Mon 7 Sep 2009
World Agricultural Equipment Forecasts for 2012 & 2017
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Global demand to rise 3.7% annually through 2012. World demand for agricultural machinery and equipment is forecast to increase 3.7 percent annually through 2012 to $111 billion. Gains will be paced by the accelerating mechanization of the agriculture sectors in currently large agricultural equipment markets such as China and India whose farm sectors are nevertheless still significantly unmechanized and inefficient in comparison to those found in more developed markets. Moreover, rapidly rising global staple food crop prices and shortages in 2007 and early 2008 indicate a growing necessity to increase farm productivity and effi- ciency in developing countries. To some extent, gains could be hindered if energy prices remain at their current high levels through the forecast period and negatively impact global economic growth.
China, India hold best growth prospects in developing areas
Strongest growth in agricultural equipment demand will be registered in developing countries, with China and India holding by far the best prospects. Other large developing nations with sizable agricultural sectors, such as Brazil and Russia, will also post healthy gains as a result of increasing mechanization of their agricultural sectors. Besides benefitting from rising incomes, farmers in these regions will continue to strive to increase productivity through further automation and replacement of older equipment. Increasingly, draft animals such as horses and oxen used during various stages of the farming process will be replaced by agricultural equipment. In addition, rising wages in many of these countries as well as large scale migration to urban areas will necessitate the replacement of human capital with fixed capital such as farm machinery.
Gains in developed regions to lag world average
The US will experience gains that will lag the world average due to decelerating growth in economic and agricultural sector output in the country through 2012. Western Europe will post particularly anemic growth through 2012, with gains arising from a strong 2007 when demand (in dollars) was bolstered by a strong Euro. Farmers in both the US and Western Europe will be adversely impacted by continuing trends in favor of free trade and against protectionist measures such as subsidies for domestic farmers and tariffs on agricultural product imports. Throughout the industrialized world, virtually all demand will be replacement oriented in nature, as the farming sectors of most countries are not growing in terms of number of farms, acreage harvested and similar physical variables. Given the widespread diversity and often interrelation of applications, growth prospects for specific types of farm machinery do not vary substantially when viewed at the global level
Study coverage
This new industry study, World Agricultural Equipment, is available for $5600. It presents historical data (1997, 2002, 2007) plus forecasts (2012, 2017) for supply and demand by type in six regions and 26 countries worldwide. The study also considers market environment factors, evaluates company market shares and profiles 25 global competitors.
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