Global Tiller Machines Market Analysis Report 2022-2026: Developed Regions Dominate, Developing Markets to Drive Market Gains
DUBLIN, Nov. 11, 2022 /PRNewswire/ — The “Tiller Machines – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Tiller Machines Market to Reach $3.1 Billion by 2026
The global market for Tiller Machines estimated at US$2.7 Billion in the year 2022, is projected to reach a revised size of US$3.1 Billion by 2026, growing at a CAGR of 3.5% over the analysis period.
Growing importance of gardening as a recreational activity or hobby, zeal to develop gardens in homes, as well as the desire to enhance aesthetics through beautiful and properly maintained lawns and gardens continue to support the purchase of tillers. Rise in housing construction projects and remodeling further boosts growth prospects for tiller machines.
Soaring demand for farm-produced commodities from growing global population and subsequently mounting pressure to augment farming operations and efficiency is placing spotlight on agricultural machinery, including tiller machines.
While acknowledged benefits such as minimal requirement for human workforce, fatigueless functioning, quicker task accomplishment times, and costs benefits, are sustaining the wider uptake of tiller machines, the short supply of agricultural labor and rising labor costs for various farm jobs is creating substantial opportunities for growth of tiller machines market. The rise in home and community gardening hence offers improved prospects for tiller machines.
Front Tine, one of the segments analyzed in the report, is projected to grow at a 4.1% CAGR to reach US$1.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Rear Tine segment is readjusted to a revised 3.4% CAGR for the next 7-year period.
This segment currently accounts for a 34.7% share of the global Tiller Machines market. Front Tine tillers are light-duty machines with tines or blades located at the front of the machine, are usually larger and more robust than cultivators. Offering an affordable, all-purpose option, Front Tine tillers can be maneuvered conveniently and flexibly in small and medium farms as well as gardens.
Rear Tine tillers represent the most powerful option in the tiller machine domain. Rear Tine tillers are usually designed with large wheels with tines placed on the back of the machine. The tillers are used on tough soil.
The U.S. Market is Estimated at $720.1 Million in 2022, While China is Forecast to Reach $608.1 Million by 2026
The Tiller Machines market in the U.S. is estimated at US$720.1 Million in the year 2022. The country currently accounts for a 27% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$608.1 Million in the year 2026 trailing a CAGR of 5.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.1% and 2.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.1% CAGR while Rest of European market (as defined in the study) will reach US$514.6 Million by the end of the analysis period.
Being the frontrunners in the uptake of agricultural machinery, developed regions have driven growth in tiller machines market over the years. Increasing emphasis on gardening, rising number of landscaping establishments, and growing number of existing single family homes and new private residential units are expected to drive the tillers market in the US and other developed regions.
Demand in the emerging markets is expected to be driven by rapid development in construction (both residential and non-residential) sector and increasing income levels. Urbanization is largely responsible for the mushrooming of green spaces, public parks and eco-friendly zones in developing nations.
In addition, rising disposable income level and the growing influence of Western culture is expected to drive the trend towards gardening in developing countries, fueling the demand for outdoor power equipment and power tools.
Mini-Cultivators Segment to Reach $679.1 Million by 2026
A mini-cultivator represents a smaller version of a front tine tiller, and are meant for small gardens of less than 20 square feet. They are lighter and easier to move. Mini-cultivators are used for soil blending. In the global Mini-Cultivators segment, USA, Canada, Japan, China and Europe will drive the 2.3% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$434.8 Million will reach a projected size of US$521.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$86.8 Million by the year 2026, while Latin America will expand at a 2.9% CAGR through the analysis period.
What’s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to a digital archives and Research Platform
- Complimentary updates for one year
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Tiller Machines Market to Witness Steady Growth
- Growing Interest in Gardening as a Hobby Offers Improved Opportunities
- Front-Tine Tillers Dominate the Market
- Electric Tillers to Witness Fastest Growth
- Developed Regions Dominate, Developing Markets to Drive Market Gains
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Tiller Machines – Global Key Competitors Percentage Market Share in 2022 (E)
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS (Total 40 Featured)
- AGCO Corporation
- Bucher Industries AG
- Claas KGaA mbH
- CNH Industrial NV
- Deere & Company
- Eurometal MIO
- Exel Industries
- Iseki & Co., Ltd.
- Kubota Corporation
- Kuhn North America Inc.
- Mahindra & Mahindra Ltd.
- SDF SpA
- Sharp Garuda Farm Equipments Pvt. Ltd.
- Tractors and Farm Equipment Limited
- YANMAR Co., Ltd.
3. MARKET TRENDS & DRIVERS
- Burgeoning Population and Rise of Urban Farming Drives Demand for Tiller Machines
- Increase in Landscaping Activities Spurs Demand
- Growing Investments in Smart Farming Benefits Proliferation of Robotic Tillers
- Rise of Smart Agriculture Sets the Stage for Adoption of Robotic Tillers
- Emerging Role of IoT Seeks Modifications in Tiller Machine Technology
- Cordless Tillers Make Gains in Light Duty Gardening Applications
- Declining Agricultural Land Productivity Sets the Stage for Transformation in Farming
- Loss of Arable Land Exerts Immense Pressure on Yields Per Acre
- Rising Farmworker Wages and Shortage of Labor to Drive the Demand for Tiller Machines
- Mechanization Dictates Demand Patterns, Emerging Economies Drive Market Expansion
- Percentage of Mechanization in Agriculture in Select Countries
- Growing Trend of Renting Tillers
- Recent Innovations in the Tiller Machines Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/pjah1z
Laura Wood, Senior Manager
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SOURCE Research and Markets
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