North America and Europe continue to dominate the global market for farm equipments
(PRWEB) March 12, 2013
A marked feature of today's ever growing demand for higher agricultural production, which is pivotal for the survival of mankind, is the technological innovation providing advance machinery and tools for diverse agricultural needs. The farm equipment sector is not only growing but also playing a vital role in the economies of different nations. The projections suggest continuous growth in the production of farm equipments, world over, at a CAGR of about 4.7% for the period spanning 2012-2015.
North America and Europe continue to dominate the global market for farm equipments; however the sluggish progress in these developed regions over the past few years is being offset by astounding growth in the emerging countries. Presently, Asia Pacific region represents the fastest growing market for agricultural machinery and equipments in the world, driven by greater demand for farm mechanization and ever expanding population. Moreover, the governments of developing nations, across the globe, are providing huge support to enhance agricultural productivity through automation of conventional methods of farming.
Growth in the global farm equipment market will mainly be driven by booming economies of emerging nations, ever widening world population, and declining arable land person. Furthermore, rising standards of living and increasing personal disposable income leading to massive urbanization is significantly driving the global demand for farm equipments. In addition, rising income from farms, particularly in the US is expected to contribute immensely to the future growth of the global farm equipment market.
The global farm equipment market is highly competitive with three key players accounting for the majority share in the market. These include John Deere, AGCO Corporation, and CNH Global NV. The firms operating in the farm equipment market compete mainly on the basis of product features, quality, and pricing; scale of distribution; and technological innovation, among other such factors.
This report analyzes the global market for agricultural equipments. It discusses the major factors which are likely to drive the agricultural equipment market in the years to come. Some of the major issues and challenges of the industry are also discussed here.
By combining SPSS Inc.'s data integration and analysis capabilities with relevant findings, the future growth of the farm equipment industry has been predicted. Various significant variables that have an impact on this industry and created regression models with SPSS Base have been used 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.
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