Agriculture Machinery Market: 2018 Trends, Vendor & Growth Drivers Analysis in New Research Report
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January 3, 2014 (Newswire.com) - Analysts forecast the Global Agricultural Machinery market to grow at a CAGR of 7.97 percent over the period 2013-2018. According to the report, one of the major drivers leading to an increased demand for agricultural machinery is the increasing global population. The increasing population has led to a rising demand for food and related products over the past few years. The growth of the population is particularly high in Asia compared to other continents. This is mainly due to the presence of countries such as India and China which are the two most populous countries in the world. Various governments are focused on increasing food productivity to meet the needs of a growing population. This has increased the demand for agricultural machinery that is equipped with modern technologies. However, the increasing price of raw materials could pose a challenge to the growth of this market.
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The report states that the cost of major raw materials used in the manufacture of agricultural machinery, such as steel, rubber, and iron, has increased significantly over the past few years. The volatility of the prices of these raw materials poses a serious threat to the vendors. These vendors are striving to produce highly efficient agricultural machinery at affordable costs in order to cope with the increasing competition. This could affect their profit margins, thereby adversely affecting the market as whole.
Global Agricultural Machinery Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Global region; it also covers the Global Agricultural Machinery market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
The report recognizes the following companies as the key players in the Global Agriculture Machinery Market: AGCO Corp., CNH Industrial N.V., and Deere and Company.
Other vendors mentioned in the report are Claas KGaA mbH, Escorts Group, Iseki & Co. Ltd.Kubota Tractor Corp., Kuhn Group, Kverneland Group, Mahindra & Mahindra Ltd., Same Deutz-Fahr Deutschland Gmbh, and Tractors and Farm Equipment Ltd.