Agricultural And Farm Machinery are used for assistance in agriculture activities. Agricultural And Farm Machinery comprise a wide range of equipment such as tractors, plough, cultivation equipment, and harvesters. Major factors that drive the growth of the Agricultural And Farm Machinery market are increasing adoption of technology driven Agricultural And Farm Machinery and escalating demand for food due to growing population.
Global market players are continuously launching new and innovative products to sustain their market position and offer technologically advanced equipment.
Of these, the high demand for farm tractors and harvesting machinery across the globe is projected to propel the overall market for agriculture and farm machinery 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 market is segmented on the basis of product type namely agriculture tractors, harvesters, soil preparation and cultivation equipment, irrigation & crop processing equipment, agriculture spraying equipment, hay and forage equipment, and other Agricultural And Farm Machinery. The tractors segment is the major revenue contributor in the market, accounting for around 34% of the revenue in 2015, whereas the harvester segment is anticipated to witness substantial growth during the forecast period.
Farmers are opting for technically advanced harvesters to increase production and to limit the dependency on farm labors. Soil preparation and cultivation equipment are also expected to witness notable growth, driven by the government initiatives to increase farm production and to make the soil preparation and cultivating process faster and efficient.
