Global ISOBUS Component Market to Reach $976.71 Million by 2026
The ISOBUS component market is projected to reach $976.71 million by 2026, according to CRI’s new report. The study also highlights that the market is set to witness a CAGR of 8.91% during the forecast period 2021-2026. The high growth in the market is expected to be driven by the need to resolve the inter-implement incompatibility issues existing between equipment manufactured by different companies.
https://www.cri-report.com/product/global-isobus-component-market-focus-on-product-application-and-country-analysis-analysis-and-forecast-2020-2026/
An international communication software standard for agriculture electronics, ISOBUS, alternatively known as ISO 11783, is defined by the International Organization of Standardization. The software helps in achieving the interoperability of data transfer and communication between the different agricultural implements such as sensors, actuators, control units, cloud servers, and display units, whether mounted or part of the tractor. ISOBUS allows for the inclusion of a virtual terminal (VT), which further allows the operator to control multiple implements simultaneously manufactured by different companies.
“In 2020, the global ISOBUS component market by application category was dominated by tractor segment. This dominance is due to the huge market of tractors in the North America and Asia-Pacific regions, especially in countries such as the U.S., India, and Canada”
Key companies operating in the market
The key players operating in the market include AMAZONEN-WERKE H. DREYER SE & Co. KG, Anedo GmbH, CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, DEUTZ-FAHR, Fendt, Hexagon Agriculture, Krone NA, Inc., Kuhn Group, Kvaser, Kverneland Group, LEMKEN GmbH & Co. KG, Massey Ferguson, and PÖTTINGER Landtechnik GmbH.
How can market intelligence on ISOBUS component market add value to your organization’s decision-making process?
• Market by Product – The segment gives a brief overview of the product portfolio of different companies and the market presence of different products existing in the market.
• Market by Application- The segment gives a brief overview of the market status of different applications of the product and key players offering products in those applications.
• Market by Region- The segment gives an overview of the market across different regions and countries, key players operating in those regions.
• Business Drivers, Restraints, and Opportunities- This section details the factors driving the market towards growth and the factors inhibiting the growth. The section also lists the opportunities on which market players can leverage.
• Business and Corporate Strategies- This section provides details about the strategies adopted by the agricultural implement manufacturers, aimed at strengthening their position in the global ISOBUS component market and gaining an edge over their competitive companies.
• Consortiums and Associations, Government Initiatives- Players of the market need to keep abreast of the rules and regulations and government initiatives by the statutory and regulatory bodies to launch the right product at the right time and with the right strategy. This section provides details about the consortiums and associations, government initiatives surrounding the ISOBUS Component market.
• Competitive Benchmarking and Company Profiles- The segment provides details about the competitive strength of the key players operating in the market.
• Industry Attractiveness (Porter’s Five Forces Analysis)- For the ISOBUS component market, Porter’s Five Forces Analysis has been done for analyzing the competition in the ISOBUS business. Strategies can be modified to survive in the competitive environment and enhance profitability.
• Supply Chain Analysis- The supply chain analysis provides information on the organizations, people, activities, information, and resources involved in moving the product or service from the supplier to the end user.
Market Segmentation
• Application: The segment emphasizes the growth that each application area holds for the product during the forecast period. The application segment is categorized into tractor, planter and seeder, harvester, and others. Tractor are one of the major application areas for the ISOBUS standard and are expected to remain the same by 2026. This is because the tractor is the primary equipment in the field, and other implements, such as sprayers and harvester, are connected with a tractor and then used in the field. With ISOBUS compliance, any ISOBUS tractor can be connected with any other ISOBUS implement and used in the field.
• Product: The segment gives a brief overview of the product portfolio of different companies and the market presence of different products existing in the market. The product segment is categorized under hardware and software. The electronic control unit (ECU) component witnessed high demand as compared to other components as all key applications of ISOBUS in the agricultural industry (such as harvesters and tractors) use ISOBUS-enabled ECUs for their functioning.
• Region: The ISOBUS component market is segmented into regions including North America, South America, Europe, China, the U.K., Middle East and Africa, and Asia-Pacific. North America generated the highest revenue of $130.47 million in 2020, attributed to the presence of leading ISOBUS-enabled agricultural implement manufacturers along with continuous government initiatives in the region to promote the deployment of ISOBUS equipment in the field.
Insightful Questions Covered to Enable Companies to take Strategic Decisions:
• What is the estimated global ISOBUS components market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
• What are the key trends, market drivers, and opportunities in the market pertaining to ISOBUS components?
• What are the major restraints inhibiting the growth of the global ISOBUS components market?
• What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
• What is the competitive strength of the key players in the ISOBUS components market on the basis of analysis of their recent developments, product offerings, and regional presence?
• How is the competitive benchmarking of the key ISOBUS components companies in the agriculture market based on the analysis of their market coverage and market potential?
• How much revenue each of the segments is expected to record during the forecast period along with the growth percentage, on the basis of:
o Product offerings, including hardware (electronic control unit, universal terminal, cables and connectors and software (virtual terminal, task controller, mobile application)
o Application, including tractor, harvester, and planter and seeder
o Region, including North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa
• Which type of players and stakeholders are operating in the market ecosystem of ISOBUS, and what is their significance in the global market?
• Which are the leading consortiums and associations in the global ISOBUS components market, and what are their roles in the market?
• How does the regulatory landscape differ in different regions for ISOBUS components?