The planting equipment market is projected to grow at a CAGR of 5.92% to reach US$16.290 billion by 2027, from US$10.890 billion in 2020.
The increasing number of agricultural practices in order to meet the rising demand for food crops and other crops by the individuals in the population is augmenting the growth of the market.
There has been an increase in agricultural practices over the years in order to meet the burgeoning demand for food crops and other crops from consumers and end-user industries, which has resulted in farmers increasing their production by making use of specialized machinery such as ploughers, seeding equipment, and planting equipment, among others. In addition, as the conventional machinery and conventional planters that are used have a short lifespan, they do not provide the correct amount of efficiency, and this has led the framers to adopt mechanized machinery, which is able to provide a better rate of work and also savings in time. Moreover, as the global population is increasing and demanding healthier food to lead a fit life, the production of crops is increasing. For example, according to the statistics provided by the USDA and PS&D online, soybean production in Brazil increased from 3.38 tons per hectare in 2016/2017 to 3.47 tonnes per hectare in 2017/2018. After that, it subsequently fell to 3.26 tons per hectare in 2018/2019, and now it is estimated to increase to 3.41 in 2019/2020. In conjunction, In India, the production of rice increased from 3.74 tonnes per hectare in the 2016/2017 period and reached 3.99 tonnes per hectare in 2018/2019 and is now estimated to reach 4.02 tonnes per hectare according to the USDA estimates. Therefore, these factors are encouraging farmers to buy more machinery, such as planting equipment, and this will lead to the market's growth over the forecast period.
The increasing participation of governments in order to ramp up agricultural production in order to accelerate the development of the agricultural sector.
The governments in different countries are taking initiatives in order to ramp up the production of crops by taking initiatives and putting forward action plans. For instance, the Government of India's action plan National Mission for Sustainable Agriculture (NMSA)" by the Department of Agriculture, Cooperation and Farmers Welfare is aimed at making agricultural practices more productive and sustainable, which will be done by promoting location-specific farming systems and by adopting comprehensive soil health management practices, which are necessary to ensure the crop quality, among some other objectives. Thus, these steps are leading to an increase in the adoption of planting equipment and boosting the market's growth.
Product Launches by Major Market Players
The better, advanced, and diverse varieties of planting equipment with enhanced features are able to effectively aid in proper and efficient crop production. These products are being launched by existing and new players in different markets and are estimated to lead to increased adoption and propel market growth further over the forecast period.
Some of examples of product launches are as follows:
The Asia Pacific region is expected to hold a considerable share over the forecast period.
The Asia Pacific region is expected to hold a considerable market share over the forecast period owing to the increasing number of agricultural activities in countries such as India and initiatives such as the "National Mission for Sustainable Agriculture (NMSA)" by the Department of Agriculture, Cooperation and Farmers Welfare, in order to accelerate the development of the agricultural sector. In addition, in Japan, ISEKI CO., Ltd. is taking steps and initiatives by offering enhanced and advanced products such as the "Variable Fertilizing Rice Trans-planter" and taking part in various programs such as the" Smart Agricultural Inter-Business Cooperation Demonetization Project" by Niigata city. It also includes collaboration with international players such as ISEKI Europe, TAFE India, AGCO North America, RUTAN Russia, and Mitsubishi Corporation Thailand and neighbouring countries.
COVID-19 slowed the global planting equipment market in 2020. The mandated lockdown and social distancing measures amid the pandemic had led to the closure of several facilities in the industry, slowing down the market growth. Furthermore, the global recession and lesser demand due to the crisis had also caused several manufacturers to slow down their production, reducing the market size.
|Market Size Value in 2020||US$10.890 billion|
|Market Size Value in 2027||US$16.290 billion|
|Growth Rate||CAGR of 5.92% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Product Type, Power Source, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Deere & Company, Landoll Corporation, CNH Industrial N.V., ISEKI & CO., LTD., AGCO Corporation, Dewulf, Kasco Manufacturing Co., Inc., Mahindra & Mahindra Ltd., Kinze Manufacturing, Bourgault Industries Ltd|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the global planting equipment market size by 2027?
A1. The planting equipment market is projected to reach a market size of US$16.290 billion in 2027.
Q2. What is the size of the planting equipment market?
A2. Planting Equipment Market was valued at US$10.890 billion in 2020.
Q3. What are the growth prospects for the planting equipment market?
A3. The global planting equipment market is projected to grow at a CAGR of 5.92% over the forecast period.
Q4. Which region holds the maximum market share of the planting equipment market?
A4. The Asia Pacific region is expected to hold a considerable share of the planting equipment market owing to the increasing number of agricultural activities.
Q5. What factors are anticipated to drive the planting equipment market growth?
A5. The increasing number of agricultural practices in order to meet the rising demand for food crops and other crops by the individuals in the population is augmenting the planting equipment market growth.
Deere & Company
CNH Industrial N.V.
ISEKI & CO., LTD.
Kasco Manufacturing Co., Inc.
Mahindra & Mahindra Ltd.
Bourgault Industries Ltd
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