Agriculture Equipment Market by Product Type (Agriculture tractors, Harvesters, Soil preparation & cultivation equipment, Irrigation & crop processing equipment, Agriculture spraying equipment, Hay & forage equipment, Other agriculture equipment) - Global Opportunity Analysis and Industry Forecast, 2015 - 2022 Update Available On-Demand
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CM_161509
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Pages: 141
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Jul
2016 |
9620 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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Formats*:
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Agriculture Equipment Industry Statistics:
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.
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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.
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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.
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KEY BENEFITS:
- A comprehensive analysis of the current trends and future estimations in the world agriculture equipment market is provided.
- This report presents information about key drivers, restraints, and opportunities along with a detailed impact analysis from 2016 to 2022.
- Porters Five Forces model and SWOT analysis of the industry illustrate the potency of the buyers and suppliers.
- A quantitative analysis of the current scenario and the forecast period highlights the financial competency of the market.
- This report provides a detailed analysis of the world agriculture equipment market with respect to product type and geography to enable stakeholders to take appropriate investment decisions.
- Value chain analysis provides a clear understanding on the role of stakeholders involved.
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).
AGRICULTURE EQUIPMENT MARKET KEY SEGMENTS:
The market is segmented on the basis of product type and geography:
By Product Type
- Agriculture tractors
- Harvesters
- Soil preparation & cultivation equipment
- Irrigation & crop processing equipment
- Agriculture spraying equipment
- Hay & forage equipment
- Other agriculture equipment
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- U.K.
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Africa
- Middle East
KEY PLAYERS:
- 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
- Same Deutz-Fahr Group (SDF)
