Research Nester released a report titled “Agricultural Machinery Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global agricultural machinery market in terms of market segmentation by product, by crops, by energy capacity, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Agricultural machineries are machines used during the cultivation of agricultural lands at various steps of farming. The market for agricultural machinery is anticipated to grow at a CAGR of 7.82% over the forecast period, i.e., 2020-2027. The market is segmented by product, by crops, by energy capacity, by application and by region. Based on product, the market is segmented into tractor, thrasher, rotavator, self-propelled vertical conveyer reaper, multi crop planter, harvester, power tiller, irrigation systems and others, out of which, highest growth during the forecast period is anticipated to be observed by the harvester segment. Moreover, the segments for tractors and harvesters are projected to hold the leading share in the market on account of growing usage of these agricultural machines.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific is anticipated to observe the highest growth rate during the next few years on account of increasing investments in the agriculture sector by governments for enhancing productivity in the region, especially in India and China. The market in North America is estimated to grow at a significant rate as a result of growing availability of advanced technologies in the industry.
Decline of Workers in Agriculture to Boost the Use of Agricultural Machineries
According to the World Bank, the employment in agriculture decreased from 33.8% of total employment in 2009 to 28.1% of total employment in 2019.
The reduction in number of people working on the agricultural fields is anticipated to become a major growth driving factor for the market growth. The use of advanced agricultural machinery further increases the agricultural output in the region. As a result of these factors, the agricultural machinery market is predicted to grow significantly over the coming years. However, the high costs associated with advanced agricultural equipment and machineries is estimated to hamper the market growth as it decreases the demand for these machinery, mainly in the low income regions.
This report also provides the existing competitive scenario of some of the key players of the global agricultural machinery market which includes company profiling of KUHN Group, Deere & Company, AGCO Corporation, CNH Industrial, SDF Group, Kubota Corporation, CLAAS KGaA mbH, The Toro Company, Escorts Ltd. and Mitsubishi Mahindra Agricultural Machinery Co. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global agricultural machinery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.