Agriculture Machinery Market Share, Size, Trends, Industry outlook, Growth, Forecast 2020
Agriculture Machinery Market worth around US $315.31 million by 2026
(EMAILWIRE.COM, October 16, 2019 ) The global agriculture machinery market is estimated to grow at a CAGR of 5.96% during forecast period 2019-2026
The rise in the rate of adoption of modern agricultural machinery in a bid to increase productivity and yield output have positively affected the dynamics of the global agricultural machinery market. The increasing needs of farmers for innovative Agricultural equipment to enhance agricultural productivity, has increased investments for agricultural equipment market. Increasing government regulations and government assistance programs to modernize the agriculture process are rising the demand for agricultural machinery. High cost of agricultural equipment and inadequate maintenance and after-sales support are the factors hindering the growth of global agricultural machinery market.
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Growing investments in agriculture sector globally
High demand for food products with growing populations, and increase in per capita income in emerging economies are the major factors for the growth of investments in agriculture sector worldwide. As the per capita consumption is increasing steadily, the farm income is also rising, that is leading increased investments in the agriculture industry. Economic growth in developing nations is exerting pressure on Agriculture and so the farming sector needs to be more efficient and productive. Such requirements are driving higher sales and investments for Agricultural machinery globally. The rise in the adoption rate of modern agricultural machinery in a bid to increase productivity and yield output have positively affected the dynamics of the
Global Agricultural Machinery Market.
The use of modern machinery is currently being promoted by private and public sector. Economies like India, China, Thailand, Brazil, and Indonesia are expected to register robust growth, as the use of farm automation rises in these regions. Chinese government has now been paying more attention to the development of agricultural mechanization to speed up the development of modern agriculture. Chinese government began to implement “Agricultural Mechanization Promotion Law” in 2004. The law established the status and role of agricultural mechanization in agriculture and rural economic development.
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Tractor machinery accounted for the largest share of 42% in the global agricultural machinery market. It is owing to factors such as a shift toward mechanization and a reduction in the number of people in the agricultural industry are increasing the adoption of tractors. Also, wide usage of tractors in different agricultural activities such as tilling, ploughing, and planting. The demand for low HP tractors are mainly from developing countries such as India and China, and the demand for high HP tractors are mainly from developed countries such as the US. High HP tractors are mainly used to control other agricultural equipment such as planters, air seeders, and tillage machines in large farms.
Asia Pacific is expected to grow at a higher pace during the forecast period.
Asia Pacific agriculture machinery market valued at USD 116.80 billion in 2018 and is estimated to grow at a CAGR of 6.56% over the forecast period.
Rising initiatives by governments, like subsidies for agriculture and credit availability, are the major factors supporting the growth. As a result, farmers are investing heavily in purchasing agricultural machinery. The global agricultural machinery market generates the major part of its revenue from APAC. One of the major reasons is the growing population in this region, which is boosting the demand for food. In APAC, the major demand for agricultural machinery stems from economies such as India and China. According to United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in 2013, the total population of the Asia-Pacific region stood at 4.3 billion, which is 60% of the world’s population. The major reason for the growth of the agricultural machinery market in China is the government subsidies provided to farmers to promote mechanization. Mechanized wheat and rice harvesting increased to 90% and 60%, respectively, in 2017. China is currently seeing a significant rise in urbanization.
Competitor Landscape
Global Agriculture machinery market is highly fragmented with the presence of various small and large market players. The market is highly dominated by small and local players in global regions. The top players such as Deere & Company, CNH Industrial, AGCO Group, Kubota Group, CLAAS Group and Mahindra & Mahindra are accounted for 32% market share in 2018. The competition in the industry is mainly based on the pricing of the agriculture machinery.
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Key Business Expansion Strategies
New product launches, acquisitions, partnerships and business expansions are the key strategies adopted by leading players in the global agriculture machinery market. Leading players are expanding their product lines and introducing new products for various applications using new generation technologies such as IoT, GPS and Cloud Connect. Industry players are expanding their businesses reach to the global regions to increase their sales. Companies are undergoing partnerships to expand technology offering and reduce operating costs and also to launch new products in the global regions. For instance,
In March 2017, Yanmar Holdings Co. LTD and Development bank of Japan Inc acquired an additional stake or share in the leading India tractor manufacturer International Tractors limited
In January 2017, Kubota Corporation announced its plan to expand combine harvester plant of its Thai manufacturing subsidiary Siam Kubota Corporation Co Ltd.
