Agricultural Equipment Market in China - Planting, Fertilizing Equipments to see Fastest Gains through 2015
Mar 20, 2012, 05:46 ET
DALLAS, March 20, 2012 /PRNewswire/ --
ReportsnReports adds new market research report 'Agricultural Equipment in China to 2015' to its store. Tractors are the most significant type of agricultural equipment in China, accounting for 30 % of total demand in 2010. Large, high powered tractors have greatly benefited from the Chinese government's subsidy policies and will continue to see strong growth over the forecast period. However, small tractors, because they are more affordable and practical for the average farming household, will continue to account for a greater share of demand. The high price of harvesting machinery units has largely been responsible for it having the lowest penetration rate of all agricultural equipment, though the segment will register above average growth through 2015, driven by increases in farmers' incomes. Planting and fertilizing equipment will see the fastest gains as Chinese farmers continue to adopt a wider range of farming equipment.
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Shipments of agricultural equipment are projected to rise 12.2% annually to ¥258 billion in 2015. China's trade surplus will expand to ¥33 billion, primarily due to improvements in the quality and technology of domestic products, as well as low tariffs on exports.
Demand to register Double-Digit Growth through 2015
The report says demand for agricultural equipment in China reached ¥135 billion in 2010, accounting for 18% of the world market. Demand is projected to grow 10.8% annually to ¥225 billion in 2015. Growth will be supported by favorable government policies, improved access to equipment through agricultural machinery co-operatives, and healthy expansion of agricultural activity.
Northeast region to exhibit most rapid demand growth
While all six regions in China will see strong demand growth through 2015, the terrain, climate, and economic condition of each region will play a significant role in relative growth. The core agricultural regions of the Central-North, Central- East and Central South, which together accounted for 74 % of agricultural equipment demand in 2010, will continue to benefit from higher income levels and better developed infrastructure. Although it is one of the smaller regional markets for agricultural equipment, the Northeast will continue to see the fastest growth in demand through 2015. Part of the reason is that the Northeast -- while representing just over eight % of China's total land area -- has nearly 20 % of sown land. More importantly, the Northeast has one-third of national plain areas. Because many areas of the Northeast are flat, farms have sizable expanses of level land, making the application of large agricultural equipment practical.
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