Agriculture & Forestry Industry Market News

Research report explores the agricultural and farm machinery market forecast to 2024

Research report explores the agricultural and farm machinery market forecast to 2024

Agriculture and farm machinery comprise machinery and tools required by farmers to increase agricultural productivity and can be used in agricultural farmlands.

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Introduction:

Agriculture and farm machinery products include harvesting machinery, tractors, cultivators and ploughers which are deployed for several purposes such as tilling, plowing, disking and harvesting among others.

The increased mechanization of technologies in agriculture has resolved a lot of problems regarding farming such as wastage of energy and time as well as scarcity of labor. Increasing technological advancements in the design of agricultural machinery has improved the overall output efficiency of farmers and is a key aspect fuelling the demand for farm machinery.

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Various advancements in the manufacturing of tractors such as incorporation of telemetry and GPS devices for tracking the location of tractors is another key trend being followed in the global agricultural and farm machinery market.

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Market Dynamics:

Increase in demand for harvesting machinery and farm tractors is projected to fuel the overall market to grow since the aforementioned machinery are used for several purposes such as plowing, harrowing, planting and tilling. Rising awareness towards the use of high-end technology in agriculture to maximize the output is helping in increasing profit margins for farmers.

Moreover, increasing population across the globe is, in turn, increasing the consumption of food which is posing heightened pressure to increase the food production. Since agriculture and farm machinery boosts the efficacy of food production.

Increasing depreciation in agricultural land and modernization are some other factors accelerating the growth of Global Agriculture and Farm Machinery Market Make an Inquiry about this news. In addition, the incorporation of self-driven mechanisms, GPS systems, and monitoring systems aids in allowing the efficient and precise use of material and enhance the fuel economy.

Market Classification and Overview:

Various multinational players are showing interests in investing huge funds especially in the emerging economies to expand their facilities worldwide. The governments of developing countries like India, China, Indonesia, Germany and Brazil are focusing on escalating the introduction of subsidies on farm machinery to promote mechanization in farming and agriculture.

Furthermore, other companies are manufacturing low power tractors at affordable prices for small-scale consumers. In 2013, a tractor multinational company, John Deere launched the 5E and 4M tractors series to facilitate the needs of the small-scale farmers.

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Some major factors driving the growth of global agriculture and farm machinery market include innovations in technology, growing demand for advanced agricultural and farm machinery, mechanization in farming techniques,. Rise in per capita disposable income is another major element projected to propel the growth of global agriculture and farm machinery market.

The global agriculture and farm machinery market is anticipated to witness highest growth in the Asia-Pacific region due to increasing investments by governments of various economies in the region followed by North America. Europe is anticipated to register the third highest growth due to rising advancements in new technologies in the agriculture and farm machinery products.

Middle East & Africa and Latin America are also anticipated to witness significant growth in the global agriculture and farm machinery market over the forecast period.

Regional Overview:

The global agriculture and farm machinery market can be segmented by product type and region. By product type, the global market is segmented into harvesting machinery, farm tractors, planting and fertilizing machinery, parts and attachments, plowing and cultivation machinery, haying machinery and other agricultural machinery.

On the basis of region, the global agriculture and farm machinery market can be segmented into North America, Latin America, Europe, Middle East & Africa and Asia-Pacific.

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Market Participants:

Some of the major players in the global agriculture and farm machinery market are Mahindra & Mahindra Limited, Deere and Company, CNH Global NV, AGCO Corporation, Iseki & Co., Ltd., CLAAS KGaA mbH, Alamo Group, Inc., J.C. Bamford Excavators Limited (JCB), Same Deutz-Fahr, and Yamabiko Corporation among others.

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