With the rapidly increasing population and the expanding role of the agricultural sector in the overall growth of the economy, it has become vital for farmers to improve on their agriculture techniques. One way of doing this is to adapt modern agriculture equipment. Agricultural equipment can be any equipment that helps farmers till, cultivate, plant, harvest, and feed crops such as tractors, disks, plowers, wagons, planters, andmore. However, with the modernization of technology, these equipments were amended into modern machine based equipment such as tractors which not only makes the agricultural activities convenient but also faster.
With the evolution of contemporary technology in the field of agriculture, the demand for modern agriculture equipment is rising rapidly. The consistently increasing global population and rising per capita consumption is increasing the demand for food grains, which calls for an increase in the agriculture’s sector productivity and hence, drives the demand for agricultural equipment market all across the globe. The agriculture equipment industry also has a vital role in the growth of any nation’s economy since, the development and the use of such modern equipment helps in reducing the overall farming costs by a great extent which in turn impacts the growth of the global economy as a whole
Asia pacific region is apparently the biggest agriculture equipment market in the world. The 2 most populated countries of the world, China and India are the largest growing markets, reason being their rapidly growing population and hence, increasing demand for food grains. China alone holds one-third market of global agriculture equipment. As for India, there has been a consistently rising demand for harvesting machinery as it enables efficiency and larger production of food. A number of industrialized economies including Spain, Austria, the Netherlands, and France, although are projected to register a slower growth in the agricultural equipment demand patterns, however, are still expected to record solid gains between 2014 and 2019. The reason the developing nations are expected to outperform the developed nations in terms of demand for agricultural machinery is because they have access to substantial funds and assistance for the betterment of their agricultural productivity through farming process automation.
In 2013, Europe was the largest producer of agricultural machinery globally, accounting for 31% of the global production. Europe was then followed by North America and China each producing 26.5% of the global production. The agricultural machinery is producer by small to medium enterprises and also by multinational corporations. The two largest manufacturers in terms of revenue are John Deere and CNH Global with the former having a revenue of USD 37.79 billion and the latter having a revenue of USD 19.4 billion in 2013.Some of the other companies operating in this agriculture equipment sector are AGCO Corporation, CLAAS KGAA MBH, GROUPE EXEL INDUSTRIES SA, MTD PRODUCTS AG., Alamo Group, Bucher Industries, Caterpillar Incorporated, Daedong Industrial Company, Escorts LimitedMitsubishi Heavy Industries, YTO Group, Tractors and Farm Equipment etc.
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