Press release
What's Driving the Agriculture Equipment Market Growth? AGCO Corporation, Kuhn Group, Claas, Kubota Tractor Corporation, CNH Industrial, Kverneland Group
Agriculture Equipment Market
The Agriculture Equipment Market is expected to register a CAGR of 6% during the period 2018-2024. This research report analyzed by means of Evolving Technology, Business Competitors, Industry Strategies, Key Companies, Growth rate, and Forecast until 2024.
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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. In addition, the increasing need for effective solutions to improve the performance, speed, and efficiency in performing farming operations is driving the agriculture machinery 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).
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. For instance, in September 2017, Mahindra & Mahindra Ltd. announced the launch of its first driverless tractor. The tractor also has remote engine start and stop feature. These technological advancements are driving the adoption of the tractors in farms to increase the efficiency and reliability in farming operations. The high adoption of these machines is being witnessed in the Asia Pacific region, driving the agriculture machinery market growth.
Agriculture Equipment Market Growth Drivers: -
North America & Europe: -
1. Increasing labor costs
2. Integration of robotic systems and GPS
3. Growing demand for high-capacity machinery
4. Increasing demand for self-propelled machines
APAC & LATAM: -
1. Focus on productivity to maximize ROI from agriculture
2. Emergence of contract farming and dedicated sourcing with corporate partnership
3. Increased focus on mechanization in agriculture
4. Improved availability of credit
MEA: -
1. Growing trend of drip irrigation techniques
2. Increasing sustainable agricultural practices
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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. Moreover, emerging technologies including sensors, drones, and unmanned vehicles are expected to revolutionize the agriculture machinery market over the coming years. Several advantages of these smart solutions include increased production, accurate farm and field evaluation, and reduced environmental footprint.
North America agriculture equipment market is expected to witness a high growth over the coming years owing to the rise in the adoption of automated machines for performing farming activities. Countries including the U.S. and Canada have a strong presence of players, which are engaged in developing effective machinery for enhancing the productivity of the farm processes. Companies are offering products with enhanced quality, features and technological innovations to strengthen their customer base in the North America agriculture machinery market. Increasing urbanization in the region and high productivity demands from the farming sectors are driving the industrial growth.
Know about Market growth in New Research and its Top growing factors by Key Companies like: --
AGCO Corporation, Alamo Group Incorporated, Amazonen-Werke H. Dreyer GmbH & Company KG, ARGO SpA, Bamford (JC) Excavators Limited, Bucher Industries AG, Changzhou Dongfeng Agricultural Machinery Group Company Limited, China National Machinery Industry Corporation, CLAAS KGaA mbH, CNH Industrial NV, Deere & Company, Escorts Ltd., Iseki & Co. Ltd., Kubota Corporation, Kuhn Group S.A., Mahindra & Mahindra Limited, Same Deutz-Fahr Group S.p.A. (SDF), Valmont Industries, Inc., Yanmar Co. Ltd., Zetor Tractors A.S
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