Agriculture & Farm 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.
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The key driving factors responsible for the growth of Agriculture
& Farm Equipment market :
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.
Equipment Market
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.
Regional Insights
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.
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