Table of Contents
The market for agricultural equipment in North America, representing one of the most prosperous farming ecosystems in the world, is worth $X billion currently, and is set to grow at CAGR 7.6% in 2015-2020 period.
Agricultural machinery manufacturers are at the forefront of change and evolution of the agriculture sector giving rise to modern day integrated farm management approach. Population growth, urbanization, higher productivity demand with a shrinking agricultural land base throughout the globe, are only some of the factors which have led to growth of total agriculture machinery demand. Apart from developed countries, developing countries exhibit strategies to minimize food insecurities in a world plagued by erratic weather conditions. This has amounted to a slow, but steady adoption of modern agri-machinery and equipment by developing countries as well. Quite clearly, technology advancement for developing more efficient products while keeping in mind the country specific requirements will provide opportunities for future growth of the sector.
Starting with common tools of farming like plough and sickle, the agricultural machinery industry in North America has products to offer in every stage of a crop cycle. Here, market segmentation is done on the basis of product and phase type: tractors, plowing and cultivating machinery, planting and fertilizing, harvesting machinery etc. Farm tractors are the leading product segment accounting for a large proportion of total sales.
As per the market share, North America is one of the largest markets for farm equipments after Europe. In matured markets like North America region, farm mechanization covers 100% large sized lands; so while demand will be intact in this region, market growth pace is going to be low compared to other parts of world, especially the developing regions.
The North American agricultural machinery and equipment industry faces high competition with renowned players like Deere and Company, AGCO Corp., CNH Industrial N.V, Iseki & Co. Ltd., Kuhn Group, Kverneland Group and Escorts Group operating in market place. The companies here strive to strengthen their base by offering enhanced product features, competitive pricing, enhanced quality, increased scale of operation and technology innovation
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