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Analysis of Key Market Segments Driving the Powered Agriculture Equipment Market
Powered Agriculture Equipment Market
Powered Agriculture Equipment Market Size and Growth Projection
The powered agriculture equipment market is anticipated to grow significantly, reaching a value of $158.15 billion by 2030. This translates to a compound annual growth rate (CAGR) of 7.9% over the forecast period. Factors propelling this expansion include the rising adoption of precision agriculture techniques, advances in electric-powered machinery, initiatives promoting sustainable farming, digital technologies in agriculture, and increased investments in agri-tech innovations. Key market trends expected to influence growth are the shift toward electric and hybrid farm equipment, the increasing use of precision farming machinery, a surge in demand for high-powered tractors, smart farming technology integration, and wider mechanization of agricultural processes.
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Prominent Companies Leading the Powered Agriculture Equipment Market
Several major organizations dominate the powered agriculture equipment space, including AGCO Corporation, Deere & Company, Mahindra & Mahindra Limited, CNH Industrial NV, Kubota Corporation, CLAAS Group, Krone Group, J. C. Bamford Excavators Limited, Yanmar Co Ltd., Same Deutz-Fahr Group, escor*ts Limited, Zetor Tractors, Daedong Industrial Company, Argo Tractors SpA, Tractors and Farm Equipment Limited, LS Tractor USA LLC, Iseki & Co. Ltd., Carraro Group, Lely Group, Sampo Rosenlew Ltd., Bucher Industries AG, Rostselmash Ltd., Shifeng Group, Tym Tractors, Kverneland Group, Kukje Machinery Co. Ltd., Art's Way Manufacturing Co. Inc., New Holland Agriculture, and Kuhn Group.
Significant Acquisition Enhancing Market Presence
In February 2024, Linamar Corporation from Canada acquired Bourgault Industries Ltd., also based in Canada, for an undisclosed sum. This strategic acquisition offers Linamar a valuable opportunity to diversify and expand its agriculture platform, further strengthening its Industrial segment overall. Bourgault Industries Ltd. is a well-known manufacturer specializing in agricultural equipment.
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How Technological Developments Are Shaping the Powered Agriculture Equipment Market
Leading players in the powered agriculture equipment market are forming strategic partnerships to incorporate emerging technologies, particularly electric-powered and autonomous farming machinery. These innovations aim to enhance operational efficiency and sustainability within the agriculture sector. Electric-powered agricultural vehicles utilize battery-driven electrical systems instead of traditional engines and hydraulics.
For example, in February 2023, Bobcat Company, a US-based manufacturer of farm and construction equipment, joined forces with Agtonomy, a US agtech software firm, to boost productivity in agriculture. This collaboration is focused on developing cutting-edge solutions to improve the functionality and output of Bobcat's machinery, highlighting the trend toward smarter and more efficient agricultural equipment.
Breakdown of Key Segments Propelling the Powered Agriculture Equipment Market
The powered agriculture equipment market is segmented as follows:
1) By Product Type:
- Tractors
- Combine Harvester
- Sprayer
- Soil Preparation and Cultivation Equipment
- Seed Drill
- Other Product Types
2) By Propulsion Type:
- Battery Electric
- Hybrid Electric
3) By Power Output:
- Less than 30 HP
- 31 to 70 HP
- 71 to 130 HP
- 131 to 250 HP
- More than 250 HP
4) By Application:
- Harvesting
- Sowing and Planting
- Spraying and Fertilizing
- Other Applications
Further subsegments include:
Tractors divided into Utility Tractors, Row Crop Tractors, and Compact Tractors; Combine Harvesters split into Conventional Combine Harvesters, Self-Propelled Combine Harvesters, and Header Attachments; Sprayers categorized as Crop Sprayers, Aerial Sprayers, and Handheld Sprayers; Soil Preparation and Cultivation Equipment including Plows, Harrows, and Tillers; Seed Drills classified into Mechanical Seed Drills and Pneumatic Seed Drills; and Other Product Types covering Irrigation Equipment, Fertilizer Spreaders, and Bale Wrappers.
This segmentation illustrates the comprehensive scope of powered agriculture equipment and highlights the diverse machinery that supports various farming operations worldwide.
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