Growing population at faster pace is the main driver for agricultural equipment market as it spurs the need of food which aggressively demand for better equipment for agriculture.
Valley Cottage, NY -- (SBWIRE) -- 09/15/2016 -- Agriculture equipment are the machine tools used in the various stage of agriculture such as harvesting, planting, threshing and agro processing. Agriculture equipment are replacing traditional tools: for traditional practice in land development, tillage and seed bed preparation plough and blade harrow were used but current practice includes tractors, mould board plough and power tiller.
Agriculture Equipment Market: Drivers & Restraints
Growing population at faster pace is the main driver for agricultural equipment market as it spurs the need of food which aggressively demand for better equipment for agriculture. Though agriculture equipment help in the cultivation but farmers are in having financial issues to replace the old equipment with new machinery, which hindered the growth of the global agriculture equipment market. Asia Pacific is one of the major user of tractor.
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Agriculture Equipment Market: Segmentation
On the basis of product type, agriculture Equipment market is broadly segmented as:
Self-Propelled Vertical Conveyer Reaper
Zero Till Seed Drill
Multi Crop Planter
Laser Land Leveler
Drip Irrigation Equipment
Sprinkler Irrigation Equipment
On the basis of process, the market is segmented into:
Land Development, Tillage, Seed Bed Preparation
Sowing & Planting
Weed Inter Cultivation
Harvesting & Threshing
Post-Harvest & Agro Processing
Agriculture Equipment Market: Region – Wise Outlook
Asia – Pacific region is expected to dominate the market during the forecasted period aided by China and India the fastest growing agriculture equipment market. Growing population will increase the demand of food in these countries, which in return increase the demand of better harvesting machinery. Europe and North America agriculture equipment market is expected to show a moderate growth. With rapid technological advancement and growing population agriculture Equipment market is expected to increase at a double CAGR during the forecast period.
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Agriculture Equipment Market: Key Players
Some of the players in the market we identified includes, CNH Industrial NV, AGCO Corp, J.C. Bamford Excavators Limited, Iseki & Co. Ltd, Mahindra & Mahindra Limited, Deere & Company and Kubota Corporation.