London, Sept. 30, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the agricultural implement market, a significant impact of the virus was seen on the agricultural machinery market, as global supply chains were disrupted and manufacturing industries closed down in accordance with government measures to prevent the spread of the virus.
The global agricultural implement market size reached a value of nearly $241.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 5.0% since 2015. It is expected to decline from $241.9 billion in 2019 to $233.6 billion in 2020 at a rate of -3.4%. The market is then expected to recover and grow at a CAGR of 8.0% from 2021 and reach $288.6 billion in 2023. The market is expected to reach $337.4 billion in 2025, and $494.2 billion in 2030.
China, being the epicenter of the disease, saw small-scale farmers heavily impacted by the outbreak. With disruptions in crop production and field management, unemployment, impoverishment, and loss of labor force and capital became the norm. The pandemic has affected the availability of inputs for agricultural production due to disruptions in the supply, transportation and sales of agricultural products. Due to lockdown measures and travel restrictions, operations of agricultural machinery hire service providers have also been disrupted.
Due to migration of labor and scarce availability of raw material during the COVID-19 period, the tractor, power tillers and farm machinery manufacturing sector is facing many challenges, which can be solved using automation technology, such as robotics, internet of things, and sensor networks to mitigate the risks caused by the coronavirus.
Thus, agricultural machinery market trends include the increase in adoption of new techniques and technologies in the farming sector, giving a boost to autonomous farm equipment. This technology will reduce the growing concern of labor shortages and increase productivity and efficiency in farming practices. Agriculture equipment companies are also offering telematics systems to farmers to enable wireless transfer of data between the equipment and its user. Telematics refers to the technology of collecting data from farm equipment operating in a field and then transferring the data to customers through the internet on a real time basis. This enables farmers to remotely collect and manage information from their field equipment, enhance operational efficiencies and reduce production costs. Robotic lawn mowers are becoming popular as they enhance soil fertility of lawns, provide collision detection systems and of consists safety mechanisms, while robotic milkers provide consistency, efficient labor management, lowers human involvement in milking process and reduces operating costs.
The Business Research Company’s report titled Agricultural Implement Global Market Report 2020-30: COVID-19 Impact and Recovery covers major agricultural implement companies, agricultural implement market share by company, agricultural implement manufacturers, agricultural implement infrastructure market size, and agricultural implement market forecasts. The report also covers the global agricultural implement market and its segments. The agricultural implement market is segmented by type into farm machinery and equipment, lawn and garden tractor and home lawn and garden equipment, tools, gear boxes, clutches and parts, and others, by mode of operation into manual, semi-autonomous, and autonomous, by application into harvesting and threshing, plant protection, post-harvest and agro processing, sowing and planting, weed cultivation, land development and seed bed preparation, other applications, and by capacity into small, medium, and large.
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One of the positive impacts of the pandemic on the agricultural equipment market is how people focused on makeovers of their gardens in several countries to make the best use of their time in lockdown. The increase in garden makeovers is also encouraged through the publishing of pictures and information on social media platforms. Here, the lawn and garden tractor and home lawn and garden equipment market is further segmented by type into push lawn mowers, riding mowers, and others. The push lawn mowers market was the largest segment of the lawn and garden tractor and home lawn and garden equipment market segmented by type, accounting for 56.8% of the total in 2019. It is also expected to be the fastest growing segment in the lawn and garden tractor and home lawn and garden equipment market segmented by type, at a CAGR of 5.6% during 2019-2023.
Agricultural Implement Global Market Report 2020-30: COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Agriculture, Construction, And Mining Machinery Manufacturing Global Market Report 2020
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