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Global cultivation machinery market: $10 billion industry by 2018

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Plowing and Cultivation Machinery: A Global Strategic Business Report - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-14 07:59:04
The global Cultivation Machinery market is projected to reach US$10 billion by 2018, driven primarily by mechanization of farming practices and government subsidies.

Farming activity during the 2007-2009 recession period was impacted, though moderately. The tough financial condition resulted in an increase in farmer carryover debt and delinquency rates. Capital expenditure on farm machinery such as plowing and cultivation equipment was negatively impacted. In the year 2010, farming activity recovered in sync with the rise in global commodity prices. Favorable government policies also aided the recovery witnessed. Increased commodity prices led to higher farm incomes, encouraging farmers to invest in farm equipment and machines.

The long-term outlook for the global plowing and cultivation equipment market is positively guided by population growth and rising emphasis on food security and self- sufficiency, especially in developing countries. Declining production yields of cereals and oilseeds worldwide is expected to result in the expansion in land use for agricultural cultivation, thus benefit market demand.

Asia-Pacific represents the largest and the fastest growing market worldwide. Growth in the region will be driven by China and India. Strong economic growth and increasing investments in agricultural mechanization techniques to boost exports are key factors encouraging growth in these countries. Demographic factors such as rising per capita income in rural regions and shortage of farm labor in the light of increasing migration of population from villages to cities are additionally encouraging adoption of agricultural equipment.

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