Market Size –
The powered agriculture equipment market size has grown strongly in recent years. It will grow from $95.75 billion in 2023 to $103.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing demand for food due to growing population, advancements in technology leading to more efficient and productive farming practices, increasing adoption of precision agriculture techniques, growing demand for biofuels, increasing government support for agriculture.
The powered agriculture equipment market size is expected to see strong growth in the next few years. It will grow to $140.81 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to growing demand for organic and sustainable farming practices, increasing adoption of autonomous and robotic farming equipment, rising demand for precision irrigation systems, growing focus on reducing carbon footprint in agriculture, increasing demand for smart farming solutions. Major trends in the forecast period include development of electrified and autonomous farm equipment, integration of iot in agricultural machinery, use of advanced sensors for real-time monitoring, customization of equipment for precision farming, adoption of drone technology for crop monitoring and management.
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Scope Of Powered Agriculture Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Increasing demand for organic food is expected to propel the growth of the powered agriculture equipment market going forward. Organic food refers to food that is certified to have grown on soil that had no prohibited substances applied for three years prior to harvest. The rapid growth in organic food is expected to boost demand for powered agricultural equipment, as commercial farmers are investing in advanced equipment to reduce their operational expenditure and increase profits. For instance, according to the United States Department of Agriculture, a US-based federal executive department responsible for developing and executing federal laws related to farming, organic products are available in about 20,000 natural food stores and nearly 3 out of 4 conventional stores in the US. Therefore, increasing demand for organic food is expected to boost demand for powered agriculture equipment during the forecast period.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The powered agriculture equipment market covered in this report is segmented –
1) By Product Type: Tractors, Combine Harvester, Sprayer, Soil Preparation & Cultivation Equipment, Seed Drill, Other Product Types
2) By Propulsion: Battery Electric, Hybrid Electric
3) By Power Output : <30 HP, 31–70 HP, 71–130 HP, 131–250 HP, >250 HP
4) By Application: Harvesting, Sowing and Planting, Spraying and Fertilizing, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the powered agriculture equipment market in 2023. The regions covered in the powered agriculture equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the powered agriculture equipment market report are AGCO Corporation, Deere & Company, Mahindra & Mahindra Limited, CNH Industrial NV, Kubota Corporation, CLAAS Group, Krone Group, J. C. Bamford Excavators Limited, Yanmar Co Ltd., Same Deutz-Fahr Group, Escorts Limited, Zetor Tractors, Daedong Industrial Company, Argo Tractors SpA, Tractors and Farm Equipment Limited, LS Tractor USA LLC, Iseki & Co. Ltd., Carraro Group, Lely Group, Deutz-Fahr Land, Sampo Rosenlew Ltd., Bucher Industries AG, Rostselmash Ltd., Shifeng Group, Tym Tractors, Kverneland Group, Kukje Machinery Co. Ltd., Art’s Way Manufacturing Co. Inc., New Holland Agriculture, Kuhn Group
Table of Contents
1. Executive Summary
2. Powered Agriculture Equipment Market Report Structure
3. Powered Agriculture Equipment Market Trends And Strategies
4. Powered Agriculture Equipment Market – Macro Economic Scenario
5. Powered Agriculture Equipment Market Size And Growth
…..
27. Powered Agriculture Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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