Pune, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Powered Agriculture Equipment Market Key Insights:
“As per the SNS Insider Research, The Powered Agriculture Equipment Market size was USD 123.9 billion in 2023 and is projected to reach USD 209.1 billion by 2032, growing at a CAGR of 6.0% during the period from 2024 to 2032.”
Empowering Agriculture: The Growth of Electric and Hybrid Equipment in Farming
The Powered Agriculture Equipment Market is experiencing remarkable growth, fueled by the rising demand for efficient and sustainable farming practices. Innovations in electric and hybrid-powered machinery are reshaping the industry, allowing farmers to enhance operations while reducing their environmental footprint. With the global population on the rise, the need for improved agricultural productivity and efficiency has become critical, driving substantial market expansion. The Powered Agriculture Equipment Market is poised for significant transformation, influenced by technological advancements and escalating global demands. As the world confronts urgent challenges like population growth, climate change, and the need for sustainable food production, powered agricultural machinery is essential for boosting farming efficiency. Traditional farming methods are increasingly insufficient to meet food production needs, particularly in developing regions where food security is a major concern. Embracing powered equipment is crucial for modernizing agriculture, enabling farmers to cultivate larger areas more efficiently while decreasing reliance on manual labor. This shift is reflected in the impressive rise in sales of electric and hybrid agricultural equipment, demonstrating a broader commitment to environmentally friendly practices within the sector.
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Major Players Analysis Listed in this Report are:
- AGCO Corporation
- John Deere and Co.
- Mahindra and Mahindra Limited
- CNH Industrial N.V.
- Kubota Corporation
- CLAAS
- Alamo Group Inc.
- Iseki and Co., Ltd.
- SDF S.P.A.
- AG Leader Technology
- Trimble Inc.
- Yanmar Co., Ltd.
- Bühler Industries Inc.
- Trelleborg AB
- Kverneland Group
- Bauer Systems
- Case IH
- Pöttinger Landtechnik GmbH
- Rabe Maschinenbau GmbH
- Krone North America, Inc. & Other Players
Powered Agriculture Equipment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 123.9 billion |
| Market Size by 2032 | USD 209.1 billion |
| CAGR | CAGR of 6.0 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
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Segmentation: Tractors and Plowing Equipment Lead Powered Agriculture Equipment Growth
By Equipment Type: The tractors segment dominated the Powered Agriculture Equipment Market with over 32.08% share in 2023. This sector has experienced significant growth thanks to improved financing options, enabling farmers to access essential machinery more easily. Financial institutions have been instrumental in this development, with agricultural loans rising by approximately 8% each year, making it easier for farmers to invest in critical equipment such as tractors and harvesters.
By Function: The Plowing & Cultivating segment dominated the Powered Agriculture Equipment Market with over 32.04% share in 2023. This category encompasses crucial machinery required for soil preparation prior to planting, including tractors, plows, harrows, and cultivators. The insights gained from this functional segmentation are invaluable for manufacturers, distributors, and farmers, informing their strategic decisions within the market.
Powered Agriculture Equipment Market Key Segmentation:
By Power Output
- <30 HP
- 31–70 HP
- 71–130 HP
- 131–250 HP
- >250 HP
By drive type
- Two-wheel
- Four-wheel
By function
- Plowing & Cultivating
- Sowing & Planting
- Plant Protection & Fertilizing
- Harvesting & Threshing
- Others
By equipment type
- Tractors
- Combines
- Sprayers
- Balers
- Others
By propulsion
- Hybrid Electric
- Battery Electric
Key Regional Developments: North America in the Powered Agriculture Equipment Market and Rising Adoption in Asia Pacific
The North America region dominated the Powered Agriculture Equipment Market with over 42.06% share in 2023, Fueled by the widespread use of high-horsepower tractors, precision agriculture technologies, and automation solutions, the agricultural landscape in this region is defined by large, highly mechanized farms, which account for approximately 90% of farmland in the U.S.
In the Asia Pacific region, there is a notable surge in the adoption of powered agriculture equipment. SMEs in countries like India and China are increasingly opting for smaller, cost-effective equipment, such as power tillers, rice transplanters, and mini tractors. Government initiatives play a crucial role in promoting farm mechanization, providing subsidies and financing options that facilitate equipment purchases and enhance operational efficiency.
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Future Growth of the Market
| Factor | Details |
| Market Growth | Poised for remarkable growth in the coming years. |
| Driving Factors | - Increasing global food demand due to a burgeoning population. |
| - Pressure on agricultural systems, especially in developing regions. | |
| - Traditional farming practices are insufficient to meet productivity levels. | |
| Solution | - Farm mechanization through powered agricultural equipment (tractors, harvesters, irrigation systems). |
| Benefits of Mechanization | - Enhances efficiency and increases yields. |
| - Reduces crop wastage and shortens harvesting cycles. | |
| - Boosts productivity by up to 50%. | |
| Sustainable Practices | - Shift towards electric and hybrid-powered equipment. |
| - Electric tractor sales have grown by 25% over the last two years. | |
| - Commitment to reducing greenhouse gas emissions. | |
| Emerging Technologies | - Introduction of smart farming solutions (drones, automated irrigation systems). |
| - Provides data analytics for informed decision-making and resource optimization. | |
| Labor Shortages | - Urban migration leads to labor shortages in rural areas. |
| - Mechanization reduces dependency on manual labor, enabling efficient farming. | |
| Advancements in Precision | - Development of precision agriculture tools that optimize inputs for enhanced productivity and sustainability. |
Recent Developments
- In 2024: The New Holland T4 Electric Power Tractor is an innovative all-electric utility tractor aimed at solving various challenges faced by farmers. It is equipped with a cutting-edge battery system that offers a 110-kWh capacity and delivers a rated power of 74 horsepower. Notably, this tractor operates silently, enhancing the working experience, particularly in noise-sensitive areas. It also features improved control and fast-charging capabilities, allowing it to recharge in just one hour.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Powered Agriculture Equipment Market Segmentation, By Power Output
8. Powered Agriculture Equipment Market Segmentation, By drive type
9. Powered Agriculture Equipment Market Segmentation, By function
10. Powered Agriculture Equipment Market Segmentation, By equipment type
11. Powered Agriculture Equipment Market Segmentation, By propulsion
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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