Global Agricultural Equipment Market Outlook: Ken Research
Agriculture equipment Market in the US was witnessed to be at the maturity stage due to the advances in mechanization and the technological advancements in the agriculture that have been specifically influential in fueling the transformation in the farm segment coupled with the speedy growth in the average farm productivity. Also, effective growth in the existence of both international as well as local companies coupled with fresh government initiatives have generated a positive impression on the market. The agriculture within the US is fragmented by several developments. One of the favorable developments is the reduction in the number of small farms. Another trend in the US agriculture segment is an augment in the productivity of the segment. Both agricultural introduction as well as the output of agricultural operators have developed. This advancement is moderately a result of the amalgamation of the farms and the part a result of the fresh technologies and farming approaches.
Based on the US tractor market size, the tractors are adaptable equipment with the capability to handle the multiple apparatuses namely plows, harrows, sprayers, and several others. Additionally, the US tractor market both in the terms of the sales volumes has augmented at a positive CAGR during the forecast duration of 2014-2019. The market effectively observes a deduction in terms of sales volume during the recent past and recovered progressively over the years. The aspects namely the technological advancements and augmented consumer requirements have increment the requirement for mechanized farming thereby have advanced the sales of tractors in the region.
However, the Europe agriculture equipment market was positively witnessed at a great maturity stage though the farming segment within Europe has never stopped functioning towards the new advancements for the agriculture equipment Market and every cycle brings in new technological developments. The effective growth in the existence of both international as well as local companies coupled with the fresh government initiatives has generated an enormous impression on the market. The Europe agriculture equipment industry revenue has augmented at a positive CAGR during the forecast duration of 2013-2018. The European agriculture market actively witnessed a decline in 2016 in terms of revenue but progressively recovered during the duration of 2017-2018. There has been a modification towards the mechanization in the market as modern farm machines are now well-appointed with advanced technologies which assistance in streamlining the farming activities. In addition to that, government maintenance in the method of subsidies has further reinvigorated the growth of the agriculture industry within the European economy.
Not only has this, but the competition within Europe agriculture equipment market was also experienced as profoundly determined along with the existence of both international and domestic level players registering the market. All International OEMs have a wide-ranging distribution network through which they are capable to promote their machines and are majorly imported. In terms of new entrants, it has become tremendously difficult to arrive at the Europe agriculture equipment market as prevailing players have already recognized their brand distinctiveness and fresh players may not be capable to find satisfactory means of distribution. Some of the considerations on the basis of which corporates compete within this sector comprise price, quality, after-sales services, access to distribution and dealership channels, online existence and several others. Therefore, in the near years, it is predicted that the market of the agriculture equipment will increase around the globe over the upcoming years.
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Ankur Gupta, Head Marketing & Communications