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Agricultural equipment demand to register double-digit growth to 2015

The report presents historical demand data plus forecasts to 2020 by product and region. The study assesses market environment factors, evaluates company market share and profiles 34 industry competitors.

According to the ‘Agricultural Equipment in China: Industry forecasts for 2015 & 2020’., demand for agricultural equipment in China reached ¥135 billion in 2010, accounting for 18% of the world market. Demand is projected to grow 10.8% annually to ¥225 billion in 2015. Growth will be supported by favorable government policies, improved access to equipment through agricultural machinery co-operatives, and healthy expansion of agricultural activity.

Tractors are the most significant type of agricultural equipment in China, accounting for 30 percent of total demand in 2010. Large, high powered tractors have greatly benefited from the Chinese government's subsidy policies and will continue to see strong growth over the forecast period. However, small tractors, because they are more affordable and practical for the average farming household, will continue to account for a greater share of demand. The high price of harvesting machinery units has largely been responsible for it having the lowest penetration rate of all agricultural equipment, though the segment will register above average growth through 2015, driven by increases in farmers' incomes. Planting and fertilizing equipment will see the fastest gains as Chinese farmers continue to adopt a wider range of farming equipment.

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by S. C.
03 april 2012, World News > Asia