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The agricultural implements and machinery market is projected to reach US $122.9 billion by 2017. This growth can be predominantly put down to an increase in demand for agricultural produce, due to an ever increasing worldwide population, and the introduction of more technologically advanced machinery. The agricultural implements and machinery market is expected to witness a modest growth over the coming years, which is mainly down to the progress being made in the developing world. These factors have meant the agricultural implements and machinery market is set to rise by 4.5 percent per year to 2014.
The largest and fastest growing region within the agricultural implements and machinery market is Asia-Pacific. The region is projected to register a CAGR of 7.9% over the coming years. It is projected that this growth will be driven by the amount of ineffective farm equipment throughout India and China, giving them an enormous potential for the market.
In the first six months of 2011 British farmers were estimated to have spent approximately £1 billion on farm equipment, an increase of nearly 10% on the previous year. Tractors are generally the best indicator of activity and 7,996 units of over 50 hp were registered between January and June 2011, an increase of 2.9% on the previous year.
Farm Tractors represent the largest sector within the global agricultural implements and machinery market. Seen as the 'workhorse' of agriculture, tractors are the most versatile of equipment used in farming. Plowing & Cultivation Machinery is expected to register the fastest CAGR of 6.6% over the analysis period.
While the US and Canada dominate the global market in the production of high horsepower tractors (100HP and above), Europe and a few Latin American nations mainly manufacture tractors in the medium range (40-100HP). Japan remains a major supplier of tractors in the below 40 horsepower segment.
Major players in the agricultural implements and machinery market include: Deere & Company (John Deere), which is the leading manufacturer of machinery in the world. They stock agricultural products including tractors, combine harvesters, cotton harvesters, balers, planters/seeders, sprayers, and UTVs. Same Deutz-Fahr Group, founded in 1927, is one of the world's leading manufacturers of tractors, combine harvesters, specialist harvesters, diesel engines and farm machinery.
For more information on the agricultural implements and machinery market, see the latest report: Agricultural Implements and Machinery Market
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