The agriculture and farm machinery market is set for rapid expansion in the years to come due to technological advancements in this field. Agriculture and farm machinery is evolving at a fast rate. Most modern agricultural equipment, especially the free-standing equipment such as harvesters and tractors are equipped with sophisticated electronic control units. The advancements in technology to design and develop agricultural and farm machinery have proved to be worth for the growth of the global market. Thanks to the authorities governing the leading players manufacturing agricultural and farm machinery, such equipment is becoming more productive and sophisticated.
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Innovative Advancements in Agriculture Machinery to Benefit Global Market
Agriculture and farm machinery comprises the machinery that is utilized by farmers in agricultural farmlands to increase the productivity of crops. Agriculture and farm machineries such as harvesting machinery, tractors, plowers, and cultivators are in great demand due to their technical advancements and innovative new features. The rising mechanization of agriculture has solved many issues related to farming such as scarcity of labor and wastage of energy and time. Leading players in the global agriculture and farm machinery market are focusing on the introduction of new equipment with new features and added advancements. One of the many advancements made in the new agriculture and farm machinery is the installation of GPS tracking systems. Also, the installation of telemetry to track the location of tractors within the farm lands is expected to benefit the global market for agriculture and farm machinery.
The global agriculture and farm machinery market was valued at US$144.10 bn in 2014 and is expected to expand at an 8.70% CAGR during the period between 2015 and 2022. However, the increasing use of new agriculture and farm machinery in developed nations is expected to contribute towards the growth of the global market. Some of the key factors predicted to propel the global agriculture and farm machinery market are the introduction of new machinery, the development of new manufacturing techniques, the increasing demand for new agriculture equipment, and the rising mechanism of farming operations.
Increasing Per-capita Income to Create New Growth Opportunities in Global Agriculture Machinery Market
The growth of the global agriculture and farm market is expected to be benefited by the increasing demand for food. Rising demand for food has resulted in the growth of farming activities. Also, the increase in the per-capita income of consumers and the globally rising population will invite more growth opportunities in the global agriculture and farm machinery market in the next few years. Going forward, the demand for farm tractors, planting and fertilizer machinery, harvesting machinery, haying machinery, and others is predicted to increase.
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The global agriculture and farm machinery market is segmented on the basis of product type and geography. By product type, the global agriculture and farm machinery market is classified into farm tractors, harvesting machinery, haying machinery, parts and attachments, and others.
Based on geography, the global agriculture and farm machinery market is divided into the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Some of the key companies in the global agriculture and farm machinery market are CNH Global NV, CLAAS KGaA mbH, J.C. Bamford Excavators Limited (JCB), Iseki & Co., Ltd., Mahindra & Mahindra Limited, Deere and Company, AGCO Corporation, Alamo Group, Inc., and Yamabiko Corporation.