NEW YORK, Sept. 28, 2016 /PRNewswire/ -- Study coverage
World Agricultural Equipment analyzes the worldwide agricultural equipment industry. It presents historical data (2004, 2009 and 2014) plus forecasts (2019 and 2024) for supply and demand, as well as demand by type in 6 regions and 19 major nations. Overall demand data is also provided for 7 other nations. In addition, the study considers key market environment factors, assesses industry structure, evaluates company market share and profiles competitors in the agricultural industry worldwide.
Worldwide demand for agricultural equipment will be largely driven by market growth in China and other industrializing nations, which will account for roughly two-thirds of all new agricultural machinery demand generated between 2014 and 2019 in value terms.
Economics, populations & calorie intake to drive growth
According to World Agricultural Equipment, a new report from The Freedonia Group, sales of agricultural goods will climb at a healthy pace in most developing countries because of economic, population, and per capita calorie intake growth. These three trends will also facilitate the development of processed food and beverage industries in industrializing nations. As local demand for agricultural commodities increases, farmers will invest in new equipment and replace outdated machines in order to boost output, and increase the efficiency and productivity of their operations, causing mechanization rates in agriculture to rise. Furthermore, food producers will shift from using fairly basic equipment to larger and more powerful models as farm incomes rise and more farmers are able to gain access to the capital needed to invest in large-scale crop and animal production, adding to market value gains in industrializing nations.
Replacement demand to spur growth in industrialized nations
In industrialized nations, which are already intensive users of agricultural machinery, product sales gains during the 2014-2019 period be largely spurred by replacement demand. A variety of factors impact agricultural machinery replacement patterns in developed countries, including the overall economic environment, access to financing, and the development of new, technologically-advanced models that can boost crop yields and reduce production costs. Although they are projected to register slower growth than their developing world counterparts, a number of mature markets are expected to record solid gains between 2014 and 2019, including Spain, Austria, the Netherlands, and France. The introduction of more expensive models that comply with new emissions standards will also help stimulate agricultural machinery replacement demand and in many developed nations.
Livestock machinery posts fastest gains
Through 2019, livestock machinery is projected to register the fastest growth of any major agricultural equipment product type. Freedonia projects that in many developed countries, a more favorable economic environment will lead to higher levels of meat, poultry, and dairy sales, which tend to be fairly expensive relative to other goods. To satisfy growing demand for their products at home, suppliers in industrialized nations will invest in a variety of new, more advanced livestock machinery. They will also benefit greatly from new meat, poultry, and dairy export sales opportunities in developing countries, where many more households will be able to afford these goods because of rising personal incomes.
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