Agriculture and Farm Machinery Market to Expand at 8.7% CAGR between 2015 and 2022
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 report projects that 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% CAGR between 2015 and 2022 to achieve such a rise in its prospects.
The chief factors leading to the high demand for agriculture and farm machinery across the globe include the rising level of mechanization 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 fertilizing 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 Asia Pacific, where these products are observing high demand from countries such as India and China. The high demand can be attributed to the rising food consumption for sufficing the rising population of these countries. The report states that the market segments of planting and fertilizing machinery and plowing and cultivation machinery will expand at moderate pace over the report’s forecast period.
Geography-wise, the market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In terms of adoption of new technologies, Asia Pacific, Europe, and North America were the key contributors to the global agriculture and farm machinery market in 2014, with Europe leading the market, accounting for a 36% market share.The report states that the global market for agriculture and farm machinery is highly fragmented and features a large number of businesses vying for a share of profits in this highly competitive market. Many businesses have focused their attention on the area of making agriculture and farm machinery technologically advanced. Many other companies, catering mostly to price-conscious developing markets, are introducing innovative technologies at competitive costs.Some of the key vendors in the market are CLAAS KGaA mbH, Deere & Company, AGCO Corporation, and CNH Global N.V.
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