Agricultural equipment
possesses
a wide range of machinery and tools that are used in various processes of
farming to improve output and enrich the overall crop quality. Traditional
tools are now being switched with various new agricultural equipment, which
mainly consists of crop processing equipment and drip irrigation equipment.
Agriculture equipment’s are a type of machines that help with farming. They are
the machines used in the various stages of agriculture such as harvesting,
planting, threshing and agro processing. Agriculture equipment are replacing
traditional tools for traditional practice in land development, tillage and
seed bed preparation plough and blade harrow but nowadays, the current practice
includes tractors, mould board plough and power tiller.
Market Size and Forecast
Agriculture equipment market is
poised to grow at a CAGR of 10.25% over the forecast period i.e.2017-2024. Some of the noticeable trends that
the market would perceive include increasing demand for food owing to rising
population, favorable government policies on agricultural machinery and rising
adoption of precision farming.
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The world
population is growing at an alarming rate. The population is expected to be
more affluent and urbanized, enjoying better diets and living standards. A
rising need for food will spur the demand for agricultural products, which
would escalate the demand for agricultural equipment such as tractors. In
addition, tractor emerged as a leading product in this market. In many
countries, government provide extensive support to farmers in order to purchase
agricultural equipment to work more efficiently, which is expected to bolster
the growth of the tractor segment in the global agricultural equipment market.
Asia–Pacific
region is expected to dominate the market during the forecast period aided by
China and India the fastest growing agriculture equipment market. Growing
population will increase the demand for food in these countries, which in
return will further increase the demand for better harvesting machinery. Europe
and North America agriculture equipment market is anticipated to show a
moderate growth. With rapid technological development and growing population,
agriculture equipment market is expected to increase at a double digit CAGR
during the forecast period.
Market Segmentation
Our
in-depth analysis segmented the agricultural equipment market in the following
segments:
By Product
Type
·
Tractor
·
Thrasher
·
Rotavator
·
Self-Propelled
Vertical Conveyer Reaper
·
Zero
Till Seed Drill
·
Multi
Crop Planter
·
Power
Tiller
·
Laser
Land Leveler
·
Power
Weeder
·
Drip
Irrigation Equipment
·
Sprinkler
Irrigation Equipment
·
Combine
Harvester
·
Rice
Transplanter
·
Power
Spray
By Process
·
Land
Development, Tillage, Seed Bed Preparation
·
Sowing
& Planting
·
Weed
Inter Cultivation
·
Plant
Protection
·
Harvesting
& Threshing
·
Post-Harvest
& Agro Processing
By Region
Global
agricultural equipment market is further classified on the basis of region as
follows:
·
North
America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity
Analysis
·
Latin
America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth &
Opportunity Analysis
·
Western
and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium,
Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth
& Opportunity Analysis
·
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market
size, Y-O-Y growth & Opportunity Analysis
·
Middle
East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Growth drivers and challenges
The demand
for agriculture equipment is expected to witness a significant growth during
the forecast period. This growth can be attributed towards shifting of
agriculture activity from animal to manual operations. Factors such as
government initiatives, rising urbanization rate and time saving properties are
shifting the focus of farmers to mechanization and improving their investment
power.
There has
been an increasing demand for agriculture equipment across several
applications, such as land development, plant protection, harvesting, and
sowing & planting, which has led to shortage of farm labor. Agriculture is
a labor-intensive and time-consuming process. Labor employment has become
expensive since, there is a shortage of localized labor supply across the globe
owing to shift their focus on agriculture equipment.
However,
agriculture equipment helps in the cultivation but farmers are having financial
issues to switch the old equipment with new machinery. This is the factor for
dampening the growth of the global agriculture equipment
market.
Key Players
The key
players for agricultural equipment market are as follows:
·
AGCO
Corp.
·
CNH
Industrial N.V
·
Iseki
& CO. Ltd
·
J.C
Bamford Excavators limited
·
Kubota
corporation
·
Mahindra
and Mahindra limited
·
Deere
& company
·
Same
Deutz-Fahr Group S.p.A. (SDF)
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