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Agricultural equipment market analysis

Agricultural equipment market analysis

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Agricultural equipment market analysis

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. AGRICULTURAL EQUIPMENT MARKET ANALYSIS • Agricultural Equipment Market, by Product Type (Tractors, Combine Harvesters, Rotavator, Power Tillers, Seed Drill, Thresher, Power Weeder, and Others), and by Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

  3. Overview • Agricultural machinery or equipment is machinery used in agriculture and farming applications. Different types of tools and equipment are used in agricultural applications such as hand tools, power tools, tractors, and more. Moreover, equipment varies according to the type of farming, i.e. organic farming and inorganic farming. Tractors, seed drill, thresher, combine harvesters, rotavators, power weeder, mowers, rakes, and balers are some of the commonly used agricultural equipment. Technological revolution and constant research & development have introduced high-functioning equipment that performs extensive amount of work efficiently. • The global agricultural equipment market is estimated to account for US$ 110.7 Bnin terms of by the end of 2019

  4. Market Dynamics- Driver • Increasing demand for food across the world due to rapidly growing population is expected to drive growth of the global agricultural equipment market during the forecast period • Global population is increasing rapidly, which is expected to increase the demand for food. According to Coherent Market Insights’ analysis, the world population is expected to increase at a rate of 30% by 2050. According to the World Bank, in 2018, the global population was around 7.59 billion, increasing from 6.75 billion in 2008. Moreover, the global population is expected to reach 8.5 billion by 2030. This is rising the need for food thereby boosting the demand for agricultural machinery and equipment. • Proactive initiatives taken by government agencies such as subsidies and incentives are expected to propel the global agricultural equipment market growth over the forecast period • In many countries, the Governments offer supporting policies to farmers to purchase agricultural equipment, in order to work more efficiently. The government offer subsidies, credit schemes, subsidized interest rates, in order to boost the market growth. For instance, in July 2016, the German Government associated Agricultural Rentenbank offered an effective 10-year fixed rate of 1.0% on a 30-year loan for its most preferred customers. Moreover, in India, RashtriyaKrishiVikasYojana supports the farmers to purchase agricultural equipment at subsidized rates. • Asia Pacific region dominated the global agricultural equipment market in 2019, accounting for 49.2% share in terms of value, followed by North America and Europe, respectively

  5. Market Dynamics- Restraint • Hefty interest rates in certain countries and environmental policies are expected to restrain the global agricultural equipment market growth during the forecast period • Certain countries such as Brazil, have high interest rates, which restricts farmers’ capabilities to purchase agricultural equipment. Moreover, products sold/imported in European Union (EU) countries must observe the extensive EU regulatory policies. These products are expected to comply with EU regulations such as Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), Waste Electrical and Electronic Equipment Directive (WEE), and the Restrictions of Hazardous Substances Directive (RoHS). Such stringent regulatory policies are expected to hinder the adoption of these equipment and thereby restrain the market growth over the forecast period. • Overdependence on rain for irrigation and low replacement market are expected to hinder growth of the global agricultural equipment market during the forecast period • Many emerging economies such as India and Brazil depend upon monsoon for irrigation. Such high dependence is expected to hinder the market growth in the near future. Inadequate monsoon leads to low agricultural crop and income, resulting in low demand for agricultural equipment. Moreover, the costs of these machinery are substantially high, which in turn, is expected to hamper the demand aforementioned countries. Therefore, these factors are expected to hinder the market growth in the near future significantly.

  6. Market Opportunities • Advent of autonomous tractors is expected to offer lucrative growth opportunities for market players • Key companies in the market are actively focused on research and development activities, in order to offer novel and high-end products to consumers. There are certain companies are introducing next-gen autonomous tractors, in order to capitalize growing market. For instance, in September 2018, Escorts Group launched its autonomous concept tractor at the Exclusive 2018 in Delhi, India. The company collaborated with Reliance Jio, Trimble, Microsoft, Bosch, WABCO, AVL, and SamvardhanaMotherson Group for this project. • Leasing of agricultural equipment is expected to pose significant business opportunities • The agricultural equipment are highly expensive in most of the countries, thus people choose to lease them. Various agricultural equipment can be leased such as tractors, storage facilities, and processing equipment. Moreover, leasing offers excellent opportunity for farmers to avail the equipment with custom changes according to their requirements. It can also offer high level technical advice and support for farmers in case of any malfunction in the equipment. For instance, John-Deere provides equipment leasing and agricultural financing facilities to farmers.

  7. Market Trends • Growing trend of contract farming and committed sourcing with corporate partnership • Contract farming has emerged as a significant trend in various countries, in order to reduce migration from rural to urban areas, generate stable source of income, and get seasonal rotation of crops. In this type of farming, the farmers are contracted to plant the contractor’s crop on his land and then harvest & deliver the crop to the contractor at a pre-agreed price. According to Coherent Market Insights’ analysis, in Brazil, 75% of poultry production are under contract farming. Moreover, emerging economies such as Vietnam, India, Morocco, and more have developed policies for endorsing contract farming. In the U.S. and European countries, contract farming has witnessed significant growth. • Mechanized equipment • Key players in the market are involved in developing smart tractors that are equipped with advanced technologies such as GPS antenna, different attachments such as thresher, hauler, and fertilizer distributors, and better hydraulic systems. Such equipment are expected to offer more efficient performance that its contemporaries. In March 2017, AGCO introduced new Visioline Roof for their Global Series tractors, launched at SIMA Paris show.

  8. Competitive Section • Key players operating in the global agricultural equipment market are AGCO Corp, Bucher Industries AG, CLAAS KGaAmbH, CNH Industrial N.V., Kubota Corporation, ISEKI & CO. LTD., Tractor and Farm Equipment Limited, SDF S.p.A., Deere & Company, EXEL Industries, and Mahindra & Mahindra Ltd. • Key Developments • Key players in the market are focused on forming joint venture with other market players, in order to gain competitive edge in the market. For instance, in December 2018, Escorts, an engineering and farm equipment manufacturers, formed a joint venture with Kubota, a Japan-based tractor manufacturer, to produce high-end tractors for domestic and export geographies. • Major companies in the market are involved in signing an agreement with other market players, in order to enhance their market presence. For instance, in November 2018, Tractors and Farm equipment Ltd. (TAFE) entered into agreement with ISEKI & Co. to manufacture compact tractors in India.  

  9. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Buy Now Reference: https://www.coherentmarketinsights.com/market-insight/agricultural-equipment-market-3279

  10. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  11. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

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