The global agriculture and farm machinery market will have a valuation of US$281.61 bn by 2022. The market, which had a valuation of US$144.10 bn in 2014, is expected to expand at an 8.7 percent CAGR between 2015 and 2022 to achieve such a rise in its prospects. A market research report, titled “Agriculture and Farm Machinery Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022”, has been recently announced by the market intelligence company Transparency Market Research.
The chief factors leading to the high demand for agriculture and farm machinery across the globe include the rising level of mechanisation in the agriculture sector and government subsidies in many countries for purchasing agriculture and farm machinery as a way to promote improved farm production. Furthermore, the rising demand for food products to satisfy the ever-increasing global population has also prompted an increased demand for a variety of agriculture and farm machinery in the global market.
The report segments the global agriculture and farm machinery market based on two criteria: product types and key regional markets.Based on the types of products, the market is segmented into farm tractors, plowing and cultivation machinery, planting and fertilising machinery, harvesting machinery, haying machinery, and parts and attachments.
Of these, the high demand for farm tractors and harvesting machinery across the globe is projected to propel the overall market for agriculture and farm machinery over the report’s forecast period. The demand for harvesting machinery is most prominent in
Geography-wise, the market is segmented into North America, Latin America,
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.