Agricultural & Forestry Machinery Market: Study provides in-depth analysis of market along with the current trends and future estimations (2020 – 2029)
COVID-19 Lockdown Exemptions for Agricultural Machinery Shops Reduce Stress on Supply Chains
Lockdown relaxations in orange and green zones of India’s several states are bearing a positive news for companies in India’s agricultural & forestry machinery market amidst the coronavirus (COVID-19) outbreak. Since agriculture is one of the primary revenue-generating industries of India, lockdown relaxations are offering a relief to farmers that will help reduce the stress on supply chains. However, heads of agricultural organizations are instructed to ensure proper hygiene measures and social distancing norms among farm workers.
Shops of agricultural & forestry machineries and spare part & repair shops have been exempted from lockdown norms to facilitate farm produce. Such constructive measures by the Indian Government are benefitting equipment manufacturers in the agricultural & forestry machinery market. Even the tea industry is allowed to conduct plantations with a functional workforce of maximum 50 percent.
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Driverless Tractors Overcome Challenges of Furrows and Eliminate Need for Drivers
There is a growing demand for low-cost innovations in the agricultural & forestry machinery market. This demand has led to innovations in driverless tractors. For instance, the driverless tractor introduced by Yogesh, a first-year engineering student in Rajasthan, India, is gaining increased recognition in India’s agricultural & forestry machinery market that eliminates the costs associated with hiring a driver. India, being one of the leading economies in Asia Pacific, is contributing toward its highest estimated revenue among all regions by the end of 2030, with a global market value reaching ~US$ 400 Bn. Hence, companies in the market for agricultural & forestry machineries should collaborate with budding engineering talents to further innovate in driverless tractors.
Driverless tractors are also being highly publicized for uniformly ploughing the fields. Even a slight acceleration or sudden brake by the driver results in furrows that are too deep or too shallow. Hence, companies in the agricultural & forestry machinery market should increase the availability of driverless tractors to overcome such challenges of tractor owners.
Small Hybrid Forest Harvesters Deliver Fuel Efficiency in Modern Forestry Applications
Hybrid forest harvesters are gaining increased popularity for their fuel efficiency. For instance, Logset Oy— a Finnish forest machine manufacturer, is gaining global recognition for its 8H GTE hybrid harvester that is improving ergonomics for operators in the agricultural & forestry machinery market. As such, companies in the market for agricultural & forestry machineries are participating in international trade events and exhibitions to gain increased visibility and acknowledgment in the global market landscape.
Small design hybrid harvester models are being increasingly talked about in the agricultural & forestry machinery market, after the wheel-based harvesters. Manufacturers in the market for agricultural & forestry machineries are increasing efforts to meet the demand for sustainable, productive, and economical solutions for the modern forestry industry. Hence, they are increasing their R&D efforts to introduce small and compact harvesters with electric motors and supercapacitors that are used for energy storage.
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Sustainable Wood Production and Smart Logging Applications Gain Prominence in Europe
Forests play a crucial role in the procurement of building materials and biomass to deploy renewable energy. Hence, the European Union’s Horizon 2020 research and innovation program, announced the launch of a €3 Mn undertaking for the Forwarder2020 project to strike the right balance between commercial applications and the need to safeguard forest covers. Thus, the trend of sustainable wood production and smart logging is gaining popularity in the agricultural & forestry machinery market. Hence, companies in the market for agricultural & forestry machineries are manufacturing forwarders that help to reduce fuel consumption and lower the impact of the machine on the soil in order to deploy sustainable logging.
Reduced ground pressure under the wheels of forwarders offering high travel speeds are some of the key focus points for equipment manufacturers of the agricultural & forestry machinery market.
Analysts’ Viewpoint
The Association of Equipment Manufacturers (AEM), North America, is urging the government to streamline existing manufacturing programs amidst the COVID-19 crisis. Driverless tractors are being associated with work and cost cuts for farm owners.
The agricultural & forestry machinery market is estimated to progress at a CAGR of ~6% during the forecast period. However, the need for sustainable, productive, and economical machinery solutions are not being met in all countries of the market. Hence, companies should indulge in development programs such as innovate in hybrid harvesters that offer fuel and ergonomic efficiency. Several workers have associated themselves with forestry development projects to buy forwarders that are comfortable and reliable in operation.
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Agricultural & Forestry Machinery Market: Overview
- According to the latest market report published by Transparency Market Research on the agricultural & forestry machinery market for the period 2020–2029 (wherein 2020 to 2029 is the forecast period and 2019 is the base year), increase in mechanization in the agricultural & forestry sector across the globe is expected to drive the agricultural & forestry machinery market
- Globally, revenue generated by the agricultural & forestry machinery market stood at US$ 209.5 Bn in 2019, which is expected to expand at a CAGR of ~6% in terms of value during the forecast period
Increasing Mechanization of Farming & Forestry Operations: A Key Driver of Agricultural & Forestry Machinery Market
- The agricultural & forestry machinery market is driven by increasing adoption of farm machinery for mechanization of farming operations. The mechanization of farming operations results in increased production and profitability by achieving timeliness in farming operations. This in turn helps farmers in optimum utilization of costly inputs such as fertilizers, seeds, and irrigation. Farm mechanization also helps in the preservation of farm produce, which further improves profitability by reducing post-harvest losses.
