Agriculture and Farm Machinery Market - Complete Study of Current Trends and Growth Drivers For 2022

The global agriculture and farm equipment market, valued at US$ 144.10 Bn in 2014, is expected to see growth at a CAGR of 8.7% during 2015 to 2022. Agriculture and farm equipment consists of wide range of tools and machinery which is used by the farmers to perform numerous processes that enhance the quality of crops and other farm output. Mechanization of agriculture in recent past has changed the outlook of traditional agriculture. Increasing agriculture mechanization has resulted in time saving in farm operations, less labor requirement, efficient utilization of inputs and capacity enhancement of farmlands among others. With the government offering subsidies on agriculture machinery to the farmers globally, the agriculture and farm machinery market is expected to witness significant growth over the forecast period. The government of different countries are focusing on providing subsidies to promote the farm production across the globe.

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In 2014, farm tractor was the most dominant product segment which accounted for more than one-third of the global agricultural and farm machinery market. Alongside, the subsidies provided by the government to the farmers for boosting the farm production across the globe is fueling the growth of agriculture and farm machinery market. Farm tractor is the basic machinery which is owned by farmers as it has multiple functions including pulling and pushing of trailers or machinery for planting, harrowing, disking, tilling and plowing among others. Most of the tractors are also used for excavation purposes, nonfarm grading, and landscape maintenance. The agriculture and farm machinery market is expected to witness high demand owing to increasing population globally which in turn is raising the demand for food consumption. Growing awareness about the importance of technology in agriculture to maximize output is one of the major factors driving the growth of the agriculture and farm machinery market across the globe. The autopilot system is a major technological advancement in agricultural machinery. In this system, tractors, sprayers, and combines are mounted with GPS kits and they can accurately drive themselves through fields. However the increasing urbanization which has resulted in the decreasing farmlands, is the major factor inhibiting the growth of agriculture and farm machinery globally.

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The Europe, Asia Pacific and North America are the key contributors to the agriculture and farm machinery market. Among all product types of agriculture and farm machinery, harvesting machinery segment is expected to exhibit the fastest growth. Rising farm consolidation coupled with increase in demand for large harvesting machinery is expected to spur the growth of harvesting machinery in both developed and developing regions. Some of the major players in the agriculture and farm machinery market 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.

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