Agriculture Equipment Market Update, Analysis, Forecast, 2018 – 2024
Agriculture
Equipment Market size is set to exceed USD 200 billion by 2024.
The shipments exceeded 5 million units in 2017. Exponential increase in
population levels have generated the need for increasing the crop quality &
yield through advancements in the technology, livestock monitoring and the
growing usage of fertilizers and pesticides, thereby driving the agriculture
equipment market growth. This has also led to increasing labor costs and the
adoption of automated machines in farms. Several machines are being developed
depending on the tasks and activities performed in these fields. These modern
technologies have revolutionized the farming techniques.
The rising need for
these demands will spur the demand for agricultural products, thereby providing
an impetus to the agriculture equipment market growth. Moreover, with the
ongoing urbanization trend, consumers are demanding a better standard of living
and diets. Government administrations across the globe are offering various
benefits to the farmers, such as subsidies, loans, and easy installment plans,
for buying the machinery and other farm equipment.
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These
government initiatives are encouraging the farmers to increase their
productivity and cultivation to satisfy the growing demand of the consumers for
food products. For instance, the Government of China has been investing heavily
to support the developments in its agriculture market by granting subsidies for
machines and tool procurement. From 2004 to 2014, the government offered subsidies
of over USD 17 billion to the purchase 16 million units of the agricultural
equipment. Such initiatives are anticipated to positively impact the
agriculture equipment market.
The
increasing need for mechanization of seeding processes is expected to drive the
agriculture equipment market growth. Manual seeding process has several
disadvantages such as farmer fatigue and lack of uniformity in the spreading of
seeds. These factors can be overcome by providing automated products in
performing the farm activities. Moreover, these machines also help in spreading
fertilizers evenly and in adequate amounts to ensure proper germination of
seeds. This equipment is also integrated with remote monitoring and control
sensors, which provide the farmers with updates & records of the processes
and activities performed. These factors are encouraging the farmers to adopt
these machines thereby driving the agriculture equipment market.
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Plowing
and cultivation machines are experiencing a high demand in the agriculture
equipment market owing to the growing need for these machines in farm fields.
This equipment is used for soil preparation by stirring and pulverizing the
soil and help in providing mechanization and automation of farming activities.
To satisfy the growing demand for agriculture equipment market, suppliers in
industrialized countries will invest in a variety of new advanced equipment.
Several technological advancements in these machines are providing effective
solutions to the farmers in cultivation and plowing of their fields. For instance,
Kverneland is developing plowing machines, equipped with auto-reset systems
that are adaptable to varying soil conditions.
The
Europe agriculture equipment market is experiencing a high demand for such
machines owing to the growing adoption of automated technologies. Countries
including Italy, Germany, and France are moving toward automation and adopting
several smart industrial solutions for manufacturing processes. Moreover, labor
shortage in the region is also a factor, which is driving the adoption of
mechanized products in farms. These machines are performing several farm
activities with maximum accuracy and productivity, thereby encouraging the
farmers to implement the mechanized technologies in their agricultural
processes. The agriculture equipment market is anticipated to witness a high
rise in the production capacity with competitors embracing advanced methods of
manufacturing.
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Major players operating in agriculture
equipment market are AGCO Corporation, JCB, Kubota, Claas, Deere & Company
(John Deere), Bucher Industries, Dawn Equipment, CNH Industrial, CNH
Industrial, Mahindra Tractors, Same Deutz-Fahr Deutschland GmbH, Force Motors
Ltd., Kverneland Group, International Tractors Ltd., Kuhn Group, Iseki &
Co., Ltd., Escorts Group, and Tractors and Farm Equipment Ltd., among others.
Agriculture equipment market players are engaged in providing effective
solutions, which will ease the difficult tasks performed by the farmers in
their fields. The growing demand for smart technologies in automated machines
is providing an opportunity for players to develop innovative products in the
agriculture equipment market. It includes mobile connectivity, real-time
monitoring, record-keeping, and task alerts. Many players in the industry are
acquiring existing players and building new production plants to increase their
production capacity.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com/
Agriculture Equipment Market Update, Analysis, Forecast, 2018 – 2024
Reviewed by Pradip Varpe
on
September 10, 2018
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