Published on : Jan 09, 2020
ResearchMoz.us has announced the addition of a report, titled “Global Powered Agriculture Machine Market Insights, Forecast to 2025”. The report on the global powered agriculture machine market offers an elaborate assessment of key growth trends and drivers, recent developments in the market, the competitive ecosystem, and opportunity and challenges analysis. Segments in the report are created by product type and application.
It is pertinent to note here that the last few years have seen the agricultural landscape transform significantly and that has led to demand for powered agricultural equipment. The reasons are sufficiently clear. One, global population is rising at a steady pace and there is a need to feed it. And, because workforce in agriculture has fallen substantially, it is important to compensate through better technology.
By 2050, it is believed that the world will have an additional 2 billion people. That means that in about 30 years, from a 7.7 billion noted currently, the world will reach a 9.7 billion.
Besides, climate change is wreaking havoc on harvest cycles and sowing seasons. And, as these impact yield, in a negative way, demand for powered agriculture machine market is set to increase considerably.
To enhance farm yield and manage farms efficiently, there is, thus, demand for farm mechanization - on a global level. The reasons include facilitation of using more inputs, smoothening out creases from the processes involves with ease and the fact that innovation has rendered all of it cost effective. Besides, innovation is also the cause of reduced energy consumption, which is a major contributor to the popularity of the global powered agriculture machine market. And, as resources are utilized efficiently, cost is cut down there as well.
Thus it should come as no surprise that owing to availability and development of smart agricultural solutions and convenience at the heart of farming, the global powered agriculture machine market will grow at a substantial CAGR (Compound Annual Growth Rate). That means between 2019 and 2025, new and lucrative growth opportunities will emerge in the market landscape. Besides, growth will translate to improvement in market worth by a substantial amount.
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It is also worth noting here that the market is fragmented and that prominent players in the global powered agriculture machine market includes AGCO Corporation (U.S.), Iseki & Co. Ltd (Japan), John Deere & Co. (U.S.), Escorts Group (India), CNH Industrial (U.K), Mahindra & Mahindra Ltd (India), Alamo Group Inc. (U.S.), SDF S.P.A. (Italy), CLAAS Group (Germany), and Kubota Corporation (Japan).
Market players have a keen eye on innovation as that is the one factor which can ensure an edge over competitors. In 2019, John Deere came up with GridCON, which is a light tractor that uses a power extension cord instead of a battery so it can run at 400 horsepower.
Region-wise, Asia Pacific (APAC) will see high growth numbers owing to an impressive CAGR. This also means that untapped growth opportunities will arise in the region over the forecast period. This growth is largely attributable to a large population base with a considerable number of people into agriculture. It is worth noting here that about 60% of world population occupies this region.
North America will hold the second largest share owing to being a major producer of soybean, corn and maize. These require mechanized equipment for farming. It will be followed by Europe, owing to presence of some of the largest manufacturers of farming equipment and machinery. Exports from the region are steady as well.