The Powered agriculture equipment Market Size was valued at USD 90.03 Bn in 2023 and is expected to reach at USD 141.3 Bn by 2031, with a growing CAGR of 5.79% over the forecast period 2024-2031.
Powered agriculture equipment alludes to agriculture machinery utilized in cultivating and farming. A few sorts of power tools are, hand tools and power tools, tractor, go under the class of powered agriculture equipment. Different scopes of hardware or apparatus are utilized in both natural and nonorganic cultivating. Expanding motorization in the agribusiness area combined with the increase in farm income is supposed to be an essential component driving the development. Ideal climatic circumstances for food creation and government support with credit waiver plans for ranchers of all pay classes are additionally ventured to lean toward the market development. Mechanically progressed agrarian mechanical technology, for example, independent work vehicles and flying robots to assist farmers with delivering food at low expenses to satisfy the developing interest for food, are expected to be better possibilities for market development over the estimate time frame.
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MARKET DYNAMICS:
KEY DRIVERS:
The execution of farm loan waiver schemes urges farmers to purchase farm machinery
The government sent off different plans in various regions of the world to alleviate farmers from their advances and empower farm mechanization.
A growing population is one of the main considerations driving the development of food creation all over the planet, which builds the use of powered agriculture equipment.
RESTRAINTS:
The acquisition of farm equipment, for example, tractor and harvesters is a significant interest in agricultural exercises.
The failure of little ranchers to put a high sum brings about the low entrance of farm equipment in arising nations.
Farmers choose leasing farm machinery to expand efficiency and time required to circle back, which, thusly, builds the productivity and benefit of the business.
CHALLENGES:
Different organizations express their worries about emission guidelines in various areas of the planet.
The execution of emission standards might restrict the deals of development and agricultural machinery
The absence of Technical Knowledge and Awareness is one of the major challenges faced by the industry.
OPPORTUNITY:
Rising opportunities in developing countries due to increasing population and as well as increasing awareness about modern farming methods
Reception of drones and robots in agriculture is helpful for farmers to overcome the labour shortage problems.
IMPACT OF COVID-19:
Before the pandemic circumstance, the powered agriculture equipment market was in better condition. However, after the COVID-19 pandemic happened, the powered agricultural equipment industry deals with various issues because of upset worldwide stockpile chains. To the public authority guidelines, the made ventures are shut down to forestall the spread of the Covid-19, and henceforth the agricultural equipment market has dialed back.
This pandemic impacted the powered agricultural equipment as well as impacted different business areas like autos, medical services, semiconductor and hardware, development, and some more. In 2020, tractors represented more than half of the piece of the pie in the worldwide market. Gradually, the pandemic circumstance changed, and the businesses returned.
MARKET ESTIMATION:
Based on type:
Based on type, the market is fragmented into tractors, combine harvesters, seed drills, soil preparation & cultivation equipment, sprayer and dusters, and others. The tractors section represented the biggest income share in the fueled agriculture equipment market in 2021. The multi-function capacity of tractors is bringing about expanding deals and arrangements of tractors in the agribusiness area. Incentives and subsidies given by state-run administrations to energize farm automation have been driving rising reception of tractors in the rural area, and the pattern is supposed to go on during the conjecture time frame. Rising need to upgrade functional proficiency, further develop soil quality, and increment productivity has been driving interest for tractors to work with expanding crop development and creation. Unstable fuel costs have likewise brought about different mechanical progressions in tractors and interest for auto-directed tractors has been expanding in the agriculture area to decrease fuel utilization.
Based on High-tech agricultural equipment:
Based on High-tech agricultural equipment, the powered agriculture equipment market is sectioned as reaping and picking robots, Autonomous tractors, agricultural drones, electric tracts, and others. The rural automated flying vehicles or farming robots section income development rate is projected to lean quickly during the conjecture time frame. Rising spotlight on accuracy agribusiness and animals checking and the executives is a key component expected to keep on driving interest for farming robots in the agricultural area during the conjecture time frame. The rising requirement for constant yield and domesticated animals information for upgrading farming efficiency is supporting the organization of agricultural robots.
