World News: 17:32 GMT Thursday 6th December 2018. [Technavio Research via Businesswire via SPi World News]
Technavio analysts forecast the global agriculture planting and seeding equipment market to grow at a CAGR of more than 6% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
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Technavio has released a new market research report on the global agriculture planting and seeding equipment market for the period 2018-2022. (Graphic: Business Wire)
The increasing popularity of automatic agriculture machines for planting and seeding is one of the major trends being witnessed in the global agriculture planting and seeding equipment market 2018-2022. Mechanical agriculture equipment is losing its charm against the automatic agriculture machines for planting and seeding because of its rising popularity. This is due to the increasing acceptance of automatic agriculture machines for planting and seeding that allows the farmers a better and optimized sowing season, along with increased profitability from the agriculture land. This has, thus, increased the popularity of automatic seeding and planting equipment in the market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global agriculture planting and seeding equipment market is the reduction in labor costs due to the use of agriculture machines for planting and seeding:
Global agriculture planting and seeding equipment market: Reduction in labor costs due to the use of agriculture machines for planting and seeding
Technologically advanced agriculture equipment is being widely adopted by farmers in place of the traditional labor-intensive jobs in the agriculture field because it encourages the farmers by rapidly increasing labor wages coupled with growing labor scarcity caused by the shift of workers from the agriculture sector to the other non-agriculture sector. Thus, the adoption of agriculture machines for planting and seeding aids in significantly reducing labor costs and simultaneously increasing the overall efficiency.
According to a senior analyst at Technavio, “The use of agriculture machines such as the tractor operated Zero-Till Seed-Cum-Fertilizer Drill allows farmers, on an average, to save 50%-60% of the time and 40%-50% of the cost. This agriculture machine costs about USD 530 to USD 630 in the Indian subcontinent and the use of this agriculture equipment allows the farmer to save up to USD 20 per hectare per hour in costs.”
Global agriculture planting and seeding equipment market: Segmentation analysis
The global agriculture planting and seeding equipment market research report provides market segmentation by product (seed drills, planters, and air seeders) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
EMEA held the largest share of the market in 2017, accounting for more than 39% share. It was followed by the Americas and APAC respectively. The dominance of EMEA can be attributed to the reduction in labor costs due to the use of agriculture machines for planting and seeding and growth of mechanization in agriculture.
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Business Wire: 17:32 GMT Thursday 6th December 2018
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