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Plows Global Market Report 2023

ReportLinker
ReportLinker

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 will grow from $0.98 billion in 2022 to $1.06 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%.

New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plows Global Market Report 2023" - https://www.reportlinker.com/p06282474/?utm_source=GNW
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 will grow from $0.98 billion in 2022 to $1.06 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The plows market is expected to grow to $1.43 billion in 2027 at a CAGR of 7.7%.

The plow market consists of sales of single furrow plow, double furrow plow, and multiple furrow plow.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Plow refers to equipment, which allows removing horizontal clods from the soil. The clods then rolled over and destroyed in order to bring the soil back to its original phase, helping the passage of organic substances, providing space and nutriments to the new crop.

The Asia Pacific was the largest region in the plows market in 2022.North America was the second largest region in the plows market.

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

The main product types of plows are reversible plows, disc plows, ridge plows, chisel plows, and moldboard plows.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 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 population growth, 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 prices 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, on December 2020, Monarch Tractor, a US-based manufacturing company, launched MK-V, which is the world’s first fully electric smart tractor with self-driving capability, Monarch has been named a CES 2022 Innovation Award Honoree and was honored in the Robotics category for its flagship MK-V tractor, which was described as the first to combine electrification, automation, and data analysis to boost efficiency, safety, and profitability for farmers.

Utilizing hyper localization technology and computer vision on board with artificial intelligence, these tractors can maximize agriculture input .Therefore, technological development in tractors will increase the efficiency of farming and decrease the operational cost to the farmers.

Therefore, technological development in tractors will increase the efficiency of 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.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The plows market research report is one of a series of new reports that provides plows market statistics, including plows industry global market size, regional shares, competitors with a plows market share, detailed plows market segments, market trends, and opportunities, and any further data you may need to thrive in the plows industry. This plows market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06282474/?utm_source=GNW

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