- Traditionally, forestry activities were performed manually with a large labor force. However, with increasing urbanization and industrialization and mechanization in forestry, labor force is being replaced by forestry machinery. In addition, increasing government subsidies to promote farm and forestry production has resulted in rising mechanization across the globe, thereby improving the quantity of agricultural & forestry produce.
- Demand for food is expected to rise substantially, owing to the significant increase in global population during the forecast period. Rising food demand has encouraged the adoption of advanced farming and forestry practices to increase crop yields, which is further resulting in the demand for agricultural machinery globally.
- Rising demand for food and forestry products, owing to the growing global population has led to innovation in agricultural & forestry practices worldwide. Machinery such as tractors and harvesters are used in plowing and harvesting, which in turn, increases productivity.
- Machinery manufacturers such as Deere & Company are focusing on developing advanced machinery, which can be utilized to increase productivity to the highest possible value
- Increasing awareness about the importance of technology in agriculture and forestry practices is one of the major factors driving the growth of the agricultural & forestry machinery market globally. Integration of advanced technologies such as GPS tracking and telematics system in machinery is further expected to revolutionize the agriculture & forestry industry. This is likely to drive the agricultural & forestry machinery market over the next few years.
Governments Offering Subsidies and Promotion of Advanced Machinery a Significant Opportunity for Agricultural & Forestry Machinery Market
- Farmers are sometimes deprived of opportunities to purchase agricultural machinery for farm production due to inadequacy of funds. In order to counter this restraint, governments worldwide are promoting and encouraging the adoption of farm machinery by providing subsidies on this equipment, thereby allowing manufacturers to offer the equipment at lower rates. In addition, manufacturers collaborating with regional bodies to gain contracts for supply of innovative solutions such as electrified machinery to save energy and avoid toxic pollution under various schemes of sustainable environment programs is an opportunity for the growth of the market.
- Growth in both exports and domestic demand provides manufacturers an opportunity to maximize their profit margins. This is expected to enhance the demand for agricultural & forestry machinery across the globe.
Electrification of Agricultural & Forestry Machinery Industry: Key Trend of the Market
- These days, global manufacturers are offering innovative electrification models of agricultural & forestry machinery to meet the standards of sustainable energy. Manufacturers are also offering an economy range i.e., affordable and low-power tractors, harvesters, and soil cultivating machines suitable for small-size farmers. Key players opt for V & VI generation of engine in machinery to improve its efficiency and overall productivity.
- In recent years, mechanization of farming has revolutionized farming practices across the world. Precision farming is a key trend in the field of agriculture, currently. It comprises the use of various technologies in farming practices such as high-precision positioning systems, a range of IT applications combined with high-tech engineering, and smart sensors.
Growing Urbanization and Decreasing Farmlands & Forestlands to Hamper Expansion of Agricultural & Forestry Machinery Market
- In recent years, farmlands & forestlands are utilized in profitable business investments such as construction of housing, hotels, and shopping centers. As a result, farmlands, meadows, and forests are vanishing rapidly. This has had an indirect impact on the use of agricultural & forestry machinery. Ironically, decreasing farmlands & forestlands make it essential to produce adequate supply of agro & forestry products with better efficiency.
- Maximum production could be obtained from minimum land by using machinery; however, high cost of machinery and low purchasing power of owners further restrains the adoption of these equipment. These are factors influencing regulatory bodies to implement stringent laws for the protection of farmlands & forestlands and maintain ecological balance.
- In addition, rising awareness about the importance of protecting the environment by maintaining forestlands is also one of the major factors that restrains the growth of the agricultural & forestry machinery market. This has directly become a major challenge for the growth of the agricultural & forestry machinery market.
- Manufacturers of heavy machinery have to sacrifice quality in order to maintain a low price. Farmers are unable to buy these machineries despite being aware of their good performance due to their financial stringency. Therefore, small-scale farmers are generally satisfied with the minimum serviceability of available machinery.
- Furthermore, inadequate skills and lack of technical expertise of machinery owners results in high operational cost and makes investment in mechanization expensive and less attractive. Penetration of energy-efficient machinery has high initial costs and thus many owners avoid purchasing it on account of their low purchasing power.
Agricultural & Forestry Machinery Market: Competition Landscape
- Detailed profiles of manufacturing players of agricultural & forestry machinery have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the agricultural & forestry machinery market include
- Deere & Company
- AGCO Corporation
- Caterpillar Inc.
- Kubota Corporation
- Class KGaA mbH
- Mahindra & Mahindra
Agricultural & Forestry Machinery Market: Key Developments
- Prominent manufacturers in the agricultural & forestry machinery market are increasing investments on innovative agricultural & forestry machinery to fulfill the needs of end users. Manufacturers are also planning to expand their range of products and presence in various geographies through mergers & acquisitions and tie-ups with local agricultural & forestry machinery providers.
- Some other key developments in the agricultural & forestry machinery market are highlighted below:
- In March 2020, Kubota Corporation announced that it has started the development of a new large displacement industrial diesel engine S7509, which complies with EU Stage V regulations
- In February 2020, Deere & Company expanded its lineup of air-seeding equipment by including C650 Air Cart in tow-behind or tow-between configurations. This equipment helps small grains producers and custom farmers to seed more acres per day in less time.
- In January 2020, CLAAS KGaA mbH initiated new high-bay warehouse into operation, comprising an area of approximately 11,700 sq.m, after planning and construction period lasting over two years. This is to meet the storage capacity of steadily growing products and with it the number of spare parts.
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