LONDON, Oct. 06, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the powered agriculture equipment market, increasing demand for organic food is expected to propel the growth of the powered agriculture equipment market going forward. Organic food refers to food that is certified to have been grown on soil that had no prohibited substances applied for three years prior to harvest. The rapid growth in organic food is expected to boost demand for powered agricultural equipment, as commercial farmers are investing in advanced equipment to reduce their operational expenditure and increase profits. For instance, according to the United States Department of Agriculture, a US-based federal executive department responsible for developing and executing federal laws related to farming, organic products are available in about 20,000 natural food stores and nearly 3 out of 4 conventional stores in the US. Therefore, increasing demand for organic food is expected to boost demand for powered agriculture equipment during the forecast period.
The global powered agriculture equipment market size is expected to grow from $81.31 billion in 2021 to $87.29 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The global powered agriculture equipment market is expected to grow to $116.55 billion in 2026 at a compound annual growth rate (CAGR) of 7.5%.
Product innovation is a key trend gaining popularity in the powered agriculture equipment market. Many companies operating in the powered agriculture equipment market are developing new products to increase crop productivity and household incomes. For instance, in January 2022, John Deere, a US-based manufacturer of agricultural machinery, showcased a fully autonomous tractor during a press conference at CES 2022. The self-driving tractor has a specific purpose of feeding the globe. The autonomous tractor is equipped with six stereo cameras that allow for 360-degree obstacle detection and distance computation.
Major players in the powered agriculture equipment market are AGCO Corporation, John Deere, Mahindra & Mahindra Limited, CNH Industrial N.V., Kubota Corporation, CLAAS Group Ltd, Alamo Group Inc., Escorts Limited, Iseki & Co., Ltd., SDF Group, Trimble Inc., Parrot SA, Harvest Automation Inc., PrecisionHawk, and Tirth Agro Technology Private Limited.
The global powered agriculture equipment market outlook is segmented by product type into tractors, combine harvester, sprayer, soil preparation and cultivation equipment, seed drill, others; by propulsion into battery electric, hybrid electric; by power output into <30 HP, 31–70 HP, 71–130 HP, 131–250 HP, >250 HP; by application: harvesting, sowing and planting, spraying and fertilizing, others.
Asia Pacific was the largest region in the powered agriculture equipment market in 2021. The regions covered in the powered agriculture equipment market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Powered Agriculture Equipment Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide powered agriculture equipment market overviews, powered agriculture equipment market analyze and forecast market size and growth for the whole market, powered agriculture equipment market segments and geographies, powered agriculture equipment market trends, powered agriculture equipment market drivers, powered agriculture equipment market restraints, powered agriculture equipment market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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