Market Research Future published a research report on “Global Agriculture Equipment Market Research Report- Forecast 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
AGCO Corp. (U.S.), JC Bamford Excavators Limited (U.K.), Deere & Company (U.S.), CNH Industrial N.V. (U.K.), Kubota Corporation (Japan), Iseki & Co., Ltd. (Japan), Daedong Industrial Co., Ltd. (U.S.), Mahindra & Mahindra Limited (India), Escorts Limited (India) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Agriculture Equipment Market.
Global Agriculture Equipment Market – Overview
Agriculture equipment refers to all those machines which facilitate the production and processing of agricultural crops and agricultural livestock. All agricultural land require a wide range of equipment such as tractor, harvester, land leveler and others for a wide range of farming practices such as planting, harvesting, irrigation and others. The Global Agriculture Equipment Market is growing with the rapid pace; mainly due to rise in global population.
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According to a recent study report published by the Market Research Future, The global market of agriculture equipment is booming and expected to gain prominence over the forecast period. The global Agriculture Equipment market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).
Currently, the agriculture equipment market is spurting mainly due to the Easy credit and subsidies availability in Asian markets. Whether a farmer performs an operation in a large-scale or small-scale, they require credit facilities for the purchase of expensive farm equipment through a well-developed financial market. Thus, the equipment are more commonly used by the large farmers who can afford the high cost of installation and maintenance of the agriculture equipment. The easy availability and accessibility of equipment is of utmost importance to the users, and attracts the prospects towards the market. However, high cost of machinery and fluctuating weather conditions & farming calendars are the factor may hamper the growth of the market.
Global Agriculture Equipment Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of agriculture equipment appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Agriculture Equipment market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
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In June 2017, Alamo Group Inc. completed acquisition of Santa Izabel Agro Industria Ltda which manufactures and markets a variety of agricultural implements and trailers sold throughout Brazil.
AGCO Corporation introduces the industry’s first Class 8 large square baler at AgriTechnica in Germany. This new baler is designed specifically for producing heavy, dense bales from light-weight, dry, slick grass and crop residue that can be hard to bale. Additionally, the company is also focusing on partnerships & collaborations to expand their tube business.
Mahindra & Mahindra Limited, enters into the global combine harvester business, by entering into a strategic partnership with Sampo Rosenlew, a combine harvester company based in Pori, Finland. This helps the company, build a full product line of farm equipment that goes beyond tractors and competes, globally in both advanced and developing markets.
Escorts Group launch the new range of FT 6080 Pro and FT 6090 Pro Farmtrac tractors in 80 & 90 HP category, simultaneously, in Italy and Mexico. The company believes these tractors are positioned to fill the often perceived market gap in the category and to strengthen their global networks so as to effectively cater to farmer demands in newer geographies.
Agriculture Equipment Market – Segmentation
Global Agriculture Equipment Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of product type, the market has been segmented as Tractors, Harvesters, Cultivation & Soil Separation Equipment and Others. Tractor dominates the product type segment of the market. The tractors are the integral part of the agriculture industry with the highest volume segment in the market of all segments. The high sales of tractors can be attributed to their multipurpose feature, as they are used as agricultural equipment in monsoons and other transport and commercial purposes.
Based on function, the market has been segmented into Harvesting, Planting & Fertilizing, Haying, Plowing & Cultivation and Others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Global Agriculture Equipment Market – Regional Analysis
Asia Pacific region dominates the global Agriculture Equipment market. The region comprises more than 60% of the world’s population and is predicted to increase in the future, due to which the country is facing issues of food shortage. This generated the need of increasing the food production. Use of agricultural equipment and machinery has proven to be an effective way to increase food productivity. Additionally, countries such as India, China, and Indonesia, majorly promote agricultural production in the Asia Pacific region.
North America is the second largest market for the Agriculture Equipment. US accounts for the largest share in the North America market as it is the chief producer of major crops such as wheat, soybean and corn. There are presently more than 2.2 million farms in the U.S., covering an area of 922 million acres. Though more than 91% farms in the U.S. are small, rest 9% are large farms and generate 51% of the agricultural revenues.
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