Plows Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMAG6013 | Last Updated On: Nov 30 2022 | Available Formats

Plows Market Expected to reach a high CAGR of 8.1% By 2029:

Plows Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 8.1% during the forecast period (2022-2029).

Plows Market

Metrics

Details

Market CAGR

 8.1%

Segments Covered

 By Product Type, By Technology, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Plows have been the most important agricultural implement since the dawn of time, used to turn and break up the soil, bury crop residues, and aid in weed control. Humans initially powered plows, but farm animals were far more efficient. Using steam engines to pull plows became possible with the industrial revolution. In the early twentieth century, internal-combustion-powered tractors supplanted them. The availability of various types of plows drives the market. Moreover, rising awareness of the advantages of modern plowing machines is expected to drive further growth in the plow market.

Market Dynamics:

Growing demand for agricultural products associated with machinery and equipment

The global demand for agricultural products is expected to increase the demand for plows. According to the United Nations, the global population is expected to increase from 7.7 billion in 2020 to 9.7 billion by 2050. With population growth, food consumption rises, increasing demand for agriculture and agricultural products such as plows. Population growth in the next 30 years is expected to drive the plows market during the forecast period.

In addition, the growing use of driverless tractors in agriculture for better plowing and other farming activities is likely to be a trend in the plows market. For example, on January 4, 2022, John Deere revealed a fully autonomous tractor that is ready for mass production during a press conference at CES 2022. Deere's 8R tractor, TruSet-enabled chisel plow, GPS guidance system, and new advanced technologies are all combined in this machine. Farmers will be able to purchase the self-driving tractor later this year.

The autonomous tractor has a specific mission: to feed the world. The global population is expected to increase by 50% by 2050, from approximately 8 billion to nearly 10 billion people. Furthermore, farmers must feed this growing population with less available land and skilled labor, as well as deal with the inherent variables of farming, such as changing weather and climate, variations in soil quality, and the presence of weeds and pests. These factors impact a farmer's ability to farm at critical times of the year. During the forecast period, these development activities will boost the Plows market.

However, fluctuating raw material prices for manufacturing agricultural equipment such as plows are expected to limit the market growth. The rise in raw material prices results from a combination of cost-push and demand-pull factors. These raw material prices for manufacturing equipment would change the selling price of the plows, causing the plows market to suffer.

Market Segmentation:  

The chisel plow type segment accounted for the highest share in the global plows market

A chisel, also known as a chisel plow, is a common farming tool used for deep tillage. Its primary function is to loosen and aerate the soil while leaving crop residue on the surface. Chisel plows aid in compaction reduction. Unlike many other types of tillage tools, chisels do not turn or invert the soil. As a result, a chisel is an excellent tool for no-till or low-till farming because it prevents erosion and helps keep the organic matter on the soil's surface all year. Because of these factors, chisels are generally considered a more sustainable tillage tool than many others. These factors point to an increase in the growth of the chisel plow-type market during the forecast period.

Moreover, major companies are focusing on developing the chisel plough, which is simple for farmers to use and has a wide range of applications. These changes raise the demand for chisel ploughs. For instance, the John Deere Chisel Plough will be the best agricultural implement in India in 2022. The use and structure of this implementation are the most professional and intricate. In India, the John Deere Chisel Plough is widely used for all farming applications and the ease of performing agricultural activities. This implement has always been a great help to farmers; their efficiency and work quality are unrivaled. This implement works relatively well with the farm, making crop cultivation, plantation, and rooting an amazing and simple task for the farmers. The John Deere Chisel Plowing India is economical and fuel efficient, with an implement power of 38-50 HP & above.

Moreover, the John Deere Chisel Plough price is very reasonable and cost-effective. Farmers find it much easier to purchase because it fits their budget and eliminates the need to worry about its affordability. In India, the actual price of a John Deere Chisel Plough starts at Rs 15000. These low-cost plows increase farmer demand, resulting in increased market growth.

Geographical Penetration:

Aisa Pacific is the dominating region during the forecast period

In 2021, Asia pacific was expected to witness the highest CAGR of xx% during the forecast period. Due to the high agricultural land use and croplands in China, India, and Australia.

According to the World Bank's collection of development indicators, agricultural land (% of land area) in China was reported at 56.08 percent in 2020 and 60.2% in India. In addition, according to FAO, China and India had the largest irrigation areas, each with over 70 million hectares. Tractors dominate India's farm machinery market, accounting for roughly 80% of all farm machinery sold in the country. Domestic tractor sales have increased by 10% year on year, from 3 lakh units in FY09 to 7.8 lakh units in FY19 (Industry Reports, 2019). India's farm equipment market accounts for 7% of the global market, with tractors accounting for more than 80% of the value contribution. According to the Directorate of Economics and Statistics, the Indian tractor market is the largest in the world and had the best performance (+21%) in FY19.

Moreover, sales of major new machinery lines totaled $2.34 billion in 2019. Tractor sales accounted for approximately 54% of all machinery sales in Australia. New tractor sales in Australia have generally increased over the last decade, with the Australian Competition and Consumer Commission reporting 12,075 units sold in 2017. These figures show the demand for plow machinery in the Asia Pacific region.

Competitive Landscape:

The plow market has grown due to players' investments in plow manufacturers. Some key players in the Plows market are John Deere Group, Agrimir Ltd., Bomet Sp. z o.o. Sp. K., Baldan, KUHN SAS, PTTINGER Landtechnik GmbH, Bush Hog, AGCO Corporation, Gregoire Besson, and Maschio Gaspardo Group are implementing various marketing strategies, such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration, to identify potential buyers' For instance, Pttinger launched the SERVO 4000, a new hitch-mounted reversible plow, on February 11, 2022. The new hitch-mounted reversible plows are available in four to six furrow configurations: Standard, NOVA, PLUS, and NOVA. The NOVA and NOVA plows have hydraulic stone protection with a triggering pressure of up to 1,400 kg that can be adjusted. The SERVO 4000 series has a point-to-point spacing of 95 or 102 cm and an underbeam clearance of 80 cm, with an option for 90 cm.

COVID-19 Impact:

Negative impact on the global plows market

COVID-19 has different effects in different countries, depending on cultural norms, mitigation measures, and health infrastructure. The COVID-19 pandemic has changed global market dynamics in manufacturing, supply chains, and financial markets. Furthermore, significant demand for plows was observed in China, the United States, the United Kingdom, and Germany. Because of the increasing cases of COVID-19, these countries have a negative impact on the plows market.

Moreover, during the pandemic, major companies reduced their plow machinery production capacity because agricultural machinery manufacturers' revenue was no longer accounted for. For example, during the pandemic, the American company John Deere halted plow production on June 27, 2022. The decision was made in the context of a pandemic in which sales of this machine no longer accounted for a significant portion of the agricultural machinery and equipment manufacturer's income. It had begun on the road with the production of plows at its peak.

The global plows market report would provide access to approximately 61 market data tables, 53 figures and 170 pages

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