According to Bis Research, The Europe ISOBUS component market is expected to reach $209.29 million by 2026, with a CAGR of 7.36% during the forecast period 2021- 2026. High growth in the market is expected to be driven by the need to resolve the inter-implement incompatibility issues existing between equipment manufactured by different companies. ISOBUS also allows for the inclusion of a virtual terminal (VT), which further allows the operator to control multiple implements simultaneously, manufactured by different companies.
ISOBUS or ISO11783 is the standard protocol regulated by the International Organization of Standardization (ISO) and Agricultural Industry Electronics Foundation (AEF) for inter-device communication among agricultural equipment. The global ISOBUS component market covers the entire spectrum of equipment and component based on ISOBUS standard. A piece of equipment with ISOBUS capabilities can perform a wide range of tasks in an efficient way. ISOBUS was developed in 1990 with the primary aim of improving inter-device connectivity and communication in the agricultural field. This is because multiple types of equipment are used in the farm at the same time, such as tractor, harvester, planter and seeder, and sprayer. Most of these equipment does not possess electronic control unit (ECU) and are connected to a tractor to be used in the field. The connection between the different equipment with the tractor has been the primary driving force for achieving ISOBUS.
With the increased acceptance of ISOBUS standard in the agricultural equipment industry, synergistic partnerships have increased among the leading agricultural equipment manufacturers. Since ISOBUS component offers the capability of using two agricultural equipment from two different manufacturers; the manufacturers have started developing products with common ports and compatibilities. Thus, ISOBUS agricultural equipment can be connected to equipment from other manufacturers. This saves a farmer from purchasing a completely new agricultural setup upon failure of equipment.
The global ISOBUS component market is expected to grow more in the coming years with increasing emphasis on smart farming and increased government initiatives throughout the world for uplifting the global agricultural industry. Some of the leading companies operating in the global ISOBUS component market are AMAZONEN-WERKE H. DREYER SE & Co. KG, Anedo GmbH, Class Group, CNH Industrial N.V., DEUTZ-FAHR, Fendt, Deere and Company, Hexagon Agriculture, Krone NA, Inc., Kuhn Group, Kvaser, Kverneland Group, LEMKEN GmbH & Co. KG, Massey Ferguson, and PÖTTINGER Landtechnik GmbH.
Market Segmentation:
Europe ISOBUS Component Market by Product:
The component electronic control unit (ECU) witnessed high demand as compared to other components as all key applications of ISOBUS in the agricultural industry (such as harvesters and tractors) use ISOBUS-enabled ECUs for their functioning.
Europe ISOBUS Component Market by Application:
The Europe ISOBUS component market by application category is dominated by tractor segment. This dominance is due to the huge market of tractors in the France and Germany.
Europe ISOBUS Component Market by Location:
France generated the highest revenue of $44.90 million in 2020, attributed to the presence of leading ISOBUS-enabled agricultural implement manufacturers along with continuous government initiatives in the country to promote the deployment of ISOBUS equipment in the field. The country is expected to witness moderate growth of CAGR 7.98% during the forecast period.
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Key Questions Answered by This Report:
• What is the estimated Europe ISOBUS component market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
• What are the key trends, market drivers, and opportunities in the market pertaining to the Europe ISOBUS component market?
• What are the major restraints inhibiting the growth of the Europe ISOBUS component market?
• What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
• What is the competitive strength of the key players in the Europe ISOBUS component market on the basis of analysis of their recent developments, product offerings, and regional presence?
• How is the competitive benchmarking of the key ISOBUS component companies in the agriculture market based on the analysis of their market coverage and market potential?
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