Agricultural equipment market was estimated at $124.2 billion in 2015. Agricultural equipment or machinery are the tools used in various processes of farming, such as planting, threshing, agriculture product processing, harvesting. New agricultural equipment is replacing the traditional tools owing to improved productivity and enhanced quality of the crop.
The
need of food is growing at a faster rate as the population is increasing, so
the demand for new agricultural equipment is growing to match the requirement
of food.
Innovative
technologies in the agriculture are increasing the quality & production per
square feet for the agricultural products. Manufacturers are focusing on
integrating various new technologies such as robotic systems, Google Earth and
GPS into existing machinery for tracking productivity and improving it. The
government also encourages the use of farming equipment by proving subsidies
and offering lower rates to the farmers in emerging countries like India and
China to adopt agricultural equipment.
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On
the basis of Product: Tractors dominate the product category and is estimated
to account over 20% of total revenue in 2015 after harvesters. Tractors are the
most efficient and effective equipment in the agricultural sector as they can
perform several activities in the process of farming. Harvesters are expected
to grow at a CAGR of 5% through 2014-25.
Other
product segment includes thrasher, combine harvester, rotavator, Zero Till Seed
Drill, Power Tiller, Multi Crop Planter, Drip Irrigation, Sprinkler Irrigation,
Power Weeder, Power Spray.
On
The basis of Application: The products are divided as per the processes in
farming such as Sowing & Planting Equipment, Land Development/Seed Bed
Preparation/Tillage Equipment, Plant Protection Equipment, Water Inter
Cultivation equipment, Agro Processing and Harvesting & Threshing.
Threshing
and Harvesting expect the fast growth of a CAGR over 6% through the forecast
period. Land Development/Seed Bed Preparation/Tillage contributed over 15% of
the global revenue in 2015. Agriculture is labor intensive, and the scarcity of
farm labor will be the key fueling factor to the increasing demand for
agricultural equipment.
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North
America Dominated the Agriculture equipment market in 2015. The driving factors
behind the most usage of agriculture equipment are the scarcity of labor,
improved features and fuel efficiency of the machinery and demand for the food.
However, North America and Europe are expected to show moderate growth over the
period. The Asia Pacific region is projected to be fastest growing market
during the forecasted period owing to India and China are emerging as the
fastest growing market. China dominates the region by contributing over 20% of
the regional revenue share in 2015. Developing countries are showing strong
economic growth, such as India, Middle Eastern countries and China, which will
further fuel the growth of the agricultural equipment industry.
Competitive Insights
The
Agriculture machinery market is highly fragmented and competitive due to the
existence of prominent players along with some other medium or small-scale
participants. Key players in the agriculture industry include Mitsubishi
Agricultural Machinery Co. Ltd., AGCO Corp., Same Deutz-Fahr Group S.p.A.
(SDF), Iseki & Co., Ltd., Kubota Corporation, Deere & Company Mahindra
& Mahindra Limited.
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