The global planting equipment market size has the potential to grow by USD 4.28 billion during 2020-2024. The market’s growth momentum will accelerate throughout the forecast period. according to this Technavio report
Market Competitive Analysis
The planting equipment market is currently fragmented. The degree of fragmentation will remain the same over the forecast period. Vendors are adopting inorganic growth strategies such as mergers and acquisitions to expand their product portfolios and geographic reach and gain a competitive edge. Kubota Corp., Mahindra & Mahindra Ltd., and Yanmar Holdings Co. Ltd. are a few of the significant market participants. Although the accelerating market growth momentum will offer immense business opportunities to the vendors, the growing second-hand machine market will challenge the growth of many. To make the most of the opportunities, market vendors should focus more on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market positions, this planting equipment market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of the companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. This planting equipment market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading planting equipment companies, including:
- AGCO Corp.
- Bourgault Industries Ltd.
- Bucher Industries AG
- CLAAS KGaA mbH
- CNH Industrial NV
- Deere & Co.
- ISEKI & Co. Ltd.
- Kubota Corp.
- Mahindra & Mahindra Ltd.
- Yanmar Holdings Co. Ltd.
Planting Equipment Market: Segmentation by Region
The market in APAC is expected to record a significant growth rate over the forecast period. The presence of government initiatives that support sustainable agricultural practices, such as adopting strategies to improve soil health and water management and irrigation, will drive the planting equipment market growth in APAC over the forecast period. The rising demand for food and consolidation activities among vendors are other factors that will contribute to the planting equipment market growth.
Over 44% of the overall market’s growth will originate from APAC during the forecast period. China, India, Japan, and Australia are the key markets for planting equipment in the region. The market growth rate in this region will be higher than that of other geographies during the forecast period.
Planting Equipment Market: Segmentation by Product
Seed drills are designed to sow seeds at equal distances in rows. Farmers use seed drills to obtain high precision in sowing seeds, which enhances crop yield and provides a high seed sown-crop harvested ratio in the agriculture industry. As a result, the planting equipment market growth by the seed drills segment has been substantial. Also, vendors in the market are offering a range of innovative products.
The growth rate of the seed drills market segment is expected to be slower compared with the other market segments over the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the planting equipment market size.
Planting Equipment Market: Key Drivers and Trends
The growing population has increased the demand for food. As a result, it has become crucial for governments and agricultural companies to optimize crop yield. Consequently, with the advent of farm mechanization, farmers are being given subsidies to adopt farm equipment such as planting devices. Farm mechanization increases yields include several areas of cultivation and improve application efficiency of water and other agricultural inputs such as seeds and fertilizers. It also increases profitability for farmers. The rate of farm mechanization is about 90% to 95% in developed countries such as the US, Germany, Canada, and France. Emphasis on farm mechanization is growing in developing countries such as India and China owing to the rising population, which will significantly drive the global planting equipment market growth over the forecast period.
- Precision farming refers to the management system for crops and livestock that relies on global positioning systems (GPS) to monitor the location of field equipment and communicate with them.
- A few features of precision farming are equipment guidance, yield inspection, and variable rate input application.
- Farmers can automate a large part of their agricultural operations and minimize their input costs with precision farming.
- The high profit-making potential of precision farming is expected to increase its commercial availability over the forecast period, which is one of the critical global planting equipment market trends.
- The planting equipment market size will grow at a CAGR of over 6% during 2020-2024.