Agriculture and farm machinery comprises the machinery required by farmers in farmlands to increase the productivity of crops. Farm and agriculture machinery and tools consist of harvesting machinery, tractors, plowing machinery and cultivators that are used for numerous purposes such as tilling, plowing, disking, and harvesting. The rising mechanization of agriculture has helped to resolve many farming problems such as wastage of energy and time and the scarcity of labor. Technological advancements in agricultural and farm machinery and equipment have benefited the global market in the recent past.
Currently, there are many new agriculture and farm machines with technological advancements being manufactured by leading players. The incorporation of GPS tracking systems and telemetry for tracking the exact location of tractors are some of the major advancements. Inbuilt autopilot systems are another technological advancement in the agricultural and farm machinery market. Some of the factors expected to drive the global agriculture and farm machinery market are the increasing demand for advanced agricultural machinery, technological advancements, the rising automation of farming operations, and the rising demand for farm and agriculture machinery. Going forward, the rising per capita income of farmers in developing and developed countries is expected to increase the sales of various agriculture and farm machinery.
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Farm Tractors Segment to Dominate Global Agriculture and Farm Machinery Market
The global agricultural and farm machinery market was valued at US$144.10 bn in 2014 and is expected to progress at an 8.70% CAGR from 2015 to 2022. The global agriculture and farm machinery market is segmented on the basis of geography and product type. By product type, the global agriculture and farm machinery market is classified into harvesting machinery, farm tractors, plowing and cultivating machinery, haying machinery, planting and fertilizers machinery, and others. In 2014, the global agriculture and farm machinery market was dominated by the farm tractors segment.
The farm tractor is the basic mechanized agricultural machine owned by farmers as it features multiple functions such as pulling and pushing of machinery for harrowing, planting, tilling, disking, and plowing. Most farm tractors are used for the purpose of excavation, landscape maintenance, and nonfarm grading. The increasing population is expected to increase the demand for food. This in return is expected to benefit the global market for agriculture and farm machinery.
Increasing Demand for Harvesting Machinery to Benefit Global Agriculture and Farm Machinery Market
Based on geography, the global agriculture and farm machinery market is divided into Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. CNH Global NV, CLAAS KGaA mbH, Bamford Excavators Limited (JCB), Iseki & Co., Ltd., Mahindra & Mahindra Limited, Yamabiko Corporation, John Deere and Company, AGCO Corporation, J.C., Alamo Group, Inc., and Same Deutz-Fahr are some of the key companies operating in the global agriculture and farm machinery market.
Over the past few years, the spread of urbanization has resulted in a decrease in farmlands. This is the major factor expected to hamper the growth of the global agriculture and farm machinery market in the coming few years. The rising demand for big harvesting machinery and increasing farm consolidation are predicted to propel the global market for agriculture and farm machinery.