The plows market has shown significant growth, advancing from $0.99 billion in 2023 to $1.07 billion in 2024, representing a compound annual growth rate (CAGR) of 7.6%. This growth has been driven by agricultural expansion, mechanization, increased food demand, and government support. The market is expected to reach $1.39 billion by 2028, with a CAGR of 6.9%. Key trends include advanced materials, precision snow removal technology, and subscription-based models.
Major Driver In The Plows Market
The growth of the plows market is influenced by the anticipated rise in population, which drives the demand for agricultural products. As projected by the United Nations Organization, the global population is set to increase from 7.7 billion in 2020 to 9.7 billion by 2050. With this surge in population, the consumption of food will escalate, consequently boosting the demand for agricultural sectors and products like plows. This population surge over the next three decades is poised to fuel the growth of the plows market throughout the forecast period, reflecting market expansion in 2023, 2024, and beyond.
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Plows Market Competitive Landscape
CNH Industrial India Pvt. Ltd., AGCO Corporation, Deere & Company, BEDNAR FMT s.r.o., UNIVERSAL TRUCK EQUIPMENT INC., ISEKI & CO. LTD., KUHN SAS, Douglas Dynamics LLC, BOSS Snowplow, Amazonen-Werke G. Dreyer Maschinenfabrik GmbH, Woods Equipment Company, Western Products LLC, Meyer Products LLC, Fisher Engineering, Kongskilde Industries A/S, Monashee Manufacturing Corp., PJB Industries Inc., Bomet Sp. z o.o. Sp.K, Agrimir, Baldan Machinery, AGRO-MASZ Agriculture sp. z o.o., Aratri EMMEGIEMME Srl, Ünlü Ziraat Aletleri A.S, FALC S.p.A., BLIZZARD Snow Plow, Ebling Manufacturing Inc., Sno-Gate, KAGE Manufacturing LLC, Falls Legal LLC, Kubota Corporation, Mahindra & Mahindra Ltd.
Key Plows Market Trend
Major companies operating in the plow market are introducing new ploughs, such as the Servo T 6000 that offer hitched up to 500hp tractors. Servo T 6000 is an advanced plough equipped with a revamped main beam section and a new Nova stone protection system for optimized reliability. For instance, in November 2021, Pottinger, an Austria-based company that manufacturer specializing in agricultural machinery, launched Servo T 6000. It offers variants with furrows ranging from six to nine and includes features like hydraulic stone protection with an adjustable triggering pressure of up to 2,200kg. The design ensures continuous ploughing, offers choices in point-to-point spacing, and underframe clearance, and has an optional active traction control system for enhanced weight transfer from the plough to the tractor. This plough is specifically designed to be hitched to tractors boasting up to 500hp.
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Plows Market Segmentation
The plows market covered in this report is segmented –
1) By Product Type: Reversible Plow, Disc Plow, Ridge Plow, Chisel Plow, Moldboard Plow
2) By Technology: Classic Plows, Modern Plows
3) By Application: Large Farm, Private Farm
By Geography:The regions covered in the plows market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The Asia-Pacific was the largest region in the plows market in 2023.
The Plows Global Market Report 2024 furnishes information about the global plows market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
