Growing demand for food due to rapidly growing global population and declining availability of arable land and climate change are some key factors driving global market growth.
The global powered agriculture equipment market is expected to reach a market size of USD 136.55 Billion at a steady CAGR of 6.6% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to rising need for enhancing agriculture productivity and increase stocks of food grains. Increasing agriculture exports and rising need for judicious use of natural resources are among other key factors driving increasing deployment of powered agriculture equipment. Rising need for mechanizing farm operations in the agriculture sector in various developing countries is also contributing significantly to market growth, and the trend is expected to continue over the forecast period during the forecast period.
The Global Powered Agriculture Equipment Market report offers a detailed analysis of the global market size, regional and country-level analysis of the market, segment growth, competitive landscape, sales analysis, industrial chain analysis, opportunities, recent developments, regulatory framework, market growth analysis, and strategic market initiatives.
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The research report analyzes the overall impact of the pandemic on the Powered Agriculture Equipment industry, along with its impact on the key segments and sub-segments of the market. Moreover, the report assesses the COVID-19 pandemic’s impact on the key geographical region and their effect on the overall market owing to different restrictions imposed in different regions and countries.
The powered agriculture equipment market in Asia Pacific is expected to register a rapid revenue growth rate during the forecast period. This high revenue growth rate can be attributed to rising need to enhance agricultural productivity and crop yield, rapidly growing population in countries in the region, and increasing deployment of more advanced equipment and machinery in the agriculture sector. The powered agriculture equipment market in North America is expected to account for a significantly high revenue share during the forecast period. Factors such as rising adoption of powered agriculture equipment to improve productivity and crop yield and increase farmer profitability is driving growth of the market in the region, and the trend is expected to continue during the forecast period.
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Key Highlights of Report
The agricultural unmanned aerial vehicles or agricultural drones segment revenue is expected to expand at a rapid CAGR of 7.5% during the forecast period. The rising need for monitoring overall crop health and managing livestock and monitoring for health issues are contributing to the growing sales of agricultural drones in the agriculture sector.
The findings of the report explain various aspects of the market, such as market status, developmental prospects, key regional segments, renowned market players, product offerings, end-use industries.
Key players in the market include AGCO Corporation, John Deere & Co., Mahindra & Mahindra Limited, CNH Industrial N.V., Kubota Corporation, CLAAS, Alamo Group Inc., Escorts Group, Iseki & Co., Ltd. and SDF S.P.A.
The Powered Agriculture Equipment market intelligence report talks about the market size, share, value, and production cost analysis over the forecast period 2020-2028.
- Type Outlook (Revenue, USD Billion; 2021–2028)
- Combine Harvesters
- Seed Drill
- Soil Preparation & Cultivation Equipment
- Next Generation Equipment Outlook (Revenue, USD Billion; 2021–2028)
- Harvesting & Picking Robots
- Agricultural Unmanned Aerial Vehicles or Agricultural Drones
- Driverless Tractors
- Electric Tractors
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Asia Pacific accounted for largest revenue share contribution to the global powered agriculture equipment market in 2020. Increased shortage of labor on farms due to migration to other sources of employment for higher wages is contributing to the growth of the powered agriculture equipment market in the region.
Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
Critical Factors To Help Readers Understand The Market Scenario
Key Market Dynamics: The global Powered Agriculture Equipment market research report details on the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors. Each of these factors has been elaborately discussed in the initial segment of the study.
Key Growth Prospects: The report specializes in examining the major growth prospects of the global Powered Agriculture Equipment market, such as new product launches, collaborations, joint ventures, mergers & acquisitions, agreements, partnerships, and the progress of the key market players functioning in the market, on regional and global levels.
Key Market Highlights: The Powered Agriculture Equipment report deeply inspects factors like revenue accumulation, cost, capacity utilization rate, production capacity, production rate, consumption rate, import/export, supply/demand, gross, market share, CAGR, and gross margin. It further presents an all-inclusive study of the market growth factors and their latest trends.
Analytical Tools: The report discusses the leading market participants and their market scope, leveraging various analytical tools. Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis, are some of the analytical tools used by researchers for this market study.
Prospective Customers: The report assesses some crucial insights into service providers, manufacturers, suppliers, distributors, stakeholders, and individuals, who are keen on self-studying and assessing the Powered Agriculture Equipment market.
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