Agriculture Equipment Market 2018
Agriculture Equipment Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2022. Agriculture Equipment Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2022
Global Agriculture Equipment Market Information Report By Product Type (Tractors, Harvesters, Cultivation & Soil Separation Equipment And Others), By Function (Harvesting, Planting & Fertilizing, Haying, Plowing & Cultivation And Others) And By Region - Global Forecast To 2022
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Market Insights
The global agriculture equipment market has seen a lot of growth over the last few years. Traditional agricultural equipment are being replaces with new equipment that makes agricultural activities more time and energy efficient. The need for better efficiency in agriculture has grown with population and demand for food.
Market Research Future’s (MRFR) report on the agriculture equipment market includes a comprehensive analysis of various market segments and indicates expected growth. The report also provides an insight on market drivers, restraints and potential opportunities during the forecast period. MRFR has predicted steady growth for the agriculture equipment market during the forecast period.
Agriculture has always been labor intensive and time consuming, however, with labor costs rising and people shifting focus to urban jobs there is a scarcity in agriculture labor which has increased the demand for modern agriculture equipment. Key players in the market are also focusing on integrating GPS and other technologies for increasing agricultural productivity and reducing operational costs. The aforementioned are the primary drivers for growth of the global agriculture equipment market.
Additionally, in developing economies, the government offers subsidies to encourage modern agricultural practices thus further driving demand and growth of agriculture equipment. High populations in certain regions of APAC are also driving a high demand for food which is further reflected in farmers adopting modern agricultural practices that require current agriculture technologies.
Market Segmentation
The global agriculture equipment market’s segmental evaluation is on the basis of product type, function and region.
Based on product type, the market is segmented into tractors, harvesters, cultivation & soil separation equipment and others.
Based on function, the market is segmented into harvesting, planting & fertilizing, haying and plowing & cultivation.
On the basis of regions the global market is segmented into North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW).
Regional Analysis
North America has been the dominating region for the agriculture market, this is largely due to the development of agriculture equipment to be more fuel efficient and carry improved features in this region. There is also a greater dependency on agriculture equipment in the North American region due to a dearth in farm labor.
Asia Pacific is projected to be the fastest growing regional market segment for the forecast period. Developing countries like China and India have been accustomed to a low level of mechanization while having large agricultural areas, however, this trend is changing and agricultural technology is evolving rapidly, thus driving swift growth in the APAC region.
The Middle East is also expected to grow at a steady pace as the region has similar agricultural conditions as the APAC region.
Key Players
Distinguished players like, AGCO Corp. (U.S.), JC Bamford Excavators Limited (U.K.), Deere & Co. (U.S.), Iseki & Co. Ltd. (Japan), CNH Industrial N.V. (U.K.), Daedong Industrial Co. Ltd (U.S.), Kubota Corporation (Japan), Mahindra & Mahindra Limited (India) and Escorts Limited (India) contribute to the competitive landscape of the agriculture equipment market.
Latest Industry News
Deere & Co has announced plans to construct a new design and testing lab at Iowa State University Research Park Ames, to test its agricultural technologies. While the investment was not disclosed, it was announced that the 33,000 sq ft lab is expected to be completed by summer of 2019. Deere hopes that the investment in a design and test lab will help enhance product design and improve development.
Owing to their growing success, Kubota in Canada is building a new facility in Pickering, Ontario. Kubota Canada hopes that the move will place them on stronger footing in the Canadian market for agriculture equipment. A new state-of-the-art facility is will cover 53,500 sq meters with an investment of $67 million.
Mahindra & Mahindra, has recently registered a 50% growth in tractor sales for 2018. Domestic sales in India have exceeded 300,000 and they are expecting this momentum in growth to carry forward in the coming years.
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