Global Agricultural Equipment Sales Boosted by More Sophisticated Farm Machinery

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Jul 03, 2019, 11:45 ET

CLEVELAND, July 3, 2019 /PRNewswire/ -- The Freedonia Group's recent study on global agricultural equipment forecasts the industry to grow 5.2% per year to $165.8 billion in 2022, supported in part by the development of more sophisticated farm machinery.

While the fundamental technologies underlying agricultural equipment are well established, innovation continues on machinery that improves efficiency, increases crop yields, and reduces operating and labor costs. More sophisticated equipment is also frequently higher value, which elevates demand in dollar terms for the entire industry. Recent innovations include CNH Industrial's Case IH 4400 series harvesting machinery, which features a new narrow row configuration that allows farmers to increase the amount of grain harvested.

Agricultural equipment suppliers are also looking to implement more advanced infrastructure in some markets in order to support their sophisticated machinery. Brazil – the sixth largest global market for agricultural equipment in 2017 – is a focus of these efforts:

Deere has collaborated with Brazilian telecom company Tropico to connect large farms to a data network in order to boost their efficiency and productivity.
AGCO is working to connect Brazilian farms in isolated locales with no internet or cellular service to data networks via satellites.

Interested in More Info?

The Freedonia Group's Global Agricultural Equipment study analyzes the global agricultural equipment market by product, market, region, and country. Historical data and demand forecasts are presented in value and unit terms. Pricing data, regulatory information, and in-depth profiles of leading industry participants including market share and recent restructuring activity are also provided.

Additional studies covering outdoor living and landscaping trends are available from Freedonia's Machinery & Equipment research group.

About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.

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Corinne Gangloff
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SOURCE The Freedonia Group