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China Agricultural Equipment Industry Outlook to 2018 - Promoted by Favorable Government Policies

  • July 2014
  • 61 pages
  • Ken Research Private Limited
Report ID: 2478642

Summary

Table of Contents

EXECUTIVE SUMMARY

The industry research report titled, “China Agricultural Equipment Industry Outlook to 2018 – Promoted by Favorable Government Policies” provides comprehensive analysis of market size of farm equipments such as tractors (small and medium-large tractors), combine harvesters, rice transplanters and cotton processing machinery in China. The report provides market share analysis of major players in more than 25HP tractor market and low powered tractor industry along with the competitive landscape. The publication provides future outlook and prospects of farm equipments production and sales along with the cause and effect relationship of several macro-economic and industry factors.

China, a large farming nation, comes under the category of those countries to which agriculture serves as the foundation of the national economy. Out of the world’s 500 million small farms (covering less than 2 hectares), China claims roughly 39% share of the total. The country is constantly engaged in making itself self-sufficient in several commodities, majorly focusing upon food security. With the growing population, the need for food productivity is on a constant rise. The Chinese government has been paying great attention to the ever growing demand for food and rural development and realizes the importance of agricultural modernization for attaining the same.

The agricultural sector contributes nearly 10% to the overall GDP of China. The industrial structure of agriculture in China is gradually shifting from just grain production to overall development of agriculture and from traditional agricultural production to agricultural industrialization. Due to the continuously improving infrastructure of the country, compiled with government support favoring farm mechanization, the agricultural equipments market in China has broadened and developed tremendously since the past decade. In 2011, the country overtook the EU countries and the US to become the largest producer of farm equipments in the world.
According to the government of China, the agricultural sector of the nation is fundamental to the national economic and social development. In addition to affiliated factors such as plant breeding and improved agricultural practices with ecosystem approach, agricultural mechanization in China has played a key role in making
China one of the strongest agricultural economies in the world. In order to cover the technological gap between the domestically manufactured and imported products, the government is also open to the establishment of joint ventures between Chinese and foreign enterprises. In return, the multinational companies enjoy access to the vast Chinese market. Phasing out the commune system and encouraging private investment in agricultural machinery has made the market even more attractive for such ventures. Thus, foreign companies can easily enter and expand their investments in China. Additionally, the government of China has implemented subsidies for purchasing agricultural equipments both at the central and state level. Favorable government policies have greatly motivated farmers to invest in machinery.

In 2013, the level of mechanization in agricultural practices in China reached 59%. Therefore, the country has yet to become fully automated, signifying the fact that the farm machinery industry has still not realized its full potential. The total production value of agricultural equipments in the country reached USD ~ million in 2013, at a CAGR of 14.8% during 2008-2013. Small tractors were the largest contributors to the production value of the industry. Even though the market for large-medium powered tractors is growing at a considerable pace, China lags behind in the production of the same and mainly satisfies its demand by way of imports.
Domestic companies operating in the agricultural equipments market in China have captured a larger share in the market. While YTO Group’s First Tractor Company Ltd. and Foton Lovol are the two largest domestic companies, foreign companies including John Deere and Case New Holland also have a considerable presence in the country.

The agricultural equipment industry is constantly striving towards increasing productivity, resource efficiency and quality upgradation. In order to ensure constant food supply to the country’s population and increasing farmers’ income, the industry is proactively exploring mechanization practices that increase yield and income. The demand for agricultural equipments in China is projected to increase further in the future, underpinned by increasing food productivity, industrialization of agriculture and the government’s role in promoting the usage of machinery for agricultural processes.

KEY TOPICS COVERED IN THE REPORT

- China agricultural equipment market size in terms of production value and revenue
- Market segmentation of agricultural equipment market in China
- Analysis of mechanization level of agricultural processes and major crops in China
- Export Import scenario of the agricultural equipment market in China
- Government regulations and support schemes
- China agricultural equipment industry trends, growth drivers and issues
- Market share of major companies operating in the industry
- Macro economic factors in the agricultural equipment market in China

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