The Agricultural Equipment Industry covers a widespread variety of equipment employed at the numerous stages of agriculture likewise sowing, planting, land improvement, harvesting, threshing and cultivation. The assortment diverges from the simplest tool likewise hand trowel to fertilizers, harrow, plow, fertilizer spreader, seeder, and high-end engineered tractors. Additionally, the utilization of the automatic and semiautomatic agriculture equipment decreases the demand of human labor on farms, which in turn, decreases the expenditure on manpower. This further propels the crop production by decreasing the downtimes and enabling the greatly precise functions.
The significant growth in the mechanization of several farming activities likewise tilling, planting, harrowing and plowing is predicted to boom the requirement for agriculture equipment, which propels the growth of the global agriculture equipment industry. The recognition of importance owing to the acceptance of mechanical equipment likewise tractors, various attachments, and harvesters augment the dependency of farmers on the agriculture equipment. Moreover, the acceptance of precision farming allows the sustainability in the farming activities, augments profitability, and safeguards the land resources which result in developed agricultural production. Several products suggested by foremost players in the agricultural equipment industry help farmers in dissimilar farming activities such as harvesting and sowing, which further encourages the implementation of agriculture equipment. This proficiently underwrites towards the growth of the worldwide agriculture equipment market.
Government assistance to farmers in the form of loan waivers/credit finance/subsidized loans to propel farm mechanization is projected to be the foremost reason for the Growth of the Agriculture Equipment Market. Moreover, based on the segment, it is predicted that Tractors control the largest share among all the rented farm equipment. Entities are collaborating with application companies to encourage leasing businesses and encourage farmers to utilize the farm equipment at affordable prices. The rental market for tractors in developing is projected to augment significantly during the forecast period, due to the growing farm mechanization and the growth of rental services. Thus, increasing concerns over farm productivity across the globe and growing farm mechanization would subsequently propel the growth of the tractor rental market throughout the forecast period.
The global market is extremely competitive owing to the existence of few prominent players, along with numerous medium- and small-scale players dominating for the market share. Key players in the market comprise John Deere, AGCO, Mahindra & Mahindra, CNH Industrial N.V., Iseki & Co., Ltd., and Kubota. These players compete on parameters such as quality and obtainability of products as well as technological advancements. Furthermore, mergers and acquisitions are being undertaken as an attempt to obtain market share and enlarge their product portfolio.
Moreover, the key companies in the global Agriculture Equipment Market are effectively admittance the strategies of enlargement such as partnership, new product development, amalgamation, collaboration, merger and acquisition, joint venture and several for ruling around the globe, obtaining the competitive edge and generating the high percentage of revenue. Therefore, in the near years, it is predicted that the market of agriculture equipment will increase around the globe more effectively over the forthcoming duration.