Global Agricultural Implements and Machinery Market to Reach US$122.9 Billion by 2017
Posted by Labels: Farm Equipment, Global Market, Research Report, Tractor
GIA announces the release of a comprehensive global report on Agricultural Implements and Machinery market. The global market for Agricultural Implements and Machinery is projected to reach US$122.9 billion by 2017. The market is forecast to witness modest growth with developing economies offsetting the impact of sluggish progress in the developed world. Factors driving growth include increasing demand for agricultural produce due to a rapidly expanding global population, and the advent of sophisticated and technologically advanced machinery.
Growth in the global market for agricultural equipment is dependent on varied factors including economic scenario, weather and demand. Population growth is expected to fuel demand for agriculture produce, which in turn would lead to increase in demand for farm equipment. Rising standard of living and increasing personal disposable incomes are expected to boost the demand for agricultural products and enhance the demand for protein rich foods. Furthermore, increased utilization of agricultural products in petroleum and pharmaceutical industry is also contributing to increased demand for agricultural machinery.
Economies of scale dictate the production of agricultural machinery sizes and models in locations where the highest volume of such machinery is used. While the US and Canada dominate the global market in the production of high horsepower tractors (100HP and above), Europe and a few emerging Latin American nations predominantly manufacture tractors in the medium range (40-100HP). Japan remains a major supplier of tractors in the below 40 horsepower segment. Manufacturers of high horsepower machines are incorporating the latest advancements in technology to suit the demands of the farmers. High horsepower is required to power the tractors to handle larger farm equipment such as nutrient applicators, air seeders, tillage machinery, and planters. Technological advancements such as engine controllers, high-pressure common rail fuel systems and variable geometry turbochargers contribute to enhanced power of tractors.
As stated by the new market research report on Agricultural Implements and Machinery, Asia- Pacific represents the largest as well as the fastest growing regional market. The region is projected to register a CAGR of 7.9% over the analysis period. The market would be driven by greater farm mechanization in highly populous markets of India and China, which hold enormous potential due to the relatively lower levels of mechanization and inefficient farm equipment. Growing incomes and mechanization of agricultural sectors across developing economies is expected to bestow significant growth and profits for the agricultural implements and machinery industry in the near future. In addition, countries such as Indonesia, Thailand, Brazil and Russia are expected to post robust growth due to increased use of machinery. Further, governments in these countries are increasingly placing greater emphasis on enhancing productivity through automation or mechanizing traditional processes.
Product-wise, Farm Tractors represent the largest segment in the global agricultural implements and machinery market. Considered as the 'workhorse' of agriculture, tractors are the most versatile of equipment used in farming. Advanced tractor technologies coupled with adoption of GPS have led to development of highly efficient and productive machinery that can perform multiple tasks. Plowing & Cultivation Machinery is expected to register the fastest CAGR of 6.6% over the analysis period.
Major players in the marketplace include AGCO Corp., Claas KGaA mbH, CNH Global NV, Deere & Company (John Deere), Escorts Group, Iseki & Co. Ltd., Kubota Corp., Kuhn Group, Kverneland ASA, Mahindra Group, Same Deutz-Fahr Group, and Tractors and Farm Equipment Ltd.
The research report titled "Agricultural Implements and Machinery: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the market, current trends, growth drivers, new product introductions, recent industry activity, and focus on major global market players. The study analyzes market data and analytics in terms of value sales (US$ Million) for the global market by the following regions - US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Middle East, and Latin America. Key product segments analyzed include Farm Tractors; Harvesting Machinery; Planting & Fertilizing Machinery; Plowing & Cultivating Machinery; Haying Machinery; and Auxiliary Equipment & Others.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms
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