GIA announces the release of a comprehensive global report on Agricultural Implements and Machinery markets. The global Agricultural Implements and Machinery market is forecast to reach $91 billion by the year 2015. Expansion in the global population, and growing prosperity in emerging economies are expected to fuel demand for agriculture produce, which in turn will lead to increase in demand for agricultural machinery. Other factors driving growth include increasing focus on renewable fuels, and growing technological complexity of agricultural equipment.

The global agricultural implements and machinery market witnessed significant growth for several years until 2008, in terms of production as well as revenues. However, the global economic downturn negatively affected the market. While the largest as well as the developed markets declined during the recession, demand remained upbeat in emerging markets of Asia and Latin America. Growth in the agricultural equipment market depends on varied factors such as global economic condition, weather and demand. The market is expected to post continued decline in 2010, albeit at a lesser rate than in 2009. With the long-term drivers of the industry still strong, and with the global economy recovering, growth in agricultural implements and machinery market is expected to rebound in 2011 and post steady growth in the subsequent years.

Europe and the US represent the leading regional markets worldwide. However, these markets are relatively mature and demand is expected to primarily emanate from replacement sales. Growth in the market would be primarily driven by developing countries, such as China, India, and Brazil. Growing mechanization in the agricultural sectors of India and China is expected to bestow significant growth and profits for the agricultural implements and machinery industry in the near future. Economies of scale dictate the production of agricultural machinery sizes and models in locations where the highest volume of such machinery is used. While the US and Canada dominate the global market in the production of high horsepower tractors (100HP and above), Europe and a few emerging Latin American nations predominantly manufacture tractors in the medium range (40-100HP). Japan remains a major supplier of tractors in the below 40 horsepower segment.

Europe represents the largest regional market for Agricultural Implements and Machinery worldwide, as stated by the new market research report on Agricultural Implements and Machinery. The US represents the single largest market for agricultural implements and machinery worldwide. The global market for agricultural equipment is forecast to witness modest pace of growth, with developing economies offsetting the impact of slower-growth in developed world. Market expansion will be driven by greater farm mechanization in markets, such as India and China. Solid potential exists in these countries due to the substantially lower levels of mechanization, and inefficient farm equipment. In addition, countries such as Indonesia, Thailand, Brazil, and Russia are expected to post robust growth due to increased use of machinery. Asia-Pacific market is expected to register the fastest compounded annual growth through 2015.

Farm Tractors, considered as the ‘workhorse’ of agriculture and the most versatile equipment used in farming, represent the largest segment. Advanced tractor technologies, coupled with adoption of GPS, have led to the development of highly efficient and productive machinery that can perform multiple tasks. Harvesting Machinery represents the second largest segment. However, growth in the global market for agricultural implements and machinery would be spearheaded by Plowing & Cultivating Machinery, which represents the fastest growing product segment through the analysis period 2007-2015.

Major players profiled in the report include AGCO Corp, Claas KGaA, CNH Global NV, Deere & Company, Escorts Group, Kubota Corp, Kuhn Group, Kverneland ASA, Mahindra Group, Same Deutz-Fahr Group, among others.

The research report titled “Agricultural Implements and Machinery: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the Agricultural Implements and Machinery markets, impact of recession on the demand for machinery, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Agricultural Implements and Machinery market for the years 2007 through 2015 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America. Key segments analyzed include Farm Tractors, Harvesting Machinery, Planting & Fertilizing Machinery, Plowing & Cultivating Machinery, Haying Machinery, and Auxiliary Equipment & Others. Also, a six-year (2001-2006) historic analysis is provided for additional perspective.