Agriculture equipment market is loaded with agriculture vehicles and utilities such as crop tractor, utility tractor, orchard tractors, industrial tractors, garden tractors and rotary tillers have paved up to the international market scenario. Companies engaged in agriculture equipment are now embracing innovative technologies. Enhanced efficiency is one of the major reasons why farmers seem to be happily employing tractors for farming.
According to the latest report published at Upmarketresearch, Innovative technologies integrated with the use of IoT enabled devices are majorly driving the market growth. Products such as GPS, robotics and Google Earth are now enabling the farmers with greater visibility and data collection pertaining to crop cultivation and harvest. However, lack of government support and financial assistance in underdeveloped and developing regions is likely to curtail the market growth in the near future.
Agriculture equipment market is dominated by power output as less than 40hp, 41-99hp, 100-199hp and more than 200hp. 100-199hp seem to register a higher market share in the global scenario as the retail chains have registered a higher sales revenue for tractors with 100-199hp.
The two-wheel drive and four-wheel drive vehicles sum up as vehicle type segmentation with four-wheel drive vehicle dominating the market scenario. Four-wheel drive vehicles are expected to rise to the next level in the sales cycle as the retail sales tend to boom in the near future.
Combines responsible for process-oriented results are haying, planting & fertilizing, ploughing & cultivating, spraying and harvesting. The combines is a performing segment that helps in generating results via use of modern technology for agriculture. Technology enabled vehicles are thus contributing to the growth of market in the near future. Harvesters seem to register a ubiquitous growth since farmers are preferring harvesters to enhance production and reduce the dependency on manual labor.
Corn, rice, soybean and wheat account for application areas under agriculture equipment market. Application segment for agriculture equipment market is on high demand due to nutritional needs and consumer demand.
Asia-Pacific regions dominate the growth of agriculture equipment market owing to the regions being agro-based economies. Farmers are now looking for modern approach to deal with agriculture challenges.
Europe and North America market are potential markets revealing a higher market share in the near future. Innovations and awareness for agricultural equipment is relatively high. On the other hand, government spending and other initiatives are likely to contribute to the market growth in the estimated period. MEA market is likely to gain a positive traction as the government is taking positive initiatives for betterment of agriculture and production yields.
Major players in the agriculture equipment market include CNH Industrial, AGCO Corp, Iseki & CO Ltd, Same Deutz-Fahr Group S.p.A, J.C. Bamford Excavators Limited, Kubota Corporation, John Deere & Company, and Mahindra and Mahindra Limited.