Agricultural and Farm Machinery Market to Reach US$ 230.5 Bn By 2022
According to a new market report published by Credence Research Inc “Agricultural and Farm Machinery Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the growth of agricultural and farm machinery market is strongly depends on farm income, technology development, and economic conditions.
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Technology development plays an important role in growth of the farm machinery and equipment market, especially in developing and developed market. Key drivers that influence the growth of farm machinery and equipment include civilization of farming methods in developed and developing countries, increasing personal disposable income, meeting food demand for increasing population, and government support to improve the agricultural productivity. The above factor with increasing farm income will show that farmer will invest in farm machinery and equipment to increase productivity of their farm for the forecasted period 2015-2020.
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Governments of developed and developing countries are investing large amounts in agricultural sector to improve the productivity and to meet desired food security level. They are also motivating farmers to purchase farm machinery and equipment by introducing loan facilities and favorable credit policies.
The farm machinery and equipment industry is highly capital intensive industry. Large initial capital is required to set up manufacturing facilities, operations, and machinery. While taking the consideration of losses and inventory required to enter the industry, this obstacles are seems overwhelming in farm machinery and equipment industry. A company wants to enter in this industry must have to prove sustainability, reliability and consistency of their product compare their competitors product. Existing players are very reactive to new entry in the industry. Overcapacity might occur in industry due to the new entry which force established players to reduce their prices. However, these barriers are moderated with 100% foreign direct investment (FDI). Some major manufacturers of agricultural and farm machinery include Deere and Company, CNH Global NV, CLAAS KGaA mbH, J.C. Bamford Excavators Limited (JCB), AGCO Corporation, Iseki & Co., Ltd., Alamo Group, Inc., Deutz-Fahr, and Yamabiko Corporation
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The global agricultural and farm machinery market is predicted to see a considerable growth through the forecast period with increasing mechanization of farming methods particularly in emerging market such as India, China, South Africa, Brazil, Russia and others. Asia Pacific is the largest as well as fastest growing regional market for agricultural and farm machinery. Europe and North America are matured markets and expected to see slow growth with improving economic conditions and rising demand from replacement market. Tractors accounted for the largest revenue share compared to other types of agricultural and farm machinery in 2014. Opportunities from increase in research and development activities
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