Data reveals that the agriculture and farm machinery market is set to reach a total of USD$281.61bn by 2022.
The market research report, Agriculture and Farm Machinery Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022, conducted by the market intelligence company Transparency Market Research, projects that the global agriculture and farm machinery market will have a valuation of $281.61bn (~€253.90) by 2022.
Increasing demand for farming machinery
The chief factors leading to the high demand for this machinery across the globe include the rising level of mechanisation in the agriculture sector, and government subsidies in many countries for purchasing the machinery as a way to promote improved farm production.
Furthermore, the rising demand for food products to satisfy the ever-increasing global population has also prompted an increased demand for a variety of agriculture and farm machinery in the global market.
The report segments the global agriculture and farm machinery market based on two criteria: product types and key regional markets. Based on the types of products, the market is segmented into farm tractors, ploughing and cultivation machinery, planting and fertilising machinery, harvesting machinery, haying machinery, and parts and attachments.
Of these, the high demand for farm tractors and harvesting machinery across the globe is projected to propel the overall market over the report’s forecast period.
The demand for harvesting machinery is most prominent in Asia Pacific, where these products are observing high demand from countries such as India and China. The high demand can be attributed to the rising food consumption for sufficing the rising population of these countries.
The report states that the market segments of planting and fertilising machinery and ploughing and cultivation machinery will expand at moderate pace.
High demand for machinery across the globe
The market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa.
In terms of adoption of new technologies, Asia Pacific, Europe, and North America were the key contributors to the global agriculture and farm machinery market in 2014, with Europe leading the market, accounting for a 36% market share.
The report states that the global market for agriculture and farm machinery is highly fragmented and features a large number of businesses vying for a share of profits in this highly competitive market.
Many businesses have focused their attention on the area of making agricultural machinery technologically advanced, and other companies, catering mostly to price-conscious developing markets, are introducing innovative technologies at competitive costs.