CHAPTER 1 INTRODUCTION
1.1 Report description
1.2 Key benefits
1.3 Key market segments
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
CHAPTER 2 EXECUTIVE SUMMARY
2.1 CXO perspective
CHAPTER 3 MARKET OVERVIEW
3.1 Market definition and scope
3.2 Key findings
3.2.1 Top impacting factor
3.2.2 Top investment pockets
3.2.3 Top winning strategies
3.3 Value chain analysis
3.4 Porters five forces analysis
3.4.1 Availability of numerous players, results in high bargaining power of buyers
3.4.2 Number of quality raw material suppliers, decreases the bargaining power of suppliers
3.4.3 Industry giants limit the emergence of new entrants
3.4.4 Lack of viable substitute leads to low threat of substitutes
3.4.5 Well- established brands and matured market lead to intense rivalry among competitors
3.5 Market positioning, 2015
3.6 Market dynamics
3.6.1 Drivers
3.6.1.1 Mechanization of activities in agriculture
3.6.1.2 Economic stability and growing population
3.6.1.3 Precision farming
3.6.2 Restraints
3.6.2.1 Lack of information about the efficient agriculture equipment among farmers
3.6.2.2 Decreasing arable land
3.6.3 Opportunities
3.6.3.1 Government support
CHAPTER 4 WORLD AGRICULTURE EQUIPMENT MARKET, BY PRODUCT TYPE
4.1 Agriculture tractors
4.1.1 Key market trends
4.1.2 Key drivers and opportunities
4.1.3 Market size and forecast
4.2 Harvester
4.2.1 Key market trends
4.2.2 Key drivers and opportunities
4.2.3 Market size and forecast
4.3 Soil preparation & cultivation equipment
4.3.1 Key market trends
4.3.2 Key drivers and opportunities
4.3.3 Market size and forecast
4.4 Irrigation & crop processing equipment
4.4.1 Key market trends
4.4.2 Key drivers and opportunities
4.4.3 Market size and forecast
4.5 Agriculture spraying equipment
4.5.1 Key market trends
4.5.2 Key drivers and opportunities
4.5.3 Market size and forecast
4.6 Hay & forage equipment
4.6.1 Key market trends
4.6.2 Key drivers and opportunities
4.6.3 Market size and forecast
4.7 Other agriculture equipment
4.7.1 Key market trends
4.7.2 Key drivers and opportunities
4.7.3 Market size and forecast
CHAPTER 5 WORLD AGRICULTURE EQUIPMENT MARKET BY GEOGRAPHY
5.1 North America
5.1.1 Key market trends
5.1.2 Key drivers and opportunities
5.1.3 Market size and forecast
5.1.3.1 United States
5.1.3.1.1 Market size and forecast
5.1.3.2 Canada
5.1.3.1.2 Market size and forecast
5.1.3.3 Mexico
5.1.3.1.3 Market size and forecast
5.2 Europe
5.2.1 Key market trends
5.2.2 Key drivers and opportunities
5.2.3 Market size and forecast
5.2.3.1 France
5.2.3.1.1 Market size and forecast
5.2.3.2 Germany
5.2.3.1.2 Market size and forecast
5.2.3.3 U.K.
5.2.3.1.3 Market size and forecast
5.2.3.4 Rest of Europe
5.2.3.1.4 Market size and forecast
5.3 Asia-Pacific
5.3.1 Key market trends
5.3.2 Key drivers and opportunities
5.3.3 Market size and forecast
5.3.3.1 India
5.3.3.1.1 Market size and forecast
5.3.3.2 China
5.3.3.1.2 Market size and forecast
5.3.3.3 Japan
5.3.3.1.3 Market size and forecast
5.3.3.4 Rest of Asia-Pacific
5.3.3.1.4 Market size and forecast
5.4 LAMEA
5.4.1 Key market trends
5.4.2 Key drivers and opportunities
5.4.3 Market size and forecast
5.4.3.1 Latin America
5.4.3.1.1 Market size and forecast
5.4.3.2 Africa
5.4.3.1.2 Market size and forecast
5.4.3.3 Middle East
5.4.3.1.3 Market size and forecast
CHAPTER 6 COMPANY PROFILES
6.1 Mahindra Group
6.1.1 Company Overview
6.1.2 Operating Business Segments
6.1.3 Business Performance
6.1.4 Strategic Moves and Developments
6.1.5 SWOT Analysis of Mahindra Group
6.2 Escort Limited
6.2.1 Company overview
6.2.2 Operating Business Segments
6.2.3 Business Performance
6.2.4 Key Strategies and Developments
6.2.5 SWOT Analysis of Escort Limited
6.3 Valmont Industries, Inc.
6.3.1 Company Overview
6.3.2 Operating Business Segments
6.3.3 Business performance
6.3.4 Key Strategies and Developments
6.3.5 SWOT Analysis of Valmont Industries, Inc.
6.4 Deere & Company
6.4.1 Company overview
6.4.2 Operating Business Segments
6.4.3 Business Performance
6.4.4 Key Strategies and Developments
6.4.5 SWOT Analysis of Deere & Company
6.5 AGCO Corporation
6.5.1 Company Overview
6.5.2 Business performance
6.5.3 Key strategies and developments
6.5.4 SWOT Analysis of AGCO Corporation
