Agriculture Equipment Market Growth & Revenue Analysis by Regional Players: Escorts Group, Kverneland Group, AGCO Corporation, Kubota Tractor Corporation, JCB, CNH Industrial
Companies are offering products with enhanced quality, features and technological innovations to strengthen their customer base in the North America agriculture equipment market. Increasing urbanization in the region and high productivity demands from the farming sectors are driving the industrial growth.
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Agriculture Equipment Market is expected to exceed USD 200 billion by 2024. The integration of smart technologies and adoption of IoT technologies into several industrial sectors is growing rapidly, thereby encouraging manufacturers to provide connected solutions to their customers. These technologies provide remote monitoring and control of the several farming processes, allowing the farmers to improve the efficiency and productivity.
The increasing need for effective solutions to improve the performance, speed, and efficiency in performing farming operations is driving the agriculture equipment market growth. Precision farming techniques are developed by the players to provide such enhanced features to the farmers. These techniques include a high-precision positioning system, automated steering system, geomapping, and Variable Rate Technology (VRT).
Increasing labor costs in several countries are expected to generate a high demand for automated machinery, thereby driving the agriculture equipment market. Countries including the U.S., Canada, the UK, and Germany are experiencing a high demand for the machines owing to the lesser availability of workforce.
Agriculture Equipment Market, By Product:
1. Farm tractor
2. Harvesting machinery
3. Plowing & cultivation machinery
4. Planting & fertilizing machinery
5. Haying machinery
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Emerging technologies including sensors, drones, and unmanned vehicles are expected to revolutionize the agriculture equipment market over the coming years. Several advantages of these smart solutions include increased production, accurate farm and field evaluation, and reduced environmental footprint.
Growing adoption of tractors for farming processes, such as plowing and harrowing, is driving the agriculture equipment market. This equipment provides several advantages in performing farming operations such as pulling heavy loads, withstanding harsh conditions, and increasing productivity and efficiency. Manufacturers are integrating effective technologies in these machines to enhance its performance and applications.
Major companies operating in the agriculture equipment market include:
1. Escorts Group
2. Kverneland Group
3. CNH Industrial N.V
4. Iseki & Co. Ltd.
5. Kuhn Group
6. Yanmar Company Limited
7. Deere and Company
8. AGCO Corp.
9. ARGO SpA
10. Alamo Group Incorporated
11. Claas KGaA mbH
12. Bucher Industries AG
13. JCB Limited
14. Kubota Tractor Corp
15. Mahindra & Mahindra Ltd.
16. Tractors and Farm Equipment Ltd.
The companies are targeting their offerings in the regions where a high demand for agricultural activities is being witnessed. They are integrating several technologies with their products to cater to the varying demands of the agriculture equipment market.
Related News: https://www.globenewswire.com/news-release/2018/08/30/1563162/0/en/Agriculture-Equipment-Market-size-to-cross-200bn-by-2024-Global-Market-Insights-Inc.html
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