London, 10 December 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Agricultural Machinery Market in the US 2015-2019, which is expected to grow at a CAGR of 8.09 percent during 2014-2019.
The Agriculture industry involves substantial labor costs because it is labor-intensive. Hence, the need to reduce labor costs by substituting manual labor with agricultural machinery for harvesting and cultivation has gained increased market traction. Labor costs in the US have increased considerably over the past few years, which has prompted farmers to mechanize agriculture. As well as increased labor costs, the use of agricultural machinery instead of manual labor offers several other advantages such as reduced time, increased productivity, and efficiency.
“Mechanization helps provide uniformity while performing agricultural tasks such as sowing and helps to apply fertilizer in an even manner to enable proper germination of seeds,” says Faisal Ghaus, Vice President of TechNavio.
“Enhanced speed and accuracy of mechanization have made it an attractive proposition for farmers. Modern tractors are equipped with features such as sensors and GPS, which aid farmers to increase productivity.”
Key Market Drivers
- Need for Enhanced Productivity
- Increased Labor Costs
- Increase in Corporate Farming
Key Market Trends
- Emergence of Newer Agricultural Technologies
- Increase in Demand for Low-power Machinery
- Shift toward Modern Machinery
Key Market Vendors
- AGCO Corp.
- CNH Industrial N.V.
- Deere & Company
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