6.6 Same Deutz-Fahr Group (SDF)
6.6.1 Company Overview
6.6.2 Business Performance
6.6.3 Key Strategies and Developments
6.6.4 SWOT Analysis of Same Deutz-Fahr
6.7 Agrostroj Pelhrimov A.s.
6.7.1 Company overview
6.7.2 Key strategies and developments
6.7.3 SWOT Analysis of Agrostroj Pelhrimov A.S
6.8 China National Machinery Industry Corporation (Sinomach)
6.8.1 Company Overview
6.8.2 Operating Business Segments
6.8.3 SWOT Analysis of China National Machinery Industry Corporation
6.9 Weifang Euroking Machinery
6.9.1 Company Overview
6.9.2 SWOT Analysis of Weifang Euroking Machinery
6.10 Concern Tractor Plants
6.10.1 Company Overview
6.10.2 SWOT Analysis of Concern Tractor Plants
LIST OF TABLES
TABLE 1 WORLD AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 2 WORLD AGRICULTURE TRACTOR MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 3 WORLD AGRICULTURE TRACTOR MARKET VOLUME BY GEOGRAPHY, 2015-2022 (000 UNITS)
TABLE 4 WORLD HARVESTER MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 5 WORLD SOIL PREPARATION & CULTIVATION EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 6 WORLD IRRIGATION & CROP PROCESSING EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 7 WORLD AGRICULTURE SPRAYING EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 8 WORLD HAY & FORGAE EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 9 WORLD OTHER AGRICULTURE EQUIPMENT MARKET REVENUE BY GEOGRAPHY, 2015-2022 ($MILLION)
TABLE 10 WORLD AGRICULTURE EQUIPMENT MARKET REVENUE, BY GEOGRAPHY, 20152022 ($MILLION)
TABLE 11 NORTH AMERICA AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 12 EUROPE AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 13 ASIA-PACIFIC AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 14 LAMEA AGRICULTURE EQUIPMENT MARKET REVENUE, BY PRODUCT TYPE, 20152022 ($MILLION)
TABLE 15 MAHINDRA GROUP- COMPANY SNAPSHOT
TABLE 16 MAHINDRA GROUP - OPERATING SEGMENTS
TABLE 17 ESCORT LIMITED- COMPANY SNAPSHOT
TABLE 18 ESCORT LIMITED - OPERATING SEGMENTS
TABLE 19 VALMONT INDUSTRIES, INC. - COMPANY SNAPSHOT
TABLE 20 VALMONT INDUSTRIES, INC. - OPERATING SEGMENTS
TABLE 21 DEERE & COMPANY- COMPANY SNAPSHOT
TABLE 22 DEERE & COMPANY - OPERATING SEGMENTS
TABLE 23 AGCO CORPORATION- COMPANY SNAPSHOT
TABLE 24 SAME DEUTZ-FAHR GROUP- COMPANY SNAPSHOT
TABLE 25 AGROSTROJ PELHRIMOV A.S- COMPANY SNAPSHOT
TABLE 26 CHINA NATIONAL MACHINERY INDUSTRY CORPORATION-COMPANY SNAPSHOT
TABLE 27 CHINA NATIONAL MACHINERY INDUSTRY CORPORATION- OPERATING SEGMENTS
TABLE 28 WEIFANG EUROKING MACHINERY- COMPANY SNAPSHOT
TABLE 29 CONCERN TRACTOR PLANTS-COMPANY SNAPSHOT
LIST OF FIGURES
FIG. 1 TOP IMPACTING FACTORS
FIG. 2 TOP INVESTMENT POCKETS
FIG. 3 TOP WINNING STRATEGIES
FIG. 4 VALUE CHAIN ANALYSIS
FIG. 5 PORTERS FIVE FORCES MODEL
FIG. 6 MARKET POSITIONING, 2015
FIG. 7 AGRICULTURE EQUIPMENT GROWTH IN CAMBODIA, 2009-2012
FIG. 8 WORLD POPULATION (BILLION), 2010-2050
FIG. 9 WORLD AND REGIONAL PER CAPITA FOOD CONSUMPTION (KCAL/PERSON/DAY)
FIG. 10 PROCESS OF PRECISION FARMING
FIG. 11 WORLD AGRICULTURE EQUIPMENT MARKET BY PRODUCT TYPE, 2015 & 2022 (%SHARE)
FIG. 12 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD AGRICULTURE TRACTOR MARKET, 2015 & 2022 (%)
FIG. 13 WORLD AGRICULTURE TRACTOR MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 14 WORLD AGRICULTURE TRACTOR MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 15 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD HARVESTER MARKET, 2015 & 2022 (%)
FIG. 16 WORLD HARVESTER MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 17 WORLD HARVESTER MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 18 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD SOIL PREPARATION & CULTIVATION EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 19 WORLD SOIL PREPARATION & CULTIVATION EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 20 WORLD SOIL PREPARATION & CULTIVATION EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 21 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD IRRIGATION & CROP PROCESSING EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 22 WORLD IRRIGATION & CROP PROCESSING EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 23 WORLD