The new vertical tillage machines market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Vertical Tillage Machines Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the growing focus on agricultural mechanization," says a senior analyst for Industrials at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As markets recover, Technavio expects the vertical tillage machines market size to grow by USD 535.26 million during the period 2020-2024.
Vertical Tillage Machines MarketSegment Highlights for 2020
- The vertical tillage machines market is expected to post a year-over-year growth rate of -3.35%.
- Based on the product, adjustable vertical tillage machines saw maximum growth in 2019. The rising adoption of vertical tillage machines with adjustable gang angles will be a major trend gaining traction in the market during the next few years.
- The market segment will be significant during the forecast period.
Regional Analysis
- 39% of the growth will originate from the APAC region.
- The rising focus on increasing agricultural productivity is one of the prime factors that will facilitate the vertical tillage machines market growth in APAC.
- China and Australia are the key markets for vertical tillage machines in APAC.
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Notes:
- The vertical tillage machines market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The vertical tillage machines market is segmented by product (Adjustable and Non-adjustable), geography (APAC, North America, Europe, South America, and MEA), and type (Fluted blade vertical tillage machines concave blade vertical tillage machines, flat blade vertical tillage machines, and notched blade vertical tillage machines).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AGCO Corp., Buhler Industries Inc., CNH Industrial NV, Deere Co., Degelman Industries Ltd., Great Plains Manufacturing Inc., KUHN SAS, Landoll Co. LLC, McFarlane Manufacturing Co. Inc., and Salford Group Inc.
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