The market size of the global agricultural haying and forage machinery is expected to register a CAGR of 3.74% during the forecast period of 2018–2023. Europe is likely to witness a faster CAGR, due to it’s increasing orders for agricultural machinery from domestic as well as international vendors. Improvement in productivity and ease of doing chores are the major reasons for the growing popularity of haying and forage machinery in agricultural fields.
Increasing Cultivation of Forage Crops for Livestock Feed
The haying and forage machinery industry and livestock industry are interrelated and have grown simultaneously. The growing livestock population and their feed demand are the primary drivers of the market. As the global market is experiencing an increase in the consumption of livestock products on a regular basis, the farmers are driven to produce more forage crops to meet the growing animal feed demand. Europe, one of the major forage crop cultivators in the world, is likely to see more adoption of haying and forage machinery in their forage crops cultivation during the forecast period.
The labor shortage in North America, Europe, and other highly urbanized countries, will lead to the deployment of such machinery, during the forecast period, to improve their agricultural economy. The high machinery cost and unavailability of credit options are some of the most important constraints in the developing countries. However, during the forecast period, the demand for such machinery or equipment will experience rise in developing countries, like China, India, and Brazil as a result of government subsidies.
However, low commodity prices is likely to prevent farmers from purchasing these machinery. Reasonable prices could increase the sales of haying and forage machinery mainly in the developing countries of Asia-Pacific and Africa. Of late, in underdeveloped countries like South Africa, industrial investments are at their peak in order to strengthen the economy as well as the infrastructure.
Key Developments in the Market
- October 2017: AGCO Corporation acquired a forage division of Lely Group, New Zealand, a leading manufacturer of equipment like round balers, rakes, loader wagons, tedders, mowers and tillage products.
- August 2017: John Deere had plans to offer five new baler models to the market and were to be commercially available by November 2017.
Major Players: Deere & Company, AGCO Corporation, Kuhn Group, CNH Industrial, and CLASS, among others.
Reasons to Purchase the Report
- Latest technology trends adopted by the manufacturers in the agricultural haying and forage machinery market.
- Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Study on the machinery type that is expected to dominate the market.
- Study on the regions and countries that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3-month analyst support, along with the Market Estimate Sheet (in Excel).
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1.1 Research Methodology
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Study Assumptions
2.4 Econometric Forecast Model
3. Executive Summary
4. Market Overview And Technology Trends
4.1 Current Market Scenario
4.2 Technology Trends
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Competitive Rivalry within the Industry
5. Market Dynamics
5.1.1 Government Subsidies for Purchasing Agricultural Machinery
5.1.2 Increasing Cultivation of Forage Crops, Especially in Europe
5.2.1 Volatility of Commodity Prices
5.3.1 Integration of Robotic Systems and GPS in Agricultural Machinery
6. Market Segmentation
6.1 By Type
6.1.3 Tedders and Rakes
6.1.4 Forage Harvesters
6.2 By Geography
6.2.1 North America
22.214.171.124 The United States
126.96.36.199 Rest of North America
188.8.131.52 Rest of Asia-Pacific
184.108.40.206 The United Kingdom
220.127.116.11 Rest of Europe
6.2.4 Rest of the World
18.104.22.168 South Africa
22.214.171.124 Other Countries
7. Competitive Landscape
7.2 Market Share Analysis
8. Company Profiles
8.1 AGCO Corporation
8.3 CNH Industrial
8.4 Deere & Company (John Deere)
8.5 Krone North America Inc.
8.6 Kubota Corporation
8.7 Kuhn Group
8.8 Mahindra Tractor
8.9 Yanmar Company Limited
8.10 List not Exhaustive
9. Future of the Market