The global agriculture and farm equipment market, valued at US$ 144.10 Bn in 2014, is expected to witness growth at a CAGR of 8.7% from 2015 to 2022
[EUPRwire, Thu Mar 14 2019] Agriculture and farm machinery consists of the tools and machinery required by the farmers in agricultural farmlands for increased productivity of crops. Agriculture and farm machinery consist of tractors, harvesting machinery, plowers and cultivators among others which are used for various purposes such as plowing, tilling, harvesting and disking among others. The increasing mechanization of agriculture has resolved various problems associated with farming including scarcity of labor, wastage of time and energy. The technological advancements in the design of tractors to improve output efficiency are expected to fuel the demand for farm tractors in the field. Some advancements in manufacturing tractors are incorporation of GPS tracking device and telemetry for tracking the exact location of tractors in the farm lands.
Key factors driving the agriculture and farm machinery market include technological innovations, rising demand for advanced agricultural machinery, increasing mechanization of farming operations. Further, growth in global food demand is another key factor driving the demand for agriculture and farm machinery, globally. This increasing demand for food is a result of the growing population which in turn is increasing the demand for food consumption. Moreover, increased per capita income of farmers in both developed and developing economies is anticipated to boost the sale of farm machinery globally.
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The Global Agriculture and Farm Machinery Market is segmented on the basis of product and geography. Based on product type, the agriculture and farm machinery market can be categorized into farm tractors, harvesting machinery, plowing and cultivation machinery, planting and fertilizer machinery, haying machinery, other agriculture equipment and parts and attachments. The market size and forecast in terms of revenue (US$ Bn) for each of these segments have been provided for the period 2013 to 2022, considering 2013 and 2014 as the base years. The report also provides compounded annual growth rate (CAGR) for each segment of the market for forecast period 2015 to 2022. Geographically, the agriculture and farm machinery market has been segmented into five regions, namely, North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and Latin America.
The report includes market dynamics, key trends analysis and value chain analysis of the global agriculture and farm machinery market. The report also includes analysis of key participants in the agriculture and farm machinery along with their role in the ecosystem along with the future trends that will impact the demand. The study provides market estimation in terms of revenue and forecast for the period 2013-2022.
Some of the key manufacturers of agriculture and farm machinery equipment include CNH Global NV, Deere and Company, CLAAS KGaA mbH, AGCO Corporation, J.C. Bamford Excavators Limited (JCB), Alamo Group, Inc., Iseki & Co., Ltd., Same Deutz-Fahr, Mahindra & Mahindra Limited, and Yamabiko Corporation, among others.
The market has been segmented as follows:
Agriculture and Farm Machinery Market, by Product Type: