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Pressnews.biz (Press Release) Apr 22, 2015
In the past decade, supply and demand for high performance farm machinery have grown significantly in the developed nations such as U.S., Germany and Japan.Along with performance, farmersin these nations are also considering the safety, flexibility of operation, GPS assistance, comfort and design of the equipment. Incontrast, users in the developing economies prefer fuel-efficient and economic machinery. Global manufacturers have been focusing on developing efficient machinery that meets the emission and safety standards.
Major end-user segments of farm machinery include farmers, land contractors and private service contractors. Due to the growth of corporate farming in the developing countries, private service contractors have become one of the key target segments for the farm equipment manufacturers. In order to attain high crop yield with same or less inputs, farmers in the developed nations are adapting precision farming practices which will hold huge growth prospects in the coming years. Paradigm shift has been observed in the farming practices, thereby resulting in the emergence of precision and no-till operations.
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Global players are investing in India and China, the growth engines of the Asia-Pacific market, to reap the benefits from escalating use of farm equipment in the region. Increasing government support in the form of subsidies for purchasing farm machinery and supportive market prices for crops are the major drivers of thefarm equipment market in Asia-Pacific. Sub-Saharan region still remains as under-mechanized, where most of the farming practices are carried out manually. Deere & Company (U.S.), AGCO Corporation (U.S.), CNH Industrial N.V. (U.K.), KubotaCorporation (Japan) and Mahindra &Mahindra (India) are the dominant players in the industry. These players account for a major market share owing mainly to the wide product portfolio.These players are strengthening their global presence by key acquisitions and manufacturing of farm equipment according to the local needs that provides them a competitive edge over the other players in the market.
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Global Precision Agriculture and Tools Market (2013-2020): By Type (Precision Agriculture, Precision Livestock, Precision Viticulture and Others); By Technology (Variable Rate Technology, Guidance Systems and Others); By Application (Harvesting, Field Applications, Yield Monitoring and Others) and By Geography
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