According to SPER Market Research, The global market for tillage equipment is anticipated to increase in the forecast period. The demand for agricultural equipment in developing countries is rising, farmers are receiving government subsidies for the purchase of agricultural equipment, and there is an increasing need to boost productivity to keep up with demand due to population growth, all of which are driving the growth of the tillage equipment market. The rise in disposable income is the main factor driving the global demand for tillage equipment. It is anticipated that the rising demand for food would accelerate due to the growing global population. As a result, both the market for tillage equipment and its application in previously unheard-of ways will grow quickly. In order to produce enough high-quality crops to satisfy global market demand, farmers will need to either increase the amount of arable land available for farming or boost productivity on a specific piece of land using irrigation, fertilizers, and contemporary methods like tillage machinery.
Tillage Equipment Market Overview:
- Forecast CAGR (2022–2032): 3.45%
- Forecast Market Size (2032): 17.67 billion
The market for tillage equipment has been significantly restrained as a result of the Covid-19 epidemic. Due to trade restrictions, there was a disturbance in the supply chain. The development of industries that relied on the outsourcing of raw materials had to stop, and businesses began concentrating on local production and consumption strategies as many governments prohibited the transfer of commodities over national boundaries. The manufacturing of power tillers and farm machinery experienced numerous difficulties during the COVID-19 era as a result of workforce migration and a lack of raw materials. However, the market has begun to recover from the COVID-19 shock. A major market for tillage equipment is being created by the farm equipment business by offering maintenance support and selling necessary equipment.
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Tillage Equipment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AGCO Corporation, Alamo Group Inc., Autotech International FZCO, BareCo, Bigham Brothers INC., CASH IH, CNH Industrial N.V. Brand, Deere & Company, Gillison’s Variety Fabrication, ISEKI and CO.LTD., J.E. LOVE CO., KUBOTA Corporation, LEE Shuknecht & Sons Inc., Mahindra & Mahindra Ltd., Northstar Attachments, Rathbun Ironworks, SOIL Service Inc., Weak-Tec Inc., Wiese Industries, XCMG Group.
Global Tillage Equipment Market Segmentation:
By Product Usage: Based on the Product Usage, Global Tillage Equipment Market is segmented as; Primary Tillage Equipment, Secondary Tillage Equipment.
By Tillage Type: Based on the Tillage Type, Global Tillage Equipment Market is segmented as; Combined Tillage, Minimum Tillage (Plough Packer with Grain Drill, Plough Picker, The Circuit Tiller, The Spring Tooth Harrow), Mulch Tillage, Rotary Tillage (Garden Type, Trailed or Tractor-Mounted Units with p.t.o. drives, Trailed Units with Auxiliary Engines), Strip Tillage.
By Fuel: Based on the Fuel, Global Tillage Equipment Market is segmented as; Diesel powered, Electric powered, Gasoline powered.
By Product Size: Based on the Product Size, Global Tillage Equipment Market is segmented as; Large Type Equipment, Medium Type Equipment, Small Type Equipment.
By Distribution Channel: Based on the Distribution Channel, Global Tillage Equipment Market is segmented as; Aftermarket, OEM.
By Region: The Global Tillage Equipment Market is divided into Asia-Pacific, Europe, Middle East and Africa, North America, Latin America, and the Rest of the World based on regional analysis. The highest CAGR is anticipated to be seen in the Asia-Pacific region throughout the projection period. The increase in disposable income and urbanization in these nations are the main causes of this.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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SPER Market Research