Agricultural Equipment Market: Overview
Agricultural equipment consist of various farm field and farmstead machinery used for crop cultivation and production of agricultural livestock. Agricultural equipment reduces human effort and provides ease of operation in various farming activities such as soil cultivation, planting, fertilizers & pest control activities, irrigation, produce sorting, harvesting, hay making, milking, animal feeding and others. The use of agricultural equipment in farming delivers improved harvest quality within reduced period of time. The expansion of population around the globe, especially in developing countries portrays a positive picture for the agricultural equipment market in the near future, as increased population will lead to increased demand for food, which in turn raises farm income. The agricultural equipment market is increasing due to continuous focus of manufacturers on providing technically advanced solutions such as advanced farming equipment needed for precision farming. Increasing technology in agriculture equipment market reduce the overall farming cost. Further, improvement in economic condition in near future tends to increase investment in agricultural equipment market. In case of mature markets, farms tends to be large, requiring mechanization and thus implementing agricultural equipment to carry out various farming activities.
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Agricultural Equipment Market: Drivers and Restraints
Agricultural equipment market is driven by increasing global economic conditions, rising farm income, and increasing per-capita calorie consumption. Growth of the agricultural equipment market is also driven by the technological advancements in agricultural equipment. For mature markets that are already a major user of agricultural equipment, the replacement demand for old equipment with the technologically advanced ones, drives the agricultural equipment market. Further, reduced availability of labour also leads to increased mechanisation in farms and thus drive agricultural equipment market.
High cost of equipment act as restraint to the agricultural equipment market. In developing economies, the decreasing land area due to growing urbanization and industrialization also tends to negatively affect the agriculture equipment market.
Agricultural Equipment Market: Segmentation
Agricultural equipment consists of various equipment such as ploughs, levellers, dozers, seed drills, tiller, sprayer, digger, reaper, Sheller, sickle, cleaner, grader, mill, and dryer.
The agricultural equipment market is segmented by product type
By Product type
- Farm tractors
- Land development, tillage and seed bed preparation equipment
- Sowing and planting equipment
- Cultivation, weeding and plant protection equipment
- Harvesting and threshing
- Post-harvest and agro processing
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Agricultural Equipment Market: Regional outlook
Asia pacific is the most prominent region and account for the largest share in the agricultural equipment market. China and India are the primary region fuelling the market market for agricultural equipment in the region with large portion of the region engaged in agriculture. Also the two counties have growing large population and increased demand for food. Latin America is another significant market after Asia Pacific, powered by agricultural growth and increasingly mechanized agriculture sector in countries such as Brazil and Argentina.
North America and Europe are among the mature market in the agricultural equipment market, with U.S. among one of the major exporters of the agricultural equipment in the global market.
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Agricultural Equipment Market: Key Players
- Deere & Company
- CNH Global NV
- AGCO Corporation
- CLAAS KGaA mbH
- SAME DEUTZ-FAHR
- Kubota Corporation
- Escorts Limited
- Daedong Industrial Co., LTD.
- Caterpillar Inc
- China National Machinery Industry Corporation
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