AGRICULTURE EQUIPMENT MARKET ANALYSIS

Key Developments

• In July 2023, Deere & Company, a global leader in agricultural equipment, announced the acquisition of Smart Apply, Inc., a precision spraying equipment company. The acquisition will allow Deere &Company to leverage Smart Apply, Inc.'s Intelligent Spray Control System to help growers address challenges around rising input costs, labor shortages, regulatory requirements, and sustainability goals by reducing chemical and water use while optimizing crop yields.
• In July 2023, CLAAS KGaA mbH, a leading global manufacturer of agricultural machinery, unveiled its new high-performance XERION 12 Series tractors. The two new models, the XERION 12.650 and 12.590, are powered by a 15.6-liter Mercedes-Benz engine and feature the company's Eccom 5.5 CMATIC continuously variable transmission, delivering up to 653 horsepower and 2,287 lb-ft of torque to help growers maximize productivity and efficiency in North American markets.
• In June 2023, JCB, a leading manufacturer of construction and agricultural equipment, announced plans to introduce its first fully electric wheeled loader, the 403E. The 403E boasts zero-emission performance and low noise levels, making it well-suited for use in livestock farming, horticulture, and other indoor and outdoor applications. The loader is available with a choice of narrow or wide wheels, as well as agricultural or industrial tires, allowing customers to configure the machine for their specific operational needs.
• In June 2023, Swaraj Tractors, a prominent tractor brand and part of the Mahindra Group, unveiled the launch of its new 'Swaraj Target' range of lightweight compact tractors. The Swaraj Target tractors feature first-in-class functionalities, unmatched performance capabilities, and state-of-the-art technology designed to cater to the specialized needs of Indian farmers, particularly those in the fast-growing horticulture segment.