Press Release

A USD 713.1 Million Global ISOBUS Component Market to Surge at a Steady CAGR of Around 8.1% During 2024-30

The Global ISOBUS Component Market size was valued at around USD 713.1 million in 2023 and is estimated to grow at a CAGR of around 8.1% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. According to the Worldometer population projection, the global population is expected to reach around 8.1 billion by 2025. Maintaining food sufficiency while using limited resources is becoming increasingly important as the global population grows. However, the frequent climate disruptions caused by rising global temperatures and water scarcity impede agricultural production. Under these conditions, smart farming is viable because the farming method provides greater efficiency, real-time statistics, and continuous cop monitoring through the use of the Internet of Things (IoT) and ISOBUS standards that promote sustainable resource management.

Moreover, the ISOBUS system in agriculture equipment supports agriculture farm operations by proving machinery compatibility for easy farm operations & cost savings. ISOBUS provides a higher level of productivity & continuous monitoring of agriculture activities in each stage, including soil tilling, planting, and harvesting, etc. Countries are making significant investments and strategic agreements to meet the growing demand for ISOBUS in agricultural equipment.

Additionally, the increasing popularity of customized ISOBUS is changing the market dynamics. With the changing landscape of the agricultural sector, farmers and equipment manufacturing firms are in dire need of customized ISOBUS components that fit with modern tools & technologies. By integrating ISOBUS technology into a variety of devices, customization improves interoperability & overall effectiveness. In response, agricultural equipment manufacturers are developing ISOBUS systems that are customizable and versatile, allowing for the best possible performance from a range of agricultural equipment and implements.

Despite bright growth prospects, some limitations may hinder market growth & expansion if not addressed quickly. One of the main limitations is incompatibility between different devices. The ISOBUS standard was introduced with the primary focus of achieving compatibility & communication between different equipment used in the agricultural field. Inter-device compatibility is important as the user purchasing an ISOBUS-compliant product would expect the other ISOBUS-compliant products to be compatible with one another. Now consumers are complaining about their ISOBUS-compliant tractors & equipment, which belong to two different brands. Thus, these complaints by consumers have become a challenge for the growth of the Global ISOBUS Component Industry, further states the research report, "Global ISOBUS Component Market Analysis, 2024."

Segmentation Analysis

Hardware Segment to Hold a Greater Market Share

Based on the product type the market is further bifurcated into hardware and software. The hardware segment is expected to gain a substantial market share during 2024-30. The expanding use of electronic control units (ECUs), universal terminals, and cable & connectors in tractors and harvesters as integrated control systems to provide easier interconnections between operating equipment is a main factor increasing the demand for the hardware segment.

Moreover, leading market players are funding various R&D programs initiated to develop standard agricultural hardware. As demand for various forms of hardware is anticipated to flourish in the coming years, leading companies are planning well in advance to meet prospective demand in the ISOBUS component industry. Therefore, increasing demand and companies' positive approach are anticipated to augment segmental revenue growth during the forecast period.

North America to Lead the Global ISOBUS Component Market

North America generated the most revenue during the historical period and is expected to continue to lead the market during the forecast period. The dominance of the region is attributed to the presence of leading ISOBUS-enabled agricultural implement manufacturers, as well as ongoing government initiatives in the region to promote the deployment of ISOBUS equipment in the field.

Furthermore, the significant investment made by regional governments to boost agricultural productivity to meet the region's growing food demand is projected to augment ISOBUS components in the North American Market in the coming years. Moreover, the presence of agricultural implement manufacturers in the country aids farmers in picking the best equipment for their needs.  As a result of the region's initiatives and investments, the North America ISOBUS Component Market is expected to grow significantly in the coming years.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including AMAZONEN-WERKE H. DREYER SE & Co. KG, Anedo GmbH, CLAAS KGaA mbH, CNH Industrial N.V., DEUTZ-FAHR Fendt, Deere & Company, Hexagon Agriculture, Krone NA, Inc., Kuhn Group, Kvaser, Kverneland Group, LEMKEN GmbH & Co. KG, Massey Ferguson, PÖTTINGER Landtechnik GmbH, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Market Size- By Value, Forecast Numbers, Segmentation, Market Shares)?
2. What are the market trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?