Plows Market

A plow is a tool used in farming for loosening the soil before sowing seed or planting. It is drawn by tractors and can be made of wood, iron, or steel frame, with a blade attached to the frame to loosen and cut the upper layer of soil. Plows are used to turn over the uppermost soil. Different types of plows available in the market include wooden or Indigenous plow, iron or inversion plow, disc plow, ridge plow, switch plow, and Mouldboard Plough. Subsoil plow, Chisel plow, and Rotary plow are the special types available in the market.

COVID-19 Impact Analysis

• COVID-19 pandemic has shut down the production of plows attributed to the lockdown in countries worldwide; this has hampered the growth of plows from the last few months and is likely to reverse the decline trend and grow in 2021
• COVID-19 has already affected the sales of plows in the second and third quarter of 2020 and is anticipated to increase in year 2021.
• The major demand for plows was previously noticed from countries including the U.S., Germany, Italy, UK, and China which are negatively affected by the spread of the coronavirus thereby declining the demand for plow.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves.
• Plow manufacturers are expected to focus on protecting their workforce operations and supply chains to respond to ward immediate crisis and find new ways of working after COVID-19 for instance provision of sanitizers maintaining social distancing as well as ensuring the vaccination of every employee in the company can assist in promoting the health and safety of the workforce.

Top Impacting Factors

According to the United Nations Organization, the worldwide population is expected to reach 9.7 billion by 2050. The rise in population is expected to lead to a surge in the consumption of food and this is expected to boost the growth of the agricultural sector and use of plows, and hence increase the demand for plows.

Since the start of the pandemic, many steel companies increased prices one to three-times. This fluctuation in price affects the selling price of plows which consequently limits the growth of the plow market.

Market trends

• In April 2018, Indian tractor manufacturer, Tractors and Farm Equipment Limited (TAFE) acquired Serbian based brand IMT which manufactures tractors and agricultural machines for $0.60 million. The company believes, this acquisition will help TAFE to enlarge its market reach in the Balkans and Eastern Europe and also give TAFE the right to use the brand and intellectual property rights (IPR), including trademarks, the designs, and copyright (IPR) of IMT.
• Driverless tractors are emerging in the agricultural sector for better plowing and other farming activities. This can be the trend in near future. For instance, at a dealer meeting in Spain in 2019, John Deere revealed their new, autonomous concept tractor 

Key Benefits of the Report

• This study presents the analytical depiction of the plow along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the mobile plow market share.
• The current market is quantitatively analyzed to highlight the plow market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed plow market analysis based on competitive intensity and how the competition will take shape in coming years.

 Plows Market Report Highlights