Published By : 03 Jan 2017 | Published By : QYRESEARCH
The market for agricultural machinery manufacturing has been demonstrating a strong presence across the world. The surging demand for agricultural equipment, thanks to the growing need for expanding the cultivation capacity in a number of countries. This, as a result, has increased the application of highly advanced farming techniques and machinery required for tillage, sowing, watering, plant protection, harvesting, and threshing.
Mostly, planting and fertilizing equipment, farm tractors, cultivating and plowing equipment, harvesting equipment, threshing equipment are utilized in farming operations. Among these, farm tractors have been experiencing a higher demand and are expected to remain so over the next few years. Planting and fertilizing equipment are also expected to witness strong demand across the world over the forthcoming years. The demand for small and low-power consuming agriculture machinery is greater than its larger counterparts. The trend is projected to continue in the years to come.
MNCs to Face Strong Challenge from Local Players in Global Agricultural Machinery Manufacturing Market
The global market for agricultural machinery manufacturing is projected to maintain a healthy growth rate in developed regions, such as North America and Europe, in the coming years, owing to presence of large farmlands and the advanced infrastructure. However, in terms of competition, local players are likely to have an edge over MNCs in emerging economies, as they have a superior knowledge about the climatic condition of their respective countries. They are also well informed about the need of the farmers in their economies. With their less expensive and low-power consuming agricultural equipment, they are anticipated to create substantial obstructions in the near future for multinational players looking to expand in these nations.
Deere & Co., AGCO Corp., Mahindra & Mahindra Ltd., CNH Global NV, Yanmar Co. Ltd., Kubota Corp., CLAAS KGaA mbH, Caterpillar Inc., Escorts Group, and Tractors & Farm Equipment (TAFE) Ltd. are some of the leading manufacturers of agricultural machinery across the world.