Agriculture Equipment Market

Deere & Company (U.S.) and CNH Industrial N.V. (U.K.) are the Key Player in the Farm Tractor Market

The rising global population and growing demand for food have been the key reasons for the growth of increased yield, which in turn has propelled the demand for farm mechanization and agricultural equipment. The Farm Tractors Market is projected to reach a market size of USD 65.57 Billion by 2022, at a CAGR of 5.24% during the forecast period & Agricultural Equipment Market is projected to grow at a CAGR of 5.31% during the forecast period, to reach a market size of USD 139.41 billion by 2022.

The agricultural equipment market is dominated by a few global players and comprises of several regional players. The key manufacturers based on segmental revenue and overall product portfolio are Deere & Company (U.S.), CNH Industrial N.V. (U.K.), AGCO Corporation (U.S.), Kubota Corporation (Japan), and Claas KGaA mbH (Germany). The primary strategy adopted by these players to gain traction in the global agricultural equipment market is new product development. In April 2017, Mahindra & Mahindra, Ltd. launched a 24 hp 4WD small tractor targeting horticulture and row cropping applications. It is equipped with automatic depth and draft control (ADDC) feature, 750 kg lift capacity, and high ground clearance. In 2016, Claas KGaA mbH had introduced CORIO and CORIO CONSPEED maize pickers. These models feature a flat working angle of 17° and a new bonnet design which has streamlined sides, new folding mechanism, and linear and conical picking rollers.

Deere & Company (U.S.) has adopted new product development as the primary strategy to retain its position in the agricultural equipment market. For instance, in February 2016, it introduced a new 5R series of tractors. These tractors have 60˚ steering angle, two fully electronic transmission options, and improved forward visibility by 7% and upward visibility by 80% with the help of panorama cab roof, six halogen work lights, and an interactive display panel. It also introduced a new model to its air-seeding family, namely, C850 air cart for small grain producers. This model has a carrying capacity of 850 bushels, around 55% higher than the previous models. In addition to new product development, the company also adopted the strategy of collaborations and joint ventures. In March 2016, it entered into a joint venture with Hagie Manufacturing, a U.S. based player in high-clearance sprayers market. As a part of this joint venture, Deere & Company acquired the majority ownership of Hagie Manufacturing with the sales and service of Hagie equipment integrated with Deere's in a span of 15 months. Hence, with the help of continuous product development, acquisitions, and joint ventures with existing key companies in the supply chain, the company maintained its top position in the global agricultural equipment market.

CNH Industrial N.V. (U.K.) adopted the strategies of acquisition, expansion, and new product development. In January 2017, it acquired the agricultural grass and soil business of Kongskilde Industries (Denmark). This business segment develops, manufactures, and sells solutions for agricultural applications for tillage, seeding, and hay & forage under brand names such as Kongskilde, Överum, Howard, and JF. The acquisition helped to extend the product portfolio of New Holland Agriculture brand. Further, in December 2016, the company invested USD 685.0 thousand in its Zedelgem plant for upgrading the EC process. This upgradation improved the corrosion resistance of components of combine harvesters, balers, and chippers, which are manufactured at this plant. In August 2016, the company had held a public preview of its concept autonomous tractors at Farm Progress Show in Iowa, U.S. This included a cabless concept Case IH Magnum and a New Holland T8 NH concept tractor, which includes a cab for operational flexibility. Hence, it followed an appropriate mix of strategies to retain its position in the market.

Related Reports:

Farm Tractor Market by (Power Output (30, 31–100, 101–200, >200hp), Drive Type (2WD, 4WD, & Autonomous Tractor), Combines Market (Corn, Rice, Wheat, Soybean), Implements Market (Harvest, Hay, Plant & Fertilize, Plow & Cultivate, Spray) - Forecast to 2022

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Report Code
AT 2835
Published ON
Jun, 2017
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