Press Release
Press Release
The Asia Pacific region holds a significant share in the global market for agricultural equipment owing to the dependency of major developing countries on the agricultural sector. Countries like India and China are considered to be agrarian countries responsible for the mass production of wheat and rice, which are robustly exported to leading economies of the world. Hence, the deployment of agricultural equipment to enhance production, reduce costs, and manual labour are positively influencing the market growth in the region. Additionally, due to the depleting arable lands as a result of massive urbanisation and industrialisation, agricultural equipment is increasingly being deployed to restore land fertility, maintain pH levels of the soil, and lock nutrients in the soil. This is driving the market growth of the product. Furthermore, favourable government measures, such as ‘Make in India’, are encouraging market players to adopt cutting-edge technologies, thus generating robust growth opportunities, thereby invigorating the market growth in the region.
The healthy competition among the key players like Mahindra and Mahindra Ltd. (NSE: M&M) and XAG Co. Ltd is aiding the market growth. The latter company, XAG Co. Ltd, has recently launched a new series of smart agri tech in December 2020, introducing more in-depth digital unmanned solutions to make farming easier and more sustainable. The new products include three models of XAG Agricultural Drone and two editions of R150 Unmanned Ground Vehicle. These innovations are aimed at providing more flexible and efficient unmanned operations, and are equipped with the Super X4 Intelligent Control Systems, allowing the drone to conduct autonomous mapping, precision spraying, and intelligent broadcast on complex terrains. The technology allows users remote control via smartphones and substantially lowers manual labour, making farming much easier. Hence, such innovations by key market players are contributing to the market growth of agricultural equipment.
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The major players in the global agricultural equipment market are Deere & Company, CNH Industrial N.V., AGCO Corporation, Mahindra & Mahindra Ltd., Kubota Corporation, and ISEKI & CO., LTD., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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