Albany – NY, Oct. 20, 2015 (GLOBE NEWSWIRE) — Farm equipment is any kind of machinery used to help in farming. The best-known example of this kind is the tractor. They cover a broad range of machines and tools which help the farmers to carry out the various processes required to enhance the output as well as the quality of crops. Based on their characteristics, agricultural equipment can be divided into two types: farmstead equipment and field equipment.
Engineering inputs to agriculture by way of mechanization has increased considerably during the recent years so as to meet the timeliness of farm operations, reducing drudgery, capacity enhancement and efficient utilization of inputs. With the implementation of agricultural support policies, growth in farmer’s income and the changes in agricultural production methods, global farm equipment industry is scaling new heights and promises healthy development in coming years.
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Europe is the unprecedented leader in farm equipment market. While 2014 marked the fall in share of European markets, Asian Pacific presents a huge market opportunity for this industry on the back of ameliorated economic conditions and better funds for investment in R&D of agriculture machinery. India and China constitute the largest markets for agricultural equipment in terms of unit sales, although typical equipment tends to be in the form of smaller horsepower, low-technology tractors with relatively low unit prices. These emerging economies have incessantly increased their production volumes and will continue to be the major drivers of the industry.
Growth in the global market for agricultural equipment is dependent on varied factors including economic scenario, weather and demand. Population growth is expected to fuel demand for agriculture produce, which in turn would lead to increase in demand for farm equipment. Increase in arable land to fulfill the growing needs of urban and rural population is another factor encouraging the growth of the industry. Further, governments in these countries are increasingly placing greater emphasis on enhancing productivity through automation or mechanizing traditional processes, extending easy credits and subsidies on investments to promote growth of the industry. However, these factors are dominated by presence of already existing machinery and inventory with the supplier, thereby reducing the demand for new farm equipments in 2014.
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The report “Global Farm Equipment Market” analyzes the development of the agricultural machinery industry and studies the global market along with major regional markets’- US, Canada, Brazil, Germany, United Kingdom, Turkey, China and India. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The three major players in the industry, John Deere, AGCO Corporation, and CNH Global NV Inc. are being profiled, along with their key financials and strategies for growth.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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