Agricultural efficiency across the globe has been significantly increasing over the last two decades. With the exponential growth of the global population, the subsequent increase in global food demand, shrinking agricultural 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. The 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.
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Consequently, agriculture equipment and automation manufacturers have seen a positive surge in their sales. Over the past five years, agricultural robots have also been incorporated into farming operations as they treat soil and crops selectively as is required. Powered agriculture is being adopted not only by developed countries but also by developing countries.
Governments of several countries such as India, China, Brazil, and Mexico have realized the need and advantages of powered agriculture equipment and, thus, introduced favorable initiatives to drive the growth of the market. However, such revolutionary changes in farming practices also bring in challenges, restraining the growth of the market. For instance, the lack of proper infrastructure and adequate financing solutions hinder the adoption of these technologies, especially in emerging economies.
Powered agriculture equipment have a wider implication across various farming practices that are crucial for a healthy and sustainable crop production process. The various applications include water management, soil management, climate management, and others.
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 yield, operational efficiency, soil fertility, and profitability.
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The governing trends of the powered agriculture equipment market vary across different regions. The powered agriculture equipment market holds a significant share in various countries of North America, South America, the U.K., the Middle East and Africa, Asia-Pacific and Japan, and China. In 2019, Asia-Pacific and Japan led the global powered agriculture equipment market, with a large market concentration in India.
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.
As the COVID-19 pandemic forces countries to close their borders, the agricultural sectors are facing major challenges. Even in regions and countries that are unlikely to face food crisis, such as those in North America and Europe, there is also a lack of labor as new challenges keep unskilled workers out. Also, COVID-19 travel restrictions across countries have led to an immediate shortage of seasonal farm labor due to the COVID-19 pandemic. This has had a heavy impact, especially in the ongoing harvest season and the upcoming planting season across the world.
UPCOMING INDUSTRY TRENDS 