The market research study offers a wide perspective of the different types of powered agriculture equipment and analyzes its impact on the agriculture sector by providing critical insights during the COVID-19 outbreak on industry and direction of future industry expansion. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
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Agricultural efficiency across the globe has been significantly increasing since the last two decades. With the exponential growth of the global population, the subsequent increase in global food demand, shrinking agriculture lands, and depletion of limited natural resources, the need to improve agricultural yield has become critical. The rise in the urban population in developing countries, with the improvement of quality of living due to high-income levels and the demand for fresh farm produce and animal protein, is bolstering the demand for crop production. Finite presence of natural resources, such as arable land and fresh water, along with falling farm yield trends in many crop categories, have encouraged the growers and agricultural companies to introduce innovative and advanced agriculture equipment to boost farm profitability.
The farming industry has witnessed numerous revolutions over decades, starting from the domestication of livestock and crops to the organized use of crop rotation with the introduction of advanced farming technologies. To address the rising demand for food from the limited agricultural land and labor available, technology providers are introducing innovative solutions in the farming arena. Over the last decade, the powered agriculture equipment market has witnessed a steady growth in terms of technological advancements and cost reduction. Moreover, the rapid growth of the practice of contract farming services and corporate partnerships have led to the increased demand for powered agriculture equipment across the globe.
Another looming concern in the farming industry is the changing structure of the agricultural workforce. Countries across the world are witnessing an increase in the average age of farmers. According to the projection made by Food and Agriculture Organization (FAO) of United Nations (UN), the global population is expected to increase to 9.1 billion by 2050, and with this drastic change in the population over the coming period of time, the global demand for food is to double from what it was in 2005. According to FAO, 9.2 percent of the total world population, i.e., around 700 million people have been identified to have food insecurity in 2019, which implied that reduction in the food quantity consumed by the people was reduced to the extent that the people experienced hunger. On a broader level, 17.2 percent of the total world population, i.e., around 1.3 billion people have experienced food insecurity at a moderate level, which means they did not have regular access to high-quality food. Moreover, the lack of availability of an efficient agricultural labor force has eventually triggered the adoption of powered agriculture equipment.
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The competitive landscape of the global powered agriculture market witnessed the companies showing an inclination toward the adoption of strategies such as product launches and developments. Deere and Company, AGCO Corporation CLAAS Group, CNH Industrial, ISEKI Group, Kinze Manufacturing Inc., Mahindra & Mahindra, and Escorts Group, among others, are the prominent players in the powered agriculture equipment market. This market includes the presence of a large number of small-sized to medium-sized companies that compete with each other as well as with the large enterprises.
Key players operating in this market have significantly augmented their product launch activities in recent years in order 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.
UPCOMING INDUSTRY TRENDS 