Lucintel Estimates Global Agricultural Equipment Industry to Reach US $123 Billion by 2017
Lucintel Report Indicates that the rising demand for farm mechanization and replacement of obsolete equipment is expected to drive agriculture equipment market during 2012-17.
Irving, TX (PRWEB) October 27, 2012
The global agricultural equipment industry is expected to experience good growth over the next five years, with a CAGR of 5%, to reach approximately US $123 billion in 2017. The industry is influenced by technological advancement and rising demand for farm mechanization. The growing need for agricultural equipment continues to be mostly replacement driven since the farming sectors are stagnant in number of farms, acreage, and other parameters. Spikes in commodity prices, improved credit availability, scarce and costly labor, and organized retail have all contributed to the growth of the agricultural equipment industry.
Lucintel, a leading global management consulting and market research firm, has conducted a competitive analysis on the trends and forecasts of the industry and presents its findings in “Global Agricultural Equipment Industry 2012-2017: Trend, Profit and Forecast Analysis.” The study focuses on the manufacturers of tractors, combine harvesters and other agricultural implements, providing an annual trend that highlights market size, profit and coat structure for North America, Europe, Asia Pacific, and Rest of the World. It also forecasts the market opportunities within these regions.
The industry has gone through several challenges over the past few years. The industry decline was caused by seasonal impacts that dropped commodity prices and depressed the sales of tractors. Another reason for the downturn was the increased expenses of raw materials and higher manufacturing overhead costs related to new products, partially offset by improved prices.
Lucintel's report indicates that despite challenges, the industry witnessed considerable growth due to growing mechanization, replacement of older equipment, and government support in favor of agricultural sectors, which were the main drivers of the industry. There is a strong demand for combine harvesters, sowing machinery, tillage equipment; the factors contributing to these developments include political stability and improved liquidity of farming operations.
This study is intended to provide industry leaders with a competitive benchmarking of the agricultural equipment market and gives a concise view of current information regarding market share, profit margins, and strategies of the key players, their capabilities, and effective market planning against the leading competitors.
For a detailed table of contents and pricing information on this timely, market report, contact Lucintel at +1-972-636-5056 or via email at helpdesk(at)lucintel(dot)com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency. To learn more, visit http://www.lucintel.com
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