IRRIGATION & CROP PROCESSING EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 24 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD AGRICULTURE SPRAYING EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 25 WORLD AGRICULTURE SPRAYING EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 26 WORLD AGRICULTURE SPRAYING EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 27 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD HAY AND FORAGE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 28 WORLD HAY & FORAGE EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 29 WORLD HAY & FORAGE EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 30 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD OTHER AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 31 WORLD OTHER AGRICULTURE EQUIPMENT MARKET REVENUE, 2015-2022 ($MILLION)
FIG. 32 WORLD OTHER AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY GEOGRAPHY, 2015-2022 (%)
FIG. 33 COMPARATIVE MARKET SHARE ANALYSIS OF WORLD AGRICULTURE EQUIPMENT MARKET BY GEOGRAPHY, 2015 AND 2022 (%)
FIG. 34 COMPARITIVE PRODUCT TYPE MARKET SHARE ANALYSIS OF NORTH AMERICA AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 35 UNITED STATES AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 36 CANADA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 37 MEXICO AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 38 NORTH AMERICA AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY COUNTRIES, 2015-2022 (%)
FIG. 39 COMPARITIVE PRODUCT TYPE MARKET SHARE ANALYSIS OF EUROPE AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 40 FRANCE AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 41 GERMANY AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 42 U.K. AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 43 REST OF EUROPE AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 44 EUROPE AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY COUNTRIES, 2015-2022 (%)
FIG. 45 COMPARITIVE PRODUCT TYPE MARKET SHARE ANALYSIS OF ASIA-PACIFIC AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 46 INDIA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 47 CHINA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 48 JAPAN AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 49 REST OF ASIA-PACIFIC AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 50 ASIA-PACIFIC AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY COUNTRIES, 2015-2022 (%)
FIG. 51 COMPARITIVE PRODUCT TYPE MARKET SHARE ANALYSIS OF LAMEA AGRICULTURE EQUIPMENT MARKET, 2015 & 2022 (%)
FIG. 52 LATIN AMERICA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 53 AFRICA AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 54 MIDDLE EAST AGRICULTURE EQUIPMENT MARKET REVENUE, 20152022 ($MILLION)
FIG. 55 LAMEA AGRICULTURE EQUIPMENT MARKET SHARE ANALYSIS BY COUNTRIES, 2015-2022 (%)
FIG. 56 MAHINDRA GROUP: REVENUE, 20132015 ($MILLION)
FIG. 57 MAHINDRA GROUP: SWOT ANALYSIS
FIG. 58 ESCORT LIMITED- REVENUE, 20122015 ($MILLION)
FIG. 59 ESCORT LIMITED- REVENUE OF BY SEGMENTS (%), 2015
FIG. 60 ESCORT LIMITED- REVENUE OF BY REGION (%), 2015
FIG. 61 ESCORT LIMITED- SWOT ANALYSIS
FIG. 62 VALMONT INDUSTRIES, INC. - SWOT ANALYSIS
FIG. 63 REVENUE OF VALMONT INDUSTRIES, INC., 20132015 ($MILLION)
FIG. 64 REVENUE OF VALMONT INDUSTRIES, INC., BY REGION (%), 2015
FIG. 65 REVENUE OF VALMONT INDUSTRIES, INC., BY BUSINESS SEGMENTS (%), 2015
FIG. 66 DEERE & COMPANY- REVENUE, 20132015 ($MILLION)
FIG. 67 DEERE & COMPANY- SWOT ANALYSIS
FIG. 68 AGCO CORPORATION-REVENUE, 20132015 ($MILLION)
FIG. 69 AGCO CORPORATION- REVENUE BY REGION (%), 2015
FIG. 70 AGCO CORPORATION- SWOT ANALYSIS
FIG. 71 SAME DEUTZ-FAHR GROUP- REVENUE, 20122014 ($MILLION)
FIG. 72 SAME DEUTZ-FAHR GROUP- REVENUE OF BY PRODUCTS (%), 2014
FIG. 73 SAME DEUTZ-FAHR GROUP- REVENUE BY REGION, (%) 2014
FIG. 74 SAME DEUTZ-FAHR- SWOT ANALYSIS
FIG. 75 AGROSTROJ PELHRIMOV A.S- SWOT ANALYSIS
FIG. 76 CHINA NATIONAL MACHINERY INDUSTRY CORPORATION- SWOT ANALYSIS
FIG. 77 WEIFANG EUROKING MACHINERY- SWOT ANALYSIS
FIG. 78 CONCERN TRACTOR PLANTS- SWOT ANALYSIS
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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