According to a New Report by Global Industry Analysts, Inc., the global market for Haying Machinery is projected to reach $10.4 billion by 2020, driven by the growth in livestock farming and the ensuing demand for hay for animal feeding.
As hay constitutes an important feed component for livestock, the state of the global livestock industry influences demand for haying machinery. Mechanization of farming practices and adoption of precision farming techniques are driving the need for advanced haying machinery. Farm consolidation in developed countries is benefiting demand for larger and high capacity haying machinery. With shortages in farm labor supply, bigger equipment assumes mission critical importance in effectively managing large scale farm activities. With productivity on the field being a major area of focus for harvesters, integration of advanced technologies such as data and fleet management is gaining in prominence, thus spurring growth of haying machinery. Technology advancements, preference for self-propelled machines, growing demand for dairy products, and introduction of new products are other major factors driving market growth.
The long-term outlook in the market is positively guided by population growth and rising emphasis on food security in developing countries. Increasing per capita animal protein consumption, credit availability, and subsidies offered by the government are also helping encourage farm mechanization these markets. A key trend in the haying machinery market is the growing utilization of telematics for haying activities. Telematics is increasingly being used to provide information such as vehicle location, motoring speed and engine status (running/idle), and other useful data such as driver logs, threshold notices, and fuel tax reports. Customized products and unique market promotions emphasizing the advantages of telematics are expected to boost sales of telematics-enabled haying machinery in the coming years. Another major trend in the market is the rising popularity of net wrap over twine winding. The use of net wrap increases the work rate in number of bales per hour, quickens the pace of operations, and cuts down labor as well as fuel usage.
As stated by the new market research report on Haying Machinery, Asia-Pacific represents the largest as well as the fastest growing market worldwide with a projected CAGR of 8.8% over the analysis period. Increasing focus on farm mechanization, labor shortage, the need to ensure food-security for an expanding population, government subsidies, and steady economic growth, represent key growth drivers in the region.
Major players profiled in the report include AGCO Corporation, Alois Pöttinger Maschinenfabrik Ges.m.b.H, Buhler Industries, Inc., CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company (John Deere), Kubota Corp., Kverneland Group, Kuhn Group and Lely Group, among others.
The research report titled “Haying Machinery: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific) and Latin America (Brazil and Rest of Latin America)
For more details about this comprehensive market research report, please click here