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CM_161509
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Pages: 141
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Jul 2016 | 4698 Views
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Author's :
Priyanka Bisht
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Tables: 29
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Charts: 78
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Agriculture Equipment Market is expected to garner $243.5 billion by 2022, registering a CAGR of 5.9% during the forecast period 2016-2022. Agriculture equipment are used for assistance in agriculture activities. Agriculture equipment comprise a wide range of equipment such as tractors, plough, cultivation equipment, and harvesters. Major factors that drive the growth of the agriculture equipment market are increasing adoption of technology driven agriculture equipment and escalating demand for food due to growing population. Global market players are continuously launching new and innovative products to sustain their market position and offer technologically advanced equipment.
The market is segmented on the basis of product type namely agriculture tractors, harvesters, soil preparation and cultivation equipment, irrigation & crop processing equipment, agriculture spraying equipment, hay and forage equipment, and other agriculture equipment. The tractors segment is the major revenue contributor in the market, accounting for around 34% of the revenue in 2015, whereas the harvester segment is anticipated to witness substantial growth during the forecast period. Farmers are opting for technically advanced harvesters to increase production and to limit the dependency on farm labors. Soil preparation and cultivation equipment are also expected to witness notable growth, driven by the government initiatives to increase farm production and to make the soil preparation and cultivating process faster and efficient.
The report provides an in-depth analysis of the world agriculture equipment market in North America, Europe, Asia-Pacific, and LAMEA. In the year 2015, the Asia-Pacific region generated the highest revenue in the market. North America and Europe are likely to witness slow growth during the forecast period owing to the already high mechanization rate in agriculture industry. The regions are further bifurcated into different countries: U.S., Canada, and Mexico in North America; Germany, U.K, France, and Rest of Europe in Europe; India, China, Japan and Rest of Asia-Pacific in Asia-Pacific; and Latin America, Africa, and Middle East in LAMEA. In Asia-Pacific, India and China are estimated to exhibit a high growth rate. Low rate of mechanization in agriculture sector, is likely to create opportunities for adoption of mechanized farming practices in the region, which would consequentially lead to prominent market growth.
Prominent companies in the market have adopted product launch and acquisition as their key growth strategies to sustain the intense market competition. In the year 2015, AGCO Corporations transverse rotary combine brand, Gleaner, launched the Gleaner S9 Series Combines. With this launch, the company aims to provide its consumers with efficient and technology-driven means of harvesting their crops. The key companies profiled include Deere & Company, Mahindra Group, AGCO Corporation, Agrostroj Pelhrimov A.s, Concern Tractor Plants, Escorts Limited, China National Machinery Industry Corporation, Valmont Industries Incorporated., Weifang Euroking Machinery, and Same Deutz-Fahr Group (SDF).
The market is segmented on the basis of product type and geography:
KEY PLAYERS:
The agriculture equipment market is expected to grow at a moderate rate globally. The market in developing regions would witness relatively higher growth owing to the low rate of mechanization in agriculture, which creates opportunities for future adoption, and increasing demand for food due to the rapidly growing population. Developed markets such as North America and Europe, which have a high rate of agricultural mechanization, witness higher demand for high Horsepower (HP) tractors, whereas in regions such as India, the demand is more focused towards tractors with power range around 50HP.
The demand for agriculture equipment is increasing owing to scarcity of farm labors and the consequently rising labor cost. Thus, farmers are opting for innovative and technically advanced agriculture equipment, to reduce their dependency on farm labors and simultaneously increase their production. Harvester is one of the fastest growing agricultural machinery, which is expected to witness notable growth in the coming years. Market players are launching innovative harvesters equipped with new features such as GPS and navigation system. Moreover, the operating companies are diversifying their product portfolio, with a view to offer all types of machinery. For instance, Mahindra entered the global combine harvester market in partnership with Finland-based company, Sampo Rosenlew.
Agriculture precision technology has also fostered the growth of agriculture equipment market. Precision agriculture is an advanced farming technique that utilizes information technology in agriculture to improve crop yield. John Deere entered into the high clearance sprayers market through a joint venture with Haige Manufacturing, a crop solution provider based in the U.S.A. The move would enable both the companies to offer consumers a wide range of sprayers, integrated with precision technology, thereby helping them to reduce costs and increase yield.
Market players are launching new and advanced agriculture equipment to gain a strong foothold in the market. Companies, in collaboration with their respective regional partners, are expanding their geographical presence to cater to the growing customer demand. For instance, in 2014, Same Deutz-Fahr, in collaboration with the Chinese group Changlin, set up two new plants in China. The new facilities would manufacture a wide range of tractors with 25-170HP to address the demand of Chinese market.
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