Farm equipment aids the agricultural workers to manage yield,
time and cost of farming practices. The Farm equipment market hosts a wide variety of
machinery that differs in mechanism, performance, usage and price. Farm
equipment market report provides detailed analysis on the industry by type, by
farming phase and by region. Major products in the market include tractors,
tillage equipment, planting equipment, and harvesting equipment and so on, used
at different phases of crop production.
Farm mechanization has gained importance in the recent years
with growing population and food requirements. The global market for farm
equipment has witnessed a drastic change in product offerings due to the
intensification of farms and large-scale farming practices. Tractors are the
leading product segment of this market with China and India holding majority
share in terms of volumes. Farm equipment market is estimated to reach $200
billion by 2020 with APAC as the fastest growing market according to
IndustryARC analysis.
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In the past decade, supply and demand for high performance farm machinery have grown significantly in the developed nations such as U.S., Germany and Japan. Along with performance, farmers in these nations are also considering the safety, flexibility of operation, GPS assistance, comfort and design of the equipment. In contrast, users in the developing economies prefer fuel-efficient and economic machinery. Global manufacturers have been focusing on developing efficient machinery that meets the emission and safety standards.
Figure: Global Farm Equipment
Market, By Region, 2014 (%)
Source: IndustryARC
Analysis and Expert Insights
Major end-user segments of farm machinery include farmers, land
contractors and private service contractors. Due to the growth of corporate
farming in the developing countries, private service contractors have become
one of the key target segments for the farm equipment manufacturers. In order
to attain high crop yield with same or less inputs, farmers in the developed
nations are adapting precision farming practices which will hold huge growth
prospects in the coming years. Paradigm shift has been observed in the farming practices,
thereby resulting in the emergence of precision and no-till operations.
Global players are investing in India and China, the growth
engines of the Asia-Pacific market, to reap the benefits from escalating use of
farm equipment in the region. Increasing government support in the form of
subsidies for purchasing farm machinery and supportive market prices for crops
are the major drivers of the farm equipment market in Asia-Pacific. Sub-Saharan
region still remains as under-mechanized, where most of the farming practices
are carried out manually. Deere & Company (U.S.), AGCO Corporation (U.S.),
CNH Industrial N.V. (U.K.), Kubota Corporation (Japan) and Mahindra & Mahindra
(India) are the dominant players in the industry. These players account for a
major market share owing mainly to the wide product portfolio. These players
are strengthening their global presence by key acquisitions and manufacturing of
farm equipment according to the local needs that provides them a competitive
edge over the other players in the market.
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