(Companies: John Deere, CNH, AGCO, CLAAS, Kubota)
Asia-Pacific’s agricultural implement manufacturing market accounts for the largest share in the global agricultural implement manufacturing market.
The agricultural implement manufacturing market consists of sales of farm machinery and equipment, and lawn and garden tractor and home lawn and garden equipment by entities (organizations, sole traders or partnerships) that produce agricultural implements, including combines, cotton ginning machinery, fertilizing machinery (farm-type), haying machines, milking machines, planting machines (farm-type) poultry brooders, feeders and waterers, power lawnmowers, snow blower and throwers (residential-type) tractors and attachments (lawn and garden-type and farm-type).
The agricultural implement manufacturing market is expected to reach a value of nearly $283 billion by 2022, significantly growing at a growth rate of about 6% during the forecast period. The growth in the agricultural implement manufacturing market is due to a growing population, exploration of shale oil, investment in the manufacturing industry and low fuel prices.
However, the market for agricultural implement manufacturing is expected to face certain restraints from several factors such as regulations surrounding carbon emissions and unstable global metal prices.
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Farm machinery manufacturers are offering driverless tractors and robots to individual farmers and corporate farming companies. Driverless tractors and robots automate the weeding and harvesting process, as the major trends witnessed in the global agricultural implement manufacturing market.
With an increase in positive economic outlook, improved earning capacity, emerging markets growth, the scope and potential for the global agricultural implement manufacturing market is expected to significantly rise in the forecast period.
Major players in the global agricultural implement manufacturing market include John Deere, CNH, AGCO, CLAAS, Kubota.
John Deere is the brand name of Deere & Company, an American corporation that manufactures agricultural, construction, and forestry machinery, diesel engines, drivetrains (axles, transmissions, gearboxes) used in heavy equipment, and lawn care equipment. In 2019, it was listed as 87th in the Fortune 500 America’s ranking and was ranked 329th in the global ranking. The company also provides financial services and other related activities.
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