- Future Growth of agricultural equipment market will be led by large sized tractors and combine harvesters
- Market leaders are anticipated to maintain focus on emerging markets such as China and India
Ken Research announced its latest publication on “Asia Pacific Agricultural Equipment Industry Outlook to 2018 – Expanding Market for Large-sized Tractors” which provides a comprehensive analysis of major countries and different agricultural equipment being used in the region. The report covers various aspects such as market size of Asia agricultural equipment market, segmentation on the basis of geographies (China, India, Japan, and Australia) and future outlook of the market. The report is useful for agricultural equipment manufacturers and dealers, as well as new players venturing in the market.
The demand for agricultural machinery in Asia is rising and the region currently represents the share in the total demand for agricultural equipments globally. Although the region has always been facing food security issues, the countries are taking significant initiatives towards increasing food productivity to support its rapidly growing population. With shortage of manpower in the agricultural sector, reducing area of arable land, followed by timely and ever increasing need for food, farm machinery has become a necessity. The agricultural equipment market in Asia registered a CAGR of 16.1% from 2008 to 2013.
According to the research report, the Asian agricultural equipment market will grow at an impressive CAGR, thereby exceeding USD 174 billion by 2018, largely due to shortage of farm labor and a need to increase food productivity in the region.
“While labor scarcity, rising demand for food and a necessity for timely production of crops will result in increased sales of agricultural equipment in Asia, factors such as low affordability of machinery amongst farmers, lack of skilled manpower to operate equipment, growing ageing farming population in the region are few of the major challenges which will affect the growth of this industry in the future”,according to the Research Associate, Ken Research.
Key Topics Covered in the Report:
– Asia Agricultural Equipment Market Size by Revenue
– Market Segmentation by Geographies (China, India, Japan, Australia)
– Trends, Growth Drivers and Issues
– Country wise market size and segmentation
– Competition and Market Share
– Future Outlook
– Macro Economic Parameters
Key Products Mentioned in the Report
– Combine Harvesters
– Power Tillers
– Cotton Processing Machinery
– Rice Transplanters
Major Countries Covered:
– South Korea
Companies Covered in the Report
– John Deere
– CNH Global
– YTO Group
– Foton Lovol
– Mahindra and Mahindra
– Kubota Corp.