Dublin, Oct. 16, 2020 (GLOBE NEWSWIRE) -- The "Global Powered Agriculture Equipment Market: Focus on Type, Tractor HP, Electric Tractors, Applications, and Next-Gen Equipment, Impact of COVID-19 - Analysis and Forecast, 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The powered agriculture equipment market is projected to grow from $63.17 billion and 2,217.8 thousand units in the year 2019 to $70.03 billion and 2,359.7 thousand units by 2025. The need to elevate farm produce has resulted in awareness among governments of different countries, which is expected to drive the market. The market growth is expected to solve rising concerns over global food security; hence initiatives by governments and stakeholders are increasing intensively, including investments and trade policies, to drive the market.
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. The adoption of powered agriculture equipment is increasing among farmers to improve the yield, operational efficiency, soil fertility, and profitability.
Impact of COVID-19 on Global Powered Agriculture Equipment Market
In this COVID-19 pandemic, the agriculture equipment industry is playing a critical role as a bridge in the food value chain, providing maintenance support and necessary equipment. Due to the COVID-19 outbreak, the supply chain has been interrupted, and companies are focusing on new strategies of producing and consuming locally. As per BIS Research estimates, the market is expected to experience growth from December 2020 till Q3, 2021, because of localization. Further, by Q3-Q4, 2022, the industry is expected to be back to normal with global exposure. Moreover, India, the biggest tractor market, is expected to see a 19% dip in 2020.
Competitive Landscape
Key players operating in this market have significantly augmented their product launch activities in recent years to generate public awareness about their existing and new products and technologies and compete with competitors' product portfolio. This growth strategy is a widely adopted strategy by companies in this market. For instance, in October 2019, Deere & Company launched 8R wheel tractors, 8RT two-track tractors, and 8RX, which was the industry's first fixed-frame four-track tractor. In 2019, Kubota Corporation launched a new series of tractors featuring high-horsepower models. This launch is expected to accelerate the company's business in the North American tractor market. The partnerships and collaborations strategy has also been significantly employed for expansion in the powered agriculture equipment market.
Regional Market Dynamics
In 2019, the Asia-Pacific and Japan region recorded the largest volume sales of powered agriculture equipment, followed by China and North America. 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.
The Asia-Pacific and Japan region showed a dip in 2020 for powered agriculture equipment market unit sales due to the COVID-19 pandemic. Post COVID-19, the Asia-Pacific and Japan region is expected to offer high market growth opportunities owing to the increasing urban population, the growing market penetration of internet farming practices, and the rising favorable government investments. Governments, consortiums, associations, and global organizations such as the United Nations (UN) are all taking continuous initiatives to mitigate the impact of COVID-19 on the agriculture industry.
Market Growth Drivers
Market Growth Restraints
Market Opportunities
Key Questions Answered in this Report:
Key Topics Covered:
1 Market Dynamics
2 Competitive Landscape
3 Industry Analysis
3.1 Supply Chain Analysis
3.2 Emerging Market Trends
3.2.1 Electric Powered Agriculture Equipment
3.2.2 Multi-Hybrid Seed Planter
3.3 Key Consortiums in Agricultural Equipment Market
3.4 Industry Attractiveness
3.4.1 Threat of New Entrants
3.4.2 Bargaining Power of Buyers
3.4.3 Bargaining Power of Suppliers
3.4.4 Threat from Substitutes
3.4.5 Intensity of Competitive Rivalry
4 Global Next-Generation Powered Agriculture Equipment Market
4.1 Assumptions and Limitations
4.2 Market Overview
4.3 Global Next-Generation Powered Agriculture Equipment Market, (by Type)
4.3.1 Unmanned Aerial Vehicles (UAVs)/Drones
4.3.2 Harvesting and Picking Robots
4.3.3 Autonomous Tractors
4.3.4 Others
5 Global Powered Agriculture Equipment Market (by Equipment Type)
5.1 Assumptions and Limitations
5.2 Market Overview
5.3 Tractors
5.3.1 Global Tractor Market
5.3.2 Global Tractor Market (by Power Output : &lessThan;50HP, 50-100HP, >100HP)
5.3.3 Global Tractor Market (by Power Source: Electric & Non-Electric Tractors)
5.4 Combine Harvesters
5.5 Planters
5.6 Sprayers
5.7 Others
6 Global Powered Agriculture Equipment Market (by Application)
6.1 Assumptions and Limitations
6.2 Market Overview
6.2.1 Harvesting
6.2.2 Sowing and Planting
6.2.3 Spraying and Fertilizing
6.2.4 Others
7 Global Powered Agriculture Equipment Market (by Region)
7.1 Asia-Pacific and Japan
7.2 North America
7.3 Middle East and Africa
7.4 Europe
7.5 China
7.6 South America
7.7 U.K.
8 Company Profiles
8.1 Overview
8.2 AGCO Corporation
8.3 AeroVironment, Inc.
8.4 CLAAS Group
8.5 CNH Industrial N.V.
8.6 Deere & Company
8.7 ISEKI & CO. Ltd.
8.8 Kubota Corporation
8.9 Mahindra & Mahindra Ltd.
8.10 Parrot SA
8.11 Robert Bosch GmbH
8.12 SDF Group
8.13 Trimble Inc.
8.14 Abundant Robotics Inc.
8.15 Deepfield Robotics
8.16 Kinze Manufacturing
8.17 ecoRobotix Ltd.
8.18 Harvest Automation Inc.
8.19 Harvest Croo Robotics
8.20 Naio Technologies
8.21 PrecisionHawk Inc.
8.22 Robotics Plus
8.23 Tirth Agro Technology Private Limited
8.24 Tractors and Farm Equipment Ltd.
8.25 Yamaha Motor Co. Ltd.
8.26 Yanmar Co. Ltd.
8.27 Zetor Tractors a.s.
9 Report Scope and Methodology
9.1 Report Scope
9.2 Global Powered Agriculture Equipment Market Segmentation
9.3 Global Powered Agriculture Equipment Market Research Methodology
9.3.1 Assumptions
9.3.2 Limitations
9.3.3 Primary Data Sources
9.3.4 Secondary Data Sources
9.3.5 Data Triangulation
9.3.6 Market Estimation and Forecast
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