Agricultural Equipment Market Analysis and Forecast 2020: By Keyplayers AGCO Corp, Bucher Industries AG, CLAAS KGaA mbH, CNH Industrial N.V., Kubota Corporation, ISEKI & CO. LTD., Tractor and Farm Equipment Limited, SDF S.p.A., Deere & Company, EXEL Indus

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Overview

Agricultural machinery or equipment is machinery used in agriculture and farming applications. Different types of tools and equipment are used in agricultural applications such as hand tools, power tools, tractors, and more. Moreover, equipment varies according to the type of farming, i.e. organic farming and inorganic farming. Tractors, seed drill, thresher, combine harvesters, rotavators, power weeder, mowers, rakes, and balers are some of the commonly used agricultural equipment. Technological revolution and constant research & development have introduced high-functioning equipment that performs extensive amount of work efficiently.

The global agricultural equipment market is estimated to account for US$ 110.7 Bn in terms of by the end of 2019

Competitive Section

Key players operating in the global agricultural equipment market are AGCO Corp, Bucher Industries AG, CLAAS KGaA mbH, CNH Industrial N.V., Kubota Corporation, ISEKI & CO. LTD., Tractor and Farm Equipment Limited, SDF S.p.A., Deere & Company, EXEL Industries, and Mahindra & Mahindra Ltd.

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Market Dynamics- Driver

1. Increasing demand for food across the world due to rapidly growing population is expected to drive growth of the global agricultural equipment market during the forecast period
Global population is increasing rapidly, which is expected to increase the demand for food. According to Coherent Market Insights’ analysis, the world population is expected to increase at a rate of 30% by 2050. According to the World Bank, in 2018, the global population was around 7.59 billion, increasing from 6.75 billion in 2008. Moreover, the global population is expected to reach 8.5 billion by 2030. This is rising the need for food thereby boosting the demand for agricultural machinery and equipment.

2. Proactive initiatives taken by government agencies such as subsidies and incentives are expected to propel the global agricultural
equipment market growth over the forecast period
In many countries, the Governments offer supporting policies to farmers to purchase agricultural equipment, in order to work more efficiently. The government offer subsidies, credit schemes, subsidized interest rates, in order to boost the market growth. For instance, in July 2016, the German Government associated Agricultural Rentenbank offered an effective 10-year fixed rate of 1.0% on a 30-year loan for its most preferred customers. Moreover, in India, Rashtriya Krishi Vikas Yojana supports the farmers to purchase agricultural equipment at subsidized rates.

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Market Opportunities

1. Advent of autonomous tractors is expected to offer lucrative growth opportunities for market players

Key companies in the market are actively focused on research and development activities, in order to offer novel and high-end products to consumers. There are certain companies are introducing next-gen autonomous tractors, in order to capitalize growing market. For instance, in September 2018, Escorts Group launched its autonomous concept tractor at the Exclusive 2018 in Delhi, India. The company collaborated with Reliance Jio, Trimble, Microsoft, Bosch, WABCO, AVL, and Samvardhana Motherson Group for this project.

2. Leasing of agricultural equipment is expected to pose significant business opportunities

The agricultural equipment are highly expensive in most of the countries, thus people choose to lease them. Various agricultural equipment can be leased such as tractors, storage facilities, and processing equipment. Moreover, leasing offers excellent opportunity for farmers to avail the equipment with custom changes according to their requirements. It can also offer high level technical advice and support for farmers in case of any malfunction in the equipment. For instance, John-Deere provides equipment leasing and agricultural financing facilities to farmers.

Market Trends

1. Growing trend of contract farming and committed sourcing with corporate partnership
Contract farming has emerged as a significant trend in various countries, in order to reduce migration from rural to urban areas, generate stable source of income, and get seasonal rotation of crops. In this type of farming, the farmers are contracted to plant the contractor’s crop on his land and then harvest & deliver the crop to the contractor at a pre-agreed price. According to Coherent Market Insights’ analysis, in Brazil, 75% of poultry production are under contract farming. Moreover, emerging economies such as Vietnam, India, Morocco, and more have developed policies for endorsing contract farming. In the U.S. and European countries, contract farming has witnessed significant growth.

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2. Mechanized equipment

Key players in the market are involved in developing smart tractors that are equipped with advanced technologies such as GPS antenna, different attachments such as thresher, hauler, and fertilizer distributors, and better hydraulic systems. Such equipment are expected to offer more efficient performance that its contemporaries. In March 2017, AGCO introduced new Visioline Roof for their Global Series tractors, launched at SIMA Paris show.

Key Developments

1. Key players in the market are focused on forming joint venture with other market players, in order to gain competitive edge in the market. For instance, in December 2018, Escorts, an engineering and farm equipment manufacturers, formed a joint venture with Kubota, a Japan-based tractor manufacturer, to produce high-end tractors for domestic and export geographies.

2. Major companies in the market are involved in signing an agreement with other market players, in order to enhance their market presence. For instance, in November 2018, Tractors and Farm equipment Ltd. (TAFE) entered into agreement with ISEKI & Co. to manufacture compact tractors in India.  

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This release was published on openPR.