World Agricultural Equipment

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World Agricultural Equipment
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Summary
World demand to grow 7.0 per annum through
2018 Global demand for agricultural equipment is
forecast to expand 7.0 percent per annum to 216
billion in 2018, accelerating from the pace of
the 2008-2013 period. Advances will be propelled
by the increasing mechanization of farming
operations in developing countries, with
particularly sizable gains anticipated in China,
India, and Brazil. Ongoing economic expansion,
population growth, and rising per capita calorie
intake in these and other developing nations will
boost demand for food. This will not only place
greater pressure on their agricultural sectors to
become more efficient and productive, but it will
also increase farm incomes, thus creating
additional opportunities for machinery sales.
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In more developed markets such as the United
States and Western Europe, growth in agricultural
equipment demand will be driven by efforts to
reduce inputs and maximize production
capabilities through the use of increasingly
advanced highvalue precision farming technologies
such as global positioning systems and yield
monitors. China alone to account for one-third
of gains The Asia/Pacific region, which
accounted for 46 percent of agricultural
equipment demand worldwide in 2013, represents
the largest and fastest growing regional market.
China alone will account for over one-third of
global sales value gains between 2013 and 2018.
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India -- the worlds third largest market for
farm equipment behind China and the United States
-- will also record sizable dollar increases.
Demand for harvesting machinery, which can
provide significant gains in terms of efficiency,
is projected to expand strongly in the region.
This equipment is becoming more affordable in
many large, rapidly developing agricultural
markets due to rising farm incomes and greater
access to capital. However, overall demand for
new equipment in developing markets will continue
to be constrained by competition from used
machinery.
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Replacement demand to drive developed markets The
outlook for more developed markets that are
already highly intensive users of agricultural
equipment is largely driven by replacement
demand. Replacement schedules are influenced by a
range of factors, including overall economic
conditions and the ongoing development of
increasingly sophisticated technologies capable
of substantially reducing costs and improving
yields. For instance, many farmers in North
America and Western Europe delayed replacing
their older machinery during the 2008-2010
period, opting to forgo major purchases of new
machinery in times of economic uncertainty. In
2011 and 2012, on the other hand, improving
economic conditions enticed farmers to finally
replace older machines. While this served to
constrain agricultural equipment demand in 2013,
it bodes well for sales over the next 5 to 10
years, as such machinery typically requires
replacement within 8 or 9 years of purchase.
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The continued advancement of agricultural
technologies will further boost replacement
demand, as the enhanced efficiency these
innovations can provide will make it economically
feasible for farmers to replace their equipment
more frequently. Study coverage World
Agricultural Equipment presents historical demand
data (2003, 2008, 2013) plus forecasts for 2018
and 2023 by type, world region and for 26
countries. The study also assesses market
environment factors, details the industry
structure, analyzes company market share and
profiles 26 competitors worldwide.
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Table Of Content

1. EXECUTIVE SUMMARY
2. MARKET ENVIRONMENT
3. WORLD SUPPLY DEMAND
4. NORTH AMERICA
5. WESTERN EUROPE
6. ASIA/PACIFIC
7. OTHER REGIONS
8. INDUSTRY STRUCTURE

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