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1、 China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1 MarketLine Industry Profile Agricultural Machinery in China May 2013 Reference Code: 0099-0824 Publication Date: May 2013 WWW.MARKETLINE.COM MARKETLINE. THIS PROFILE
2、 IS A LICENSED PRODUCT AND IS NO T TO BE PHOTOCO PIED China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2 EXECUTIVE SUMMARY Market value The Chinese agricultural machinery market grew by 19% in 2012 to reach a value of
3、 $4,342.1 million. Market value forecast In 2017, the Chinese agricultural machinery market is forecast to have a value of $6,964.6 million, an increase of 60.4% since 2012. Market volume The Chinese agricultural machinery market grew by 2.2% in 2012 to reach a volume of 370.6 thousand units. Market
4、 volume forecast In 2017, the Chinese agricultural machinery market is forecast to have a volume of 466.1 thousand units, an increase of 25.8% since 2012. Category segmentation Tractors 50HP 48.8 13.2% Total 370.6 100% SOURCE: MARKETLINE M A R K E T L I N E Figure 3: China agricultural machinery mar
5、ket category segmentation: % share, by volume, 2012 SOURCE: MARKETLINE M A R K E T L I N E China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 11 Geography segmentation China accounts for 35.6% of the Asia-Pacific agricu
6、ltural machinery market value. India accounts for a further 37.8% of the Asia-Pacific market. Table 4: China agricultural machinery market geography segmentation: $ million, 2012 Geography 2012 % India 4,599.7 37.8 China 4,342.1 35.6 Japan 1,272.2 10.4 South Korea 251.6 2.1 Rest of Asia-Pacific 1,71
7、4.9 14.1 Total 12,180.5 100% SOURCE: MARKETLINE M A R K E T L I N E Figure 4: China agricultural machinery market geography segmentation: % share, by value, 2012 SOURCE: MARKETLINE M A R K E T L I N E China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND
8、 IS NOT TO BE PHOTOCOPIED Page | 12 MARKET OUTLOOK Market value forecast In 2017, the Chinese agricultural machinery market is forecast to have a value of $6,964.6 million, an increase of 60.4% since 2012. The compound annual growth rate of the market in the period 201217 is predicted to be 9.9%. Ta
9、ble 5: China agricultural machinery market value forecast: $ million, 201217 Year $ million CNY million million % Growth 2012 4,342.1 27,405.7 3,382.0 19.0% 2013 4,833.8 30,508.9 3,764.9 11.3% 2014 5,369.7 33,891.4 4,182.3 11.1% 2015 5,903.8 37,262.7 4,598.3 9.9% 2016 6,434.7 40,613.2 5,011.8 9.0% 2
10、017 6,964.6 43,957.5 5,424.5 8.2% CAGR: 201217 9.9% SOURCE: MARKETLINE M A R K E T L I N E Figure 5: China agricultural machinery market value forecast: $ million, 201217 SOURCE: MARKETLINE M A R K E T L I N E China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PR
11、ODUCT AND IS NOT TO BE PHOTOCOPIED Page | 13 Market volume forecast In 2017, the Chinese agricultural machinery market is forecast to have a volume of 466.1 thousand units, an increase of 25.8% since 2012. The compound annual growth rate of the market in the period 201217 is predicted to be 4.7%. Ta
12、ble 6: China agricultural machinery market volume forecast: thousand units, 201217 Year thousand units % Growth 2012 370.6 2.2% 2013 390.6 5.4% 2014 416.1 6.5% 2015 437.6 5.2% 2016 454.6 3.9% 2017 466.1 2.5% CAGR: 201217 4.7% SOURCE: MARKETLINE M A R K E T L I N E Figure 6: China agricultural machin
13、ery market volume forecast: thousand units, 201217 SOURCE: MARKETLINE M A R K E T L I N E China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 14 FIVE FORCES ANALYSIS The agricultural machinery market will be analyzed tak
14、ing manufacturers of agricultural machinery as players. The key buyers will be taken as end-users, and providers of raw materials and production equipment as the key suppliers. Summary Figure 7: Forces driving competition in the agricultural machinery market in China, 2012 SOURCE: MARKETLINE M A R K
15、 E T L I N E The Chinese agricultural equipment market is dominated by multinational manufacturers Deere construction and forestry; and financial services. The companys agriculture and turf segment manufactures and distributes a full line of agricultural and turf equipment and related service parts.
