Plows Global Market Report 2022

Plows Global Market Report 2022

  • May 2022 •
  • 175 pages •
  • Report ID: 6282474 •
  • Format: PDF
Major players in the plows market are Agrimir, Bomet Sp. z o.o. Sp.K, Baldan Machinery, KUHN, AGRO-MASZ, Kongskilde Agriculture, DEMBLON, BEDNAR FMT, Amazonen-Werke, and Aratri EMMEGIEMME.

The global plows market is expected to grow from $0.92 billion in 2021 to $0.98 billion in 2022 at a compound annual growth rate (CAGR) of 6.5%. The market is expected to grow to $1.51 billion in 2026 at a compound annual growth rate (CAGR) of 11.3%.

The plows market consists of sales of plow machines by entities (organizations, sole traders, or partnerships) that are engaged in manufacturing plow machines that are used to turn and break up the soil, bury crop residues, and help control weeds. Only goods and services traded between entities or sold to end consumers are included.

The main product types of plows are reversible plow, disc plow, ridge plow, chisel plow, and moldboard plow.Chisel plow refers to a soil tillage device pulled by a tractor or animal, used to break up and stir soil a foot or more beneath the surface without turning it.

The technologies included are classic plows and modern plows. The various applications involved are large farms and private farms.

The Asia Pacific was the largest region in the plows market in 2021.North America was the second largest region in the plows market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The expected rise in population that drives demand for agricultural products contributed to the growth of the plows market. According to the United Nations Organization, the worldwide population is expected to reach 9.7 billion by 2050 from 7.7 billion in 2020. With the growth in population, consumption of foods will increase and boosts the demand for the agriculture sector and agricultural products such as plows. The population growth in the next 30 years is expected to drive the plows market during the forecast period.

The fluctuating raw material prices for manufacturing agriculture equipment such as plows are expected to limit the growth of the plows market.The price rise in raw materials is the culmination of cost-push and demand-pull factors.

For instance, steel is a raw material for agricultural tools manufacturing, the cost of steel fluctuates depending upon the availability of iron ore and coking coal.Due to the COVID-19 pandemic, there is a shortage of iron-ore as there is a disruption in the supply chain.

In India, many steel companies increased prices a third time since the start of the pandemic by $36.43 to $40.48 per ton. Such fluctuating raw material price for manufacturing equipment would change the selling price of the plows and this has a negative impact on the plows market.

The emerging driverless tractors in the agricultural sector for better plowing and other farming activities are likely to be a trend in the plows market.For instance, John Deere revealed the autonomous concept tractor at a meeting in Spain in 2019.

The driverless tractor is a zero-emission tractor and has a power output of approximately 680 horsepower. Similarly, in 2019, Kubota Corp. has started test-marketing a tractor that can plow both wet and dry fields with the help of satellite location data. Therefore, technological development in tractors will increase the efficiency in farming and decrease the operational cost to the farmers.

In October 2020, Escorts, an Indian multinational conglomerate that operates in the sectors of agricultural machinery, construction machinery, material handling, and railway equipment acquired a 40 % stake in Kubota agricultural machinery for an undisclosed amount. This acquisition will raise Kubota’s stake in the Indian company to 14.99% from 9.09%, Escorts. Kubota is an India-based agricultural machinery manufacturer.

The countries covered in the plows market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA