With the advent of novel technology, companies operating in the agriculture realm are now scaling new heights. Also the very broad industry is boosted by the rising population, ever escalating requirement for food and food grain production, demand for mechanization and rapidly evolving surrounding environment among others.
Agricultural or farm equipments comprise a wide range of machines and tools which assist the various farming processes required to enhance the output as well as the quality of crops. A discernible facet of the sky rocketing demand for meliorated agricultural production, fundamental to the human survival, is the technological advancement and novel innovation. This in turn is promoting the development of modern machinery and tools well suited for varied agricultural needs. The farm equipment industry is not only climbing the growth ladder at a swift pace, but also playing a crucial role in the global economy.
Europe and North America are at the reins of the global farm equipments industry. On the other hand, the emerging countries have been demonstrating impressive growth on the back of ameliorated economic conditions and better funds for investment in R&D of agriculture machinery. Considering the present scenario, Asia Pacific region presents the golden opportunity for farm equipment manufacturers as it is most rapidly evolving and growing market for the same, world over. The very region is poised to witness remarkably tremendous expansion in the agricultural machinery sector, primarily on account of augmented demand for farm mechanization and the mounting population. Furthermore, the developing nations, world over, are notably supported by their respective presidiums as they are provided with substantial funds and assistance for the betterment of agricultural productivity through farming process automation.
The global farm equipment market is fiercely competitive with three key players viz. John Deere, AGCO Corporation, and CNH Global NV, accounting for the mass share in the market. These firms chiefly compete on the basis of product features, quality, and pricing; scale of distribution; and technological innovation, among other such factors.
This report analyzes the global farm/agricultural equipments market, covering the regions including the Americas, Europe, Asia, Turkey and Russia. Furthermore, in addition to market dynamics such as industry growth driver and challenges; the competitive landscape and company profiles of leading industry players are also discussed herein.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the farm equipment industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.