Albany, NY -- (SBWIRE) -- 05/23/2019 -- Traditionally, demand for tillers has witnessed steady increase over the years on account of shortage of agricultural labor and rising wage rates. Sales have also grown on account of growing emphasis among farm owners on increasing efficiency. Tiller machines are highly efficient over manual processes, and rising trend of farm mechanization is likely to augur well for the growth of the market.

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Although tiller machine sales are likely to witness steady growth, broader trends related to sluggishness and lack of momentum in the agriculture sector are likely to stymie growth. Low crop yields, volatile commodity prices, and regulatory changes to curb global warming have put pressures on farm owners. This, in turn, has led to waning investments in tiller machines and other farm equipment. The broader challenges in agriculture industry are likely to curtail growth of the global tiller machines market during the assessment period.

The global tiller machines market continues to be influenced by a slew of macroeconomic and industry-specific factors. The broader developments in the farm equipment market continue to have an impact on global demand for tillers. The slowdown in the agriculture sector continues to weigh down demand for tiller machines, as farm owners are skeptical about investing in farm equipment. On account of a slew of factors, the global tiller machines market is projected to grow at 2.6% CAGR in terms of volume during the assessment period 2017-2026.

Renting Concept Gaining Traction Among Residential and Commercial Users

Minimalism and pragmatism are driving the concept of renting among residential and commercial users. Renting is an affordable option vis-à-vis buying, and a number of brick-and-mortar and online providers have sprung up to cater to the growing demand for renting equipment. Although the growing pervasiveness of renting is inducing corporate sales, it is a deterrent to the overall growth of the market, owing to its impact on declining sales.

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Steady Stream of Opportunities Expected in Asia Pacific excluding Japan (APEJ)

Although the demand for tiller machines is likely to grow at a sluggish rate around the globe, manufacturers can expect a steady stream of opportunities to emerge from end-users in Asia Pacific excluding Japan (APEJ). There is a significant demographic where penetration of tiller machines is still at a nascent stage. The agrarian nature of the society in many countries of APEJ is likely to promote the growth of the market.