Agricultural equipment companies in China are increasingly forging joint ventures in the industry
Future Growth of agricultural equipment market will be led by large sized tractors and combine harvesters
Ken Research announced its latest publication on “China Agricultural Equipment Industry Outlook to 2018” which provides a comprehensive analysis of major countries and different agricultural equipment being used in the region. The report covers various aspects such as market size of China agricultural equipment market, segmentation on the basis of major equipments and future outlook of the market. The report is useful for agricultural equipment manufacturers and dealers, as well as new players venturing in the market.
Agricultural equipments have played a key role in the development of China’s agricultural sector, which consequently led to industrialization, social stability and prosperity. Realizing the importance of farm machinery, the country is engaged in strengthening its domestic production of the same. Manufacturing activities related to farm machinery in China have intensified rapidly in the past decade especially since the government is highly liberal towards the entry of foreign companies to set up joint ventures in the country, following a policy that ‘exchanges the market for technology’.
According to the research report, the Asian agricultural equipment market will grow at an impressive CAGR, thereby exceeding USD 100 billion by 2018, largely due to the need to ensure food security for its growing population.
“Since employing agricultural machinery is a viable technique for timely production of crops, China is increasingly producing and consuming agricultural machinery for maintaining a continuous supply of food for its population”,according to the Research Associate, Ken Research.