment?
- What are the major restraints inhibiting the growth of the global powered agriculture equipment market?
- What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the powered agriculture equipment market based on an analysis of their recent developments, product offerings, and regional presence?
- How is the competitive benchmarking of the key powered agriculture equipment companies in the agriculture market based on the analysis of their market coverage and market potential?
- How much revenue each of the segments is expected to record during the forecast period along with the growth percentage, in the following segments:
o Equipment including tractor, combine harvester, planter, sprayer, other equipment
o Application, including pre/post harvesting, sowing and planting, spraying and fertilizing, other applications
o Region, including North America, the U.K., Europe, Asia-Pacific and Japan, China, the Middle East and Africa, and South America
- Which type of players and stakeholders are operating in the market ecosystem of powered agriculture equipment, and what is their significance in the global market?
- Which are the leading consortiums and associations in the global powered agriculture equipment market, and what are their roles in the market?
- How does the regulatory landscape differ in different regions for powered agriculture equipment?