Wilmington, Delaware, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cultivator Share Market by Type (Chisel, Triangular and Reversible), Application (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the cultivator share market was valued at $2.8 billion in 2023, and is estimated to reach $4.4 billion by 2032, growing at a CAGR of 5.4% from 2024 to 2032.
Prime determinants of growth
The growth in the agriculture sector, technological advancements, and government initiatives are the key factors driving the market growth. The cultivator, a fundamental agricultural equipment, is equipped with a series of blades mounted on a revolving power-shift. It serves the purpose of removing unwanted aerate, weeds, and loosening the soil after crop cultivation. This highly efficient machinery is widely utilized by farmers. The agriculture sector is expected to experience rapid growth in the coming years due to advancements in technology. Increased reliance on modern machinery and innovative cultivation techniques will drive market expansion. The efficiency and high capacity of these machines are projected to contribute to market growth. Additionally, the shift towards modern agriculture practices and the rise in labor costs will likely increase the adoption of machinery.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $2.8 billion |
| Market Size in 2032 | $4.4 billion |
| CAGR | 4.8% |
| No. of Pages in Report | 488 |
| Segments Covered | Type, Application, and Region |
| Drivers | Increasing global demand for sustainable and organic farming practices. Technological advancements in agricultural machinery. Government subsidies and support for modern farming techniques. |
| Opportunities | Integration with IoT and precision agriculture technologies |
| Restraint | High initial investment costs |
The Triangular segment to maintain its leadership throughout the forecast period.
Based on the Type, the triangular segment held the highest market share in 2023. The popularity of triangular cultivators is increasing owing to their effectiveness in soil preparation, improving aeration and moisture retention, essential for crops that thrive in well-aerated soil. Their flexibility enables them to be used for different farming tasks such as weed management and seedbed preparation, making them a top choice for a variety of cropping systems. Moreover, cultivators are budget-friendly, allowing small and medium-sized farmers to easily acquire them. As the shift towards sustainable and organic farming continues, triangular cultivators, which consume less fuel and require minimal maintenance, are in line with these eco-friendly practices.
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The OEM segment to maintain its leadership throughout the forecast period.
Based on the Application, the OEM segment held the highest market share in 2023. The rising demand for OEM cultivator shares is driven by their capacity to provide tailor-made solutions that seamlessly integrate with current agricultural machinery, catering to specific farming requirements. The integration of cutting-edge technologies such as GPS, IoT, and precision farming tools further enhances their effectiveness and efficiency, making them highly sought-after by modern farmers in search of advanced solutions. Moreover, the utilization of top-notch materials and innovative designs in the construction of OEM cultivators ensures improved durability and performance, ultimately minimizing downtime and maintenance expenses. Such advancements create further demand for OEMs to boost demand for cultivator share.
The Asia-Pacific region is likely to maintain its leadership throughout the forecast period.
Based on the region, Asia-Pacific held the highest market share in 2023. The agriculture sector across Asia-Pacific is expected to experience significant market growth owing to the widespread adoption of modern technology. Additionally, the rising demand for machinery among farmers is projected to boost market expansion. The rapid innovation in agricultural machinery is anticipated to further drive market growth.
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Players: -
- LA PINA Industrias Angel Martinez Lopez
- Bourgault Tillage Tools
- Campoagri
- BETEK GmbH & Co. KG
- Osmundson Mfg. Co.
- Terra Tungsten
- FORGES DE NIAUX
- AGRICARB
- Bellota Agrisolutions
- B.R.V. srl
The report provides a detailed analysis of these key players in the global cultivator share market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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