Haying and forage machinery: Key market research findings
- Increasing demand for high-capacity machinery
- Incorporation of precision farming technologies
- Key market vendors are AGCO, Pottinger, CLAAS, CNH Industrial, and Deere & Co.
Technavio has released a new report on the global haying and forage machinery market, which is expected to grow at a CAGR of around 5% between 2016 and 2020. Mechanization of farming practices and farm consolidation in emerging economies are increasing the demand for high-capacity haying machinery. High-capacity machinery provides high-quality output with increasing ownership cost and low maintenance. Pull-type forage harvesters are high-capacity machines that provide better sharpening and cutting ability in the terrain. North America is the largest region in the market and accounted for around 33% of the total market revenue in 2015. Shortage of labor and subsequently high labor expenses have propelled the use of agricultural machinery such as haying and forage machinery in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The latest trends gaining traction in this market is the incorporation of precision farming technologies. Precision farming uses machines with automated steering and advanced technology, which improves profitability and productivity. This technology also provides on-farm data to farmers to use digital tools which helps in reducing the wastage of seeds while planting them. In 2015, AGCO signed an agreement with Precision Planting to use AGCO’s FUSE technology for precision farming,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research
The haying segment dominates the haying and forage machinery market and is expected to grow at a CAGR of around 5% by 2020. Factors like the advent of high-capacity haying machinery with new features and innovations drive the global haying machinery market. For instance, Vermeer introduced Rebel 5420 in 2016 along with Alligator rivet belt laces to provide a balanced system, while operating the machinery.
AGCO, Pottinger, CLAAS, CNH Industrial, and Deere & Co. are the leading players in the global haying and forage machinery market. Competition is highly fragmented as there are numerous vendors in the market. These vendors are technologically advanced and use innovative methods to develop products. Factors such as intense competition between the market vendors in terms of cost, brand appeal, capacity, utility, and economic efficiency will affecting their strategies. Numerous vendors also offer a wide range of haying and forage machinery to achieve economies of scale.
A more detailed analysis is available in the Technavio report, Global Haying and Forage Machinery Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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