In a recent published report, Kenneth Research has updated the market report for Agricultural Machinery Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Agricultural Machinery Market products.
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The Agricultural Machinery Market is estimated to represent a global market of USD 73.8 billion by 2017 with growth rate of 8.2%.
Agricultural Machinery industry covers market estimation for tractors (such as compact utility tractors, row crop tractors, and utility tractors), combine harvester- threshers and forage harvesters.
The industry is expected to experience strong pull-through of demand from end-users owing to the high degree of farm mechanization. Additionally, favourable government initiatives for the development of agricultural industry coupled with advancement in technologies further boost the growth of this market significantly.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Tractors <50 HP, Tractors >50 HP and Combine harvesters are categorized under product segmentation. Tractors <50 HP product accounted for more than 55% share compared to other product types. Tractors find applications in a variety of farming, whereas use of combine harvesters are restricted to farming for growing field crops such as wheat.
Regionally, North America captured the largest share of the global market. This region has captured more than 30% share throughout the review period. Increasing product demand coupled with growing number of domiciled key players has helped this region to capture significant revenue share. On contrary, the Asia Pacific, especially India and China account for the fastest growing countries in the global market. In 2017, these countries have captured more than 70% share of the overall Asia Pacific agricultural machinery industry as both countries are active in the process of mechanizing their agricultural sectors. Additionally, there are large numbers of small-scale farms in these countries which develop long-term trend for farm consolidation.
Key Vedor Takeaway
The agricultural sector is fragmented in nature, with no one player accounting for significant revenue share. Product differentiation is moderate in this industry. Manufacturers usually offer a wide range of products, such as tractors of different power ratings. Moreover, after-sales service-based competition is considered to be an important differentiator in this industry.
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Key players such as CNH Industrial N.V., Mahindra & Mahindra Limited, Deere & Company, and AGCO Corporation are extensively profiled based on attributes such as company information, financial highlight, and key developments. Established companies are actively engaged in expanding their distribution network through strategic mergers and acquisitions. For instance, in 2014, Deere & Company offered agricultural equipment through a network of 1,539 independent dealers in the US and Canada alone.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Tractors <50 HP
Tractors >50 HP
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
About Kenneth Research
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