New Planting Equipment Market Research Report- COVID-19 Analysis Based on Seed Drills, Planters, and Air Seeders Products| Technavio

The new planting equipment market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Planting Equipment Market 2020-2024 (Graphic: Business Wire)

Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the planting equipment market.

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"One of the primary growth drivers for this market is the Emphasis on Farm Mechanization,” says a senior analyst for the Industrials industry at Technavio.

The growing population has increased the demand for food. As a result, it has become crucial for governments and agricultural companies to optimize crop yield. Consequently, with the advent of farm mechanization, farmers are being given subsidies to adopt farm equipment such as planting devices. Farm mechanization increases yields include several areas of cultivation and improve the application efficiency of water and other agricultural inputs such as seeds and fertilizers. It also increases profitability for farmers. The rate of farm mechanization is about 90% to 95% in developed countries such as the US, Germany, Canada, and France. Emphasis on farm mechanization is growing in developing countries such as India and China owing to the rising population, which will significantly drive the global planting equipment market growth over the forecast period.

As the markets recover Technavio expects the planting equipment market size to grow by USD 4.28 billion during the period 2020-2024.

Planting Equipment Market Segment Highlights for 2020

• The planting equipment market is expected to post a year-over-year growth rate of 6.06%.
• Seed drills are designed to sow seeds at equal distances in rows. Farmers use seed drills to obtain high precision in sowing seeds, which enhances crop yield and provides a high seed sown-crop harvested ratio in the agriculture industry.
• As a result, the planting equipment market growth by the seed drills segment has been substantial. Also, vendors in the market are offering a range of innovative products.
• The growth rate of the seed drills market segment is expected to be slower compared with the other market segments over the forecast period.

Regional Analysis

• 44% of the growth will originate from the APAC region.
• The presence of government initiatives that support sustainable agricultural practices, such as adopting strategies to improve soil health and water management and irrigation, will drive the planting equipment market growth in APAC over the forecast period.
• The rising demand for food and consolidation activities among vendors are other factors that will contribute to the planting equipment market growth.
• China, India, Japan, and Australia are the key markets for planting equipment in the region. The market growth rate in this region will be higher than that of other geographies during the forecast period.

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Related Reports on Industrials Include:

Global Farm Equipment Market: The global farm equipment market size has the potential to grow by USD 28.6 billion during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth. To get extensive research insights: Click and Get FREE Sample Report in Minutes!

Agricultural Machinery Market in India: The Indian agricultural machinery market size has the potential to grow by USD 3.73 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes!

Notes:

• The planting equipment market size is expected to accelerate at a CAGR of over 6% during the forecast period.
• The planting equipment market is segmented by Product (seed drills, planters, and air seeders) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including AGCO Corp., Bourgault Industries Ltd., Bucher Industries AG, CLAAS KGaA mbH, CNH Industrial NV, Deere & Co., ISEKI & Co. Ltd., Kubota Corp., Mahindra & Mahindra Ltd., and Yanmar Holdings Co. Ltd.

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