16、 The segments equipment operations are consolidated into five product platforms, including crop harvesting; turf and utility; hay and forage; crop care; and tractors. The crop harvesting equipment offered by the company includes combines, corn pickers, cotton and sugarcane harvesters and related fro
17、nt-end equipment and sugarcane loaders. The companys turf and utility portfolio includes utility vehicles, riding lawn equipment, walk-behind mowers, commercial mowing equipment, golf course equipment, implements for mowing, tilling, snow and debris handling, aerating and other residential, commerci
18、al, golf and sports turf care applications; and other outdoor power products. The companys hay and forage equipment portfolio includes self-propelled forage harvesters and attachments, balers and mowers. The companys crop care portfolio includes tillage, seeding and application equipment, including
19、sprayers, nutrient management and soil preparation machinery. The companys tractors portfolio includes loaders and large, medium and utility tractors and related attachments. Deere also purchases certain products from other manufacturers for resale. Additionally, the segment offers ancillary product
20、s and services supporting its agricultural and turf equipment customers. John Deere Landscapes, a unit of the company, distributes irrigation equipment, nursery products and landscape supplies, including seed, fertilizer and hardscape materials. Another unit of the company, John Deere Water, manufac
21、tures and distributes precision agricultural irrigation equipment and supplies. The segment also provides integrated agricultural business and equipment management systems. In addition to the John Deere brand, the agriculture and turf segment purchases and sells a variety of equipment attachments un
22、der the Frontier, Kemper and Green Systems brand names. The segment also manufactures and sells walk-behind mowers and scarifies in select European countries under the SABO brand name. China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PH
23、OTOCOPIED Page | 27 The companys construction and forestry segment offers a range of equipment for the construction, earthmoving, material handling and forestry. These include a broad range of backhoe loaders, crawler dozers and loaders, four wheel- drive loaders, excavators, motor graders, articula
24、ted dump trucks, landscape loaders, skid-steer loaders, log skidders, log feller bunchers, log loaders, log forwarders, log harvesters and a variety of attachments. The segments forestry machines are distributed under the John Deere brand name and forestry attachments are distributed under the John
25、Deere and Waratah brand names. In addition to the equipment manufactured by the construction and forestry segment, the company purchases certain products from other manufacturers for resale. The segment also provides comprehensive fleet management telematics solutions designed to improve customer pr
26、oductivity and efficiency through access to fleet location, utilization and maintenance information. The company and Hitachi Construction Machinery (Hitachi) has a joint venture for the manufacture of hydraulic excavators and track log loaders in the US and Canada and a joint venture for the manufac
27、ture of excavators in Brazil. Deere distributes Hitachi brands of construction and mining equipment in North, Central and South America. The company also supplies a range of construction, earthmoving, material handling and forestry products manufactured by John Deere in the US, Finland and New Zeala
28、nd. These are also distributed by Hitachi in certain Asian markets. The construction and forestry segment also has a joint venture in China with Xuzhou Bohui Science & Technology Development (Xuzhou) known as known as Xuzhou XCG John Deere Machinery Manufacturing for the manufacture of hydraulic exc
29、avators. In India, the segment manufactures construction equipment branded Leyland Deere through its joint venture with Ashok Leyland. The segment also has established manufacturing capacity for construction and forestry equipment in Russia and construction equipment in China. The company also owns
30、Nortrax, an authorized dealer for construction, earthmoving, material handling and forestry equipment in the US and Canada. Deere also owns a retail construction and forestry sales operation in Russia and owns retail forestry sales operations in Australia, Brazil, Finland, Ireland, New Zealand, Norw
31、ay, Sweden and the UK. The financial services segment primarily finances sales and leases by the companys dealers of new and used agriculture and turf equipment and construction and forestry equipment. In addition, the financial services segment provides wholesale financing to dealers of the foregoi
32、ng equipment, finances retail revolving charge accounts and operating loans and offers crop risk mitigation products and extended equipment warranties. The segment offers financing, primarily for Deere products, in the US, Canada, Australia, China, India, New Zealand, Russia, Thailand and in several