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
The rise in the rate of adoption of modern agricultural machinery in a bid to increase productivity and yield output have positively affected the dynamics of the global agricultural machinery market. The increasing needs of farmers for innovative Agricultural equipment to enhance agricultural productivity, has increased investments for agricultural equipment market. Increasing government regulations and government assistance programs to modernize the agriculture process are rising the demand for agricultural machinery. High cost of agricultural equipment and inadequate maintenance and after-sales support are the factors hindering the growth of global agricultural machinery market.
Browse full report: https://www.datamintelligence.com/research-report/agriculture-tractors-market
Growing investments in agriculture sector globally
High demand for food products with growing populations, and increase in per capita income in emerging economies are the major factors for the growth of investments in agriculture sector worldwide. As the per capita consumption is increasing steadily, the farm income is also rising, that is leading increased investments in the agriculture industry. Economic growth in developing nations is exerting pressure on Agriculture and so the farming sector needs to be more efficient and productive. Such requirements are driving higher sales and investments for Agricultural machinery globally. The rise in the adoption rate of modern agricultural machinery in a bid to increase productivity and yield output have positively affected the dynamics of the
Global Agricultural Machinery Market.
The use of modern machinery is currently being promoted by private and public sector. Economies like India, China, Thailand, Brazil, and Indonesia are expected to register robust growth, as the use of farm automation rises in these regions. Chinese government has now been paying more attention to the development of agricultural mechanization to speed up the development of modern agriculture. Chinese government began to implement “Agricultural Mechanization Promotion Law” in 2004. The law established the status and role of agricultural mechanization in agriculture and rural economic development.
Download free sample: https://www.datamintelligence.com/download-sample/agriculture-tractors-market
Tractor machinery accounted for the largest share of 42% in the global agricultural machinery market. It is owing to factors such as a shift toward mechanization and a reduction in the number of people in the agricultural industry are increasing the adoption of tractors. Also, wide usage of tractors in different agricultural activities such as tilling, ploughing, and planting. The demand for low HP tractors are mainly from developing countries such as India and China, and the demand for high HP tractors are mainly from developed countries such as the US. High HP tractors are mainly used to control other agricultural equipment such as planters, air seeders, and tillage machines in large farms.
Asia Pacific is expected to grow at a higher pace during the forecast period.
Asia Pacific agriculture machinery market valued at USD 116.80 billion in 2018 and is estimated to grow at a CAGR of 6.56% over the forecast period.
Rising initiatives by governments, like subsidies for agriculture and credit availability, are the major factors supporting the growth. As a result, farmers are investing heavily in purchasing agricultural machinery. The global agricultural machinery market generates the major part of its revenue from APAC. One of the major reasons is the growing population in this region, which is boosting the demand for food. In APAC, the major demand for agricultural machinery stems from economies such as India and China. According to United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in 2013, the total population of the Asia-Pacific region stood at 4.3 billion, which is 60% of the world’s population. The major reason for the growth of the agricultural machinery market in China is the government subsidies provided to farmers to promote mechanization. Mechanized wheat and rice harvesting increased to 90% and 60%, respectively, in 2017. China is currently seeing a significant rise in urbanization.
Competitor Landscape
Global Agriculture machinery market is highly fragmented with the presence of various small and large market players. The market is highly dominated by small and local players in global regions. The top players such as Deere & Company, CNH Industrial, AGCO Group, Kubota Group, CLAAS Group and Mahindra & Mahindra are accounted for 32% market share in 2018. The competition in the industry is mainly based on the pricing of the agriculture machinery.
Enquire before buying: https://www.datamintelligence.com/enquiry/agriculture-tractors-market
Key Business Expansion Strategies
New product launches, acquisitions, partnerships and business expansions are the key strategies adopted by leading players in the global agriculture machinery market. Leading players are expanding their product lines and introducing new products for various applications using new generation technologies such as IoT, GPS and Cloud Connect. Industry players are expanding their businesses reach to the global regions to increase their sales. Companies are undergoing partnerships to expand technology offering and reduce operating costs and also to launch new products in the global regions. For instance,
In March 2017, Yanmar Holdings Co. LTD and Development bank of Japan Inc acquired an additional stake or share in the leading India tractor manufacturer International Tractors limited
In January 2017, Kubota Corporation announced its plan to expand combine harvester plant of its Thai manufacturing subsidiary Siam Kubota Corporation Co Ltd.
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results