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The increased demand for food products, farm efficiency, and yield at minimal cost are expected to fuel the demand for the agricultural equipment market
The Farm Tractors Market is projected to reach a market size of USD 65.57 Billion by 2022, at a CAGR of 5.24% during the forecast period Agricultural Equipment Market is projected to grow at a CAGR of 5.31% during the forecast period, to reach a market size of USD 139.41 billion by 2022. Rising global population, increased mechanization owing to shortage of skilled labor and increasing labor wages, and increasing government supports/subsidies and other financial aids are the key drivers for the agricultural equipment market. On the other hand, the high cost of machinery, growing presence of unorganized players for small equipment like implements, and increasing demand for used or rental equipment are some of the key restraints that could influence the growth of this market.
Fourwheel drive farm tractors market is projected to grow at the fastest rate during the next five years
The fourwheel drive farm tractors segment is witnessing significant growth in the farm tractors market. The major driving factors for this segment are the increased use of high powered farm tractors in regions such as Europe owing to considerably large agricultural land and changing farmers' investment capabilities. The allwheel drive farm tractors offer better traction, power, maneuverability, and performance as compared to twowheel drive farm tractors. Additionally, as fourwheel drive farm tractors have better pulling capacity than conventional twowheel drive farm tractors, they are the better option for pulling larger load implements. With the increase in mechanization and use of implements in the agriculture industry, the demand for fourwheel drive farm tractors is projected to grow in the near future. According to Agrievolution report published in 2015, out of the total tractor sales in Germany, every fifth tractor is a high power tractor.
Combines market for wheat crop is estimated to have the largest market share
With highest production and consumption of wheat in the global market, the combines market for wheat is estimated to have the largest market share during the forecast period. As per the statistics of the United States Department of Agriculture USDA, the global wheat crop production accounted for approximately 30% of all types of grains during 20162017. Such high demand for wheat at the global level would require these combines to expedite the whole process. Thus, the demand for wheat is expected to dominate the market in the coming years, which would further propel the growth of the combines market for the wheat crop.
AsiaOceania: Largest and fastestgrowing market from 2017 to 2022
The AsiaOceania market is estimated to dominate the global market for agricultural equipment and is projected to grow at the highest CAGR of 6.00% during the forecast period. The growth of the AsiaOceania market can be attributed to rising population, noticeable government initiatives at the country level, and shift toward modern agricultural practices to meet the demand for food. According to the United Nations Department of Economic and Social Affairs UN DESA report, China and India contributed 19% and 18% to the global population, respectively while overall Asia accounted for around 59% of the global population in 2015. As per UNDESA, India is expected to surpass China and will become the largest country by 2022. Additionally, considering the small hectare of agricultural land per farmer, the farmers are under immense pressure to cope with the increased demand for food. There is a substantial need to enhance the productivity of available land that has resulted in the rapid growth of mechanization level. All these factors are expected to drive the market of agriculture equipment in this region.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from component suppliers to Tier1 companies and OEMs. The breakup of the primaries is as follows:
By Company Type: OEM73%, Tier127 %
By Designation: C level57%, D Level34%, Others9%
By Region: North America42%, Europe33%, and AsiaOceania25%
The report provides detailed profiles of the following companies:
Deere Company U.S.
CNH Industrial N.V. U.K.
Kubota Corporation Japan
AGCO Corporation U.S.
CLAAS KGaA mbH. Germany
SAME DeutzFahr Italy
Mahindra Mahindra Ltd. India
Bucher Industries Switzerland
J C Bamford Excavators Ltd. U.K.
Iseki Co. Ltd. Japan
Escorts Ltd. India
Yanmar Co. Ltd. Japan
Zetor Tractors A.S. Czech Republic
Alamo Group, Inc. U.S.
Tractors and Farm Equipment Limited India
The primary objective of the study is to define, describe, and forecast the agriculture equipment market based on farm tractors by power output <30 hp, 31100 hp, 101200 hp and >200 hp, drive type twowheel drive and fourwheel drive, autonomous tractors scenario analysis business as usual BAU, optimistic, and pessimistic, combines by application corn, rice, soybean, wheat, and others, implements by function harvesting, haying, planting fertilizing, plowing cultivating, spraying, and others, and region.
The report analyzes the opportunities offered by various segments of the market to stakeholders.
The report analyzes the regional markets for growth trends, prospects, and their contribution to the overall market.
The report also tracks and analyzes competitive developments such as new product launches, expansions, joint ventures, acquisitions, and other industry activities carried out by key industry participants.
The report also tracks and analyzes the vendor DIVE Dynamic, Innovator, Vanguard, Emerging matrix for key players in the agricultural equipment market.
Reasons for buying the report:
The report covers a detailed analysis of the agriculture equipment market based on farm tractors, combines, and implements and the advanced technologies such as autonomous tractors.
The study provides qualitative and quantitative analysis of each segment, which is represented in terms of volume thousand units and value USD million.
The top fifteen companies that have a significant impact in the market are profiled along with their financial structure, recent developments, and product portfolio.
The report covers the competitive landscape and Dive analysis, which reflects the market ranking of the leading players along with the dominant strategy adopted by these stakeholders to retain their leading position.
Original Article: Farm Tractor Market by Power Output 30, 31100, 101200, >200hp, Drive Type 2WD, 4WD, Autonomous Tractor, Combines Market Corn, Rice, Wheat, Soybean, Implements Market Harvest, Hay, Plant Fertilize, Plow Cultivate, Spray Forecast to 2022 [Updated: 15062NEXT ARTICLE
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