33、 other countries in Asia, Europe and in Latin America. Key Metrics The company recorded revenues of $36,157 million in the fiscal year ending October 2012, an increase of 12.9% compared to fiscal 2011. Its net income was $3,065 million in fiscal 2012, compared to a net income of $2,800 million in th
34、e preceding year. Table 14: Deere & Company: key financials ($) $ million 2008 2009 2010 2011 2012 Revenues 28,437.6 23,112.4 26,004.6 32,013.0 36,157.1 Net income (loss) 2,052.8 873.5 1,865.0 2,799.9 3,064.7 Total assets 38,734.6 41,132.6 43,266.8 48,207.4 56,265.8 Total liabilities 32,201.9 36,313
35、.9 36,963.4 41,392.5 49,403.8 Employees 56,623 51,262 55,650 61,278 66,859 SOURCE: COMPANY FILINGS M A R K E T L I N E China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 28 Table 15: Deere & Company: key financial ratio
36、s Ratio 2008 2009 2010 2011 2012 Profit margin 7.2% 3.8% 7.2% 8.7% 8.5% Revenue growth 18.1% (18.7%) 12.5% 23.1% 12.9% Asset growth 0.4% 6.2% 5.2% 11.4% 16.7% Liabilities growth 2.5% 12.8% 1.8% 12.0% 19.4% Debt/asset ratio 83.1% 88.3% 85.4% 85.9% 87.8% Return on assets 5.3% 2.2% 4.4% 6.1% 5.9% Reven
37、ue per employee $502,227 $450,868 $467,288 $522,422 $540,796 Profit per employee $36,254 $17,040 $33,513 $45,692 $45,838 SOURCE: COMPANY FILINGS M A R K E T L I N E Figure 17: Deere & Company: revenues & profitability SOURCE: COMPANY FILINGS M A R K E T L I N E China - Agricultural Machinery 0099 -
38、0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 29 Figure 18: Deere & Company: assets & liabilities SOURCE: COMPANY FILINGS M A R K E T L I N E China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO
39、BE PHOTOCOPIED Page | 30 Mahindra & Mahindra Limited Table 16: Mahindra & Mahindra Limited: key facts Head office: Mahindra Towers, G.M. Bhosale Marg, Worli, Mumbai, Maharashtra 400 018, IND Telephone: 91 22 24975074 Website: Financial year-end: March Ticker: 500520 Stock exchange: Bombay SOURCE: C
40、OMPANY WEBSITE M A R K E T L I N E Mahindra & Mahindra (M&M) is an Indian manufacturer and marketer of utility vehicles, and tractors. It also provides farm equipment, steel trading and processing, financial, infrastructure development, hospitality, information technology services. The group operate
41、s in Asia, Americas, Europe, Middle East and Africa and Australia. At the end of March 2012, the group comprised of the flagship holding company, M&M, 117 subsidiaries, six joint ventures and 13 associates. The group primarily operates through nine segments including farm equipment, automotive, Syst
42、ech, financial services, IT (information technology) services, steel trading and processing, infrastructure, hospitality and other segment. The groups farm equipment segment operates through Mahindra (China) Tractor, Mahindra USA, Mahindra Yueda (Yancheng) Tractor, and Mahindra & Mahindra-Farm Equip
43、ment Division subsidiaries. It is engaged in the sale of tractors, spare parts and related services. In FY2012, M&Ms farm equipment segment (including Swaraj division) recorded sales of 236,666 tractors. Under this segment, the group markets its vehicles under Arjun, Bhoomiputra, Sarpanch, Shaan, Yu
44、vraj, FengShou, Huanghai Jinma and Swaraj brand names. In addition, in the in the power generation space under the Mahindra Powerol Brand, the group sold 29,122 engines in FY2012. M&Ms automotive segment comprises of sales of automobiles, spare parts and related services. The group manufactures and
45、markets utility vehicles and light commercial vehicles including three-wheelers. It exports its automotive products to several regions including Europe, Africa, South America, South Asia and the Middle East. In FY2012, M&M automotive segment recorded total sales of 398,357 vehicles and 70,988 three-
46、wheelers. In the domestic market, the group sold 245,700 passenger vehicles (including 202,217 utility vehicles (UVs), 25,644 multi-purpose vehicles (MPVs) and 17,839 cars). In the commercial vehicle segment, M&M sold 127,029 vehicles (including 53,895 vehicles ( 2 ton gross vehicle weight (GVW) and
47、 73,134 vehicles between 2-3.5 ton GVW). In the three-wheeler segment, the group sold 67,440 three wheelers. Similarly, the group sold 25,628 vehicles including 157 vehicles sourced from Mahindra Navistar Automotives, and 3,548 three-wheelers in the overseas market. M&M markets its vehicles under Al
48、fa, Bolero, Genio, Gio, Korando, Kyron, Loadking, Logan, Maxximo, REVA Electric Cars, Rexton II, Rodius, Scorpio, Thar, Verito, XUV 500, Xylo and e2o brand names. The Systech segment is engaged in providing automotive components and other related products and services. It provides design and enginee
49、ring services, computer-aided design (CAD) and computer-aided engineering (CAE) services to the automotive domain, aerospace and general engineering industries. Its products include alloy steel, blankings, castings, composites, ferrites and magnetic products, forgings, gears, ring rolling, and stampings. China - Agricultural Machinery 0099 - 0824 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 31 M&Ms financial services segment comprise of services relating to financing, leasing and hire purc