Albany, NY — According to a new market report published by Transparency Market Research "Agriculture and Farm Machinery Market — Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2022," the market for agriculture and farm machinery globally is forecast to reach $281.61 Bn by 2022. Key factors driving the global agriculture and farm machinery market include increasing mechanization of agriculture coupled with the provision of subsidies by government of various countries on agricultural machinery to improve farm production. Furthermore, increasing demand for food consumption owing to the rising population is expected to stimulate the agriculture and farm machinery market growth in the coming years.
The global agriculture and farm machinery market was valued at $144.10 Bn in 2014 and is forecast to grow at 8.7% CAGR from 2015 to 2022. Increasing demand for farm tractors and harvesting machinery is expected to spur the overall market growth. The reason being the tractors and harvesters are used for multiple purposes such as tilling, plowing, harrowing and planting. Moreover, the growth of harvesting machinery is most prominent in the Asia Pacific region where this product is receiving high demand from China and India. The demand can be attributed to the increasing food consumption owing to rising population in this region. The segments plowing and cultivating machinery, and planting and fertilizing machinery are also expected to register moderate growth in the coming years.
Based on geographic regions, the agriculture and farm machinery market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. In terms of regional adoption, Europe, Asia Pacific and North America were the key contributors to the global agriculture and farm machinery market in 2014 with Europe leading the market with around 36% share. The growth of farm machinery is significantly low in the MEA region; however, Latin America is poised to grow considerably. Brazil holds the maximum share in the agriculture and farm machinery market in Latin America at present.
The agriculture and farm machinery market is highly fragmented, with a number of players trying to make technological innovations in the agricultural machinery, along with prominent vendors, all attracted by the potential opportunities in the market. Major industry participants include CNH Global N.V., Deere & Company, AGCO Corporation, and CLAAS KGaA mbH, among others. The report studies global agriculture and farm machinery market and provides estimates in terms of revenue (US$ Bn) from 2013 to 2022. Market estimates on the basis of product type and geography have also been provided for each region.