Agriculture and Farm Machinery Market to Expand at 8.7% CAGR between 2015 and 2022

The global agriculture and farm equipment market, valued at US$ 144.10 Bn in 2014, is expected to witness growth at a CAGR of 8.7% from 2015 to 2022. Agriculture and farming equipment comprises an expansive variety of machinery and tools that help carry out a number of processes to upgrade the quality and quantity of production. The adoption of machinery has brought tremendous changes, and the advantages include saving time, reduction in labor costs, and appropriate use of inputs to obtain desired output. Moreover, with the growth of government subsidies for this machinery to farmers around the globe, the agriculture and farm machinery market is expected to witness significant expansion over the forecast period.

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Rising demand for farm tractors and harvesting machinery is expected to help the overall market grow, as these are used for multiple purposes, including harrowing, plowing, tilling, and planting. Growing awareness regarding the importance of technology in agriculture for the maximization of output is aiding the growth of the market. Increasing global population, which is in turn augmenting the consumption of food worldwide, is leading to heightened pressure to enhance food production. As agriculture and farm machinery enhances the efficacy of production, there has been significant demand for it in recent years. Increasing modernization and depreciation in agricultural land are other factors accelerating the agriculture and farm machinery market. The incorporation of monitoring systems, GPS systems, and self-driven mechanisms allows the precise use of material and increases fuel economy as well.

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The global agriculture and farm machinery market is segmented on the basis of product and geography. Based on product type, the agriculture and farm machinery market can be categorized into farm tractors, harvesting machinery, plowing and cultivation machinery, planting and fertilizer machinery, haying machinery, other agriculture equipment and parts and attachments. The market size and forecast in terms of revenue (US$ Bn) for each of these segments have been provided for the period 2013 to 2022, considering 2013 and 2014 as the base years. The report also provides compounded annual growth rate (CAGR) for each segment of the market for forecast period 2015 to 2022. Geographically, the agriculture and farm machinery market has been segmented into five regions, namely, North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and Latin America.

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The report includes market dynamics, key trends analysis and value chain analysis of the global agriculture and farm machinery market. The report also includes analysis of key participants in the agriculture and farm machinery along with their role in the ecosystem along with the future trends that will impact the demand. The study provides market estimation in terms of revenue and forecast for the period 2013-2022.

Some of the key manufacturers of agriculture and farm machinery equipment 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 other

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