3.74% CAGR growth by 2023 in Agricultural Haying and Forage Machinery Market| Key Vendors – Deere & Company (John Deere), CNH Industrial , AGCO Corporation , CLAAS, Mahindra Tractor, Kuhn Group, amongst others

Market Analysis:

Europe is likely to grow at a faster CAGR
Europe is one of the major forage crop cultivators in the world, is likely to see more adoption of haying and forage machinery in their forage crops cultivation during the forecast period. Also, due to its increasing orders for agricultural machineries from domestic as well as international.

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The growing livestock population and their feed demand are the primary drivers of the market. As the global experiencing increase in the consumption rates of livestock products on a regular basis, thus, driving the farmers to produce more forage crops to meet the growing animal feed demand. Improvement in productivity and ease of doing chores are the major reasons for the growing popularity of haying and forage machinery in agricultural fields. Labor shortage in North America, Europe, and other highly urbanized countries is likely to deploy these machineries during the forecast period to improve their agriculture economy. he demand for these machineries or equipment will experience increase in developing countries like China, India, and Brazil as a result of the government subsidies in these countries.

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Market Segments:
Agricultural Haying and Forage Machinery Market is segmented by:
1. Type: Mowers, Balers, Tedders & Rakes, Forage Harvesters
2. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market:
• October 2017: AGCO Corporation has acquired a forage division of Lely Group, New Zealand, a leading manufacturer of equipment like round balers, rakes, loader wagons, tedders, mowers and tillage products.
• October 2017: John Deere unveiled new hay bale range equipment with 2.2 meter (7.2 foot) MegaWide pick-up with optional 2.5 meter (8.2 ft)- widest in the agricultural machinery industry.

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This release was published on openPR.