According to the latest Acute Market Report the global agricultural machinery market valued at US$152 billion in 2014 is expected to reach US$267 billion by 2022 growing at a compound annual growth rate of 7.3% between 2014 and 2022. Source: Acute Market Reports
Factors such as rising demand for advanced machinery, increasing mechanization of farming operations and technological advancements are driving the market growth.
Moreover, the increasing demand for the food led by the growing population across the globe is another key factor fueling the agriculture and farm machinery market across the globe.
Increased per capita income of farmers in developed and developing economies is anticipated to boost the sale of farm machinery globally.
Lack of information about farming equipment and its efficiencies among farmers is inhibiting the market growth.
The government interventions and awareness programs are the latest market trends observed.
Cultivating machinery is expected to be the fastest growing product type during the forecast period.
Europe is leading the market, accounting for a share of more than 30% of the global market.
The Asia Pacific region led by India and China is expected to be the fastest growing region.
The high demand can be attributed to the rising food consumption for sufficing the rising population in these countries.
Governments all over the world are fixating on investing in mechanized agriculture, and so this market has expanded in terms of technology and productivity.
Agricultural and forestry machinery market is segmented by product, and geography. Depending on the various products, market is segmented into agricultural sprays, agriculture and forestry tractors, cultivation machinery, fodder and straw balers, hay and lawn mowers, milking machines, poultry-keeping machinery, threshing machinery and others.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
The key players in the agricultural and forestry machinery market include AGCO Group, Mahindra Group, AGROSTROJ Pelhrimov a.s, Kubota Corp, Same Deutz-Fahr Group, Hubei Machinery and Equipment, Boneng Transmission Co., Kuhn Group, John Deere and Weifang Euroking Machinery.