Agricultural Equipment Market to Record an Impressive Growth Rate by 2020
Agricultural equipment contains wide range of machinery and tools, which help in various farming processes in order to improve the output and to enhance the overall quality of crops. Various agricultural equipments include seed driller, transplanters, threshers, sprayer, tillers, balers, rotavators and reaper. Agriculture equipment industry is not only growing at a swift pace, but it also plays an important role in growth of global economy. Increasing sophisticated technology in agriculture equipment leads to reduce the overall cost farming. Growth of such technology and investment on research and development in agriculture equipment plays a key role in the growth of global agriculture equipment market.
Agriculture equipment is any type of machinery that is used on farm for farming purpose. Agriculture equipment market is increasing with the introduction of novel technology in the field of agriculture. It helps in making harvest season simpler and more profitable. Increasing global population boost the demand of food grain and rising per capita calorie intake increasing pressure on agriculture sector to become more productive and highly efficient. This leads to drive the demand for agricultural equipment market all across the globe.
Asia Pacific region accounted the largest agricultural equipment market around the world. China and India are the two largest growing markets. Growing large population in these two countries increased the overall demand of food. China alone holds one-third market of global agriculture equipment. To get significant gains in terms of efficiency and larger production of food the demand of harvesting machinery is growing in India. Farm tractors are largest product segment in agricultural equipment market. Developing nations across the world get substantial funds and assistance for the betterment of their agricultural productivity through farming process automation. This helps in rise if global agriculture equipment market.
Major companies operating in global agricultural equipment market are John Deere, AGCO Corporation, CNH Global NV, CLAAS KGAA MBH, GROUPE EXEL INDUSTRIES SA, MTD PRODUCTS AG., Alamo Group, Bucher Industries, Caterpillar Incorporated, Daedong Industrial Company, Escorts Limited, Fiat SpA, Iseki & Company, Kubota Corporation, Kverneland ASA, Mitsubishi Heavy Industries, YTO Group, Tractors and Farm Equipment and Same Deutz-Fahr.