ON THE BASIS OF TYPE
Tractors
Seed Drill
Soil Preparation & Cultivation Equipment,
CUSTOMIZATION
Sprayer
Others
ON THE BASIS OF HIGH-TECH AGRICULTURAL EQUIPMENT
Harvesting & Picking Robots
Autonomous Tractors
Electric Tractors
Others
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REGIONAL ANALYSIS:
North America represented the biggest portion of the worldwide powered agriculture equipment market because of the presence of enormous makers of corn, wheat, and soy, which is driving the interest for AGRICULTURAL MACHINERY in the district. Canada and the U.S. are significant supporters of the development of the powered agriculture equipment market in North America.
The powered agriculture equipment market in Asia Pacific is projected to grow quickly during the gauge time frame because of expanding food efficiency in the district. Asia is the most populated area worldwide, which faces issues of food lack that prompt expansion in food creation. China and India are significantly agribusiness-based nations; appropriations gave by focal and state legislatures urge ranchers to put resources into farming hardware. This is supposed to extend the powered agriculture equipment market in the Asia Pacific area.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
KEY PLAYERS:
The Major Players are AGCO Corporation, John Deere and Co., Mahindra and Mahindra Limited, CNH Industrial N.V., Kubota Corporation, CLAAS, Alamo Group Inc., Accompanies Group, Iseki and Co., Ltd., SDF S.P.A and Other Players
AGCO Corporation-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 90.03 Billion |
| Market Size by 2031 | US$ 141.3 Billion |
| CAGR | CAGR of 5.79% From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Type (Tractors, Seed Drill, Soil Preparation & Cultivation Equipment, customization, Sprayer, Others) • by High-tech agricultural equipment (Harvesting & Picking Robots, Agricultural Drones, Autonomous Tractors, Electric Tractors, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | AGCO Corporation, John Deere and Co., Mahindra and Mahindra Limited, CNH Industrial N.V., Kubota Corporation, CLAAS, Alamo Group Inc., Accompanies Group, Iseki and Co., Ltd., SDF S.P.A. |
| Key Drivers | •The execution of farm loan waiver schemes urges farmers to purchase farm machinery |
| RESTRAINTS | •The failure of little ranchers to put a high sum brings about the low entrance of farm equipment in arising nations. |
Ans: The Powered agriculture equipment Market is growing at a CAGR of 5.79 % From 2024 to 2031.
Ans: The Powered agriculture equipment Market Size was valued at USD 90.03 Bn in 2023.
North America region is dominating the Powered agriculture equipment Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Powered Agriculture Equipment Market Segmentation, By Type
8.1 Tractors
8.2 Seed Drill
8.3 Soil Preparation & Cultivation Equipment
8.4 CUSTOMIZATION
8.5 Sprayer
8.6 Others
9. Powered Agriculture Equipment Market Segmentation, By High-tech Agricultural Equipment
9.1 Harvesting & Picking Robots
9.2 Agricultural Drones
9.3 Autonomous Tractors
9.4 Electric Tractors
9.5 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2Canada
10.2.3Mexico
10.3Europe
10.3.1Germany
10.3.2UK
10.3.3France
10.3.4Italy
10.3.5Spain
10.3.6The Netherlands
10.3.7Rest of Europe
10.4Asia-Pacific
10.4.1Japan
10.4.2South Korea
10.4.3China
10.4.4India
10.4.5Australia
10.4.6Rest of Asia-Pacific
10.5The Middle East & Africa
10.5.1Israel
10.5.2UAE
10.5.3South Africa
10.5.4Rest
10.6Latin America
10.6.1Brazil
10.6.2Argentina
10.6.3Rest of Latin America
11. Company Profiles
11.1 Apex Tool Group
11.1.1 Financial
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 Atlas Copco AB
11.3 Hilti Corporation
11.4 Ingersoll-Rand PLC
11.5 Hitachi Ltd.
11.6 Makita Corporation
11. 7 Robert Bosch GmbH
11.8 Snap-On Incorporated
11.9 Stanley
11.1BlackandDecker
11.1TechtronicIndustries
11.12 Koki Holdings
11.13 Emerson
11.14 Panasonic
11.15 Fortie
11.16 CHEVRON
11.17 Positec
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
13. Conclusion
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