The demand for next-generation agriculture equipment is growing due to their increasing applications in the farming industry. Farmers across the world are using auto-guided tractors to reduce multiple manually-driven trips for farm monitoring, hence reducing crop damage, soil compaction and fuel consumption. Some of the major next-generation agriculture equipment paving their way into the market are drones, harvesting robots, and driverless tractors. These equipment are witnessing gradual adoption by the farmers especially in the U.S., Australia, and Germany.
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Other emerging agriculture equipment are robotic sprayers and weeding robots. Key players introducing innovations in the next-generation agriculture equipment market are Deere and Company, AGCO Corporation, Autonomous Tractor Corporation, CNH Industrial, Yanmar Co. Ltd., Kinze Manufacturing Inc., Lovol Heavy Industry Co. Ltd., and Mahindra & Mahindra Ltd., among others.
The governing trends of the powered agriculture equipment market vary across different regions. The powered agriculture equipment market holds a prominent share in various countries of the Americas, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). In 2017, Asia-Pacific was at the forefront of the global powered agriculture equipment market, with a huge market concentration in China and India.
The competitive landscape for the powered agriculture market demonstrates an inclination towards companies adopting strategies such as product launches and developments. Deere and Co., CNH Industrial, AGCO Corporation, CLAAS Group, Kinze Manufacturing Inc., ISEKI Group, Mahindra & Mahindra, and Escorts Group, among others, are the prominent players in the powered agriculture equipment market. The market is highly fragmented with the presence of a huge number of small-sized to medium-sized companies that compete with each other, as well as with the large enterprises.
Key players operating in this market have significantly augmented their product launch activities in the recent years, in order to generate public awareness about their existing and new products and technologies and compete with the competitors’ product portfolio. This has been the most widely adopted strategy by the players in this market. For instance, in December 2017, AGCO Corporation’s brand Massey Ferguson launched a new self-propelled sprayer, MF 9130 Plus. In September 2017, Escorts Group introduced a new electric and hydrostatic concept tractor to expand its portfolio of tractors for the export and domestic market.
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The partnerships and collaborations strategy has also been significantly employed for expansion in the powered agriculture equipment market. With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain the intensely competitive market. Moreover, extensive research and development activities and appropriate regulatory environments are also a prerequisite for the sustained growth of this market. Various government and private research institutes, and favorable trade policies are putting in substantial efforts to identify the benefits of these advanced farming solutions for augmenting global food production.
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