Global Agricultural Machinery Market Overview:
Agricultural Machinery includes different types like farm machinery, mechanical devices, including tractors that are used in farming to save labour. For crop production, this agricultural machinery support in handling of residues from previous crops like primary and secondary tillage of the soil, fertilizer distribution and application, seeding, planting and transplanting, cultivation, harvesting, transportation and finally storage. Livestock production, which is majorly dependent on the pitchfork and scoop shovel, is now using different types of highly advanced machinery for activities like handling water, providing feed, bedding, and manure, as well as for the other operations involved in the production of milk and eggs. Specialized machinery is used to harvest large root crops such as potatoes and sugar beets etc. The agriculture equipment market is projected to grow at a CAGR of 6.24% from 2017 to 2021, to reach a market size of USD 142.24 billion by 2021.
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Global Agricultural Machinery Market Drivers and Restraints:-
The agricultural equipment market rises due to the increase in mechanization trend in the agriculture industry, which may be continued in the forecast period due to the tremendous research and development. The market may get boosts by the scarcity of skilled farm labour & increasing labour cost and abundant availability of government subsidies for agriculture equipment. Moreover, its increase is attributed to the rising need for operational efficiency and profitability, along with the technological advancements in farming to meet the growing food demand of the world. However, the market may face some challenges due to a high cost of and lack of standardization in advanced agricultural equipment.
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Global Agricultural Machinery Market Geographical Segmentation:-
Geographically, Asia Pacific is the largest and fast-growing market for agriculture equipment in the year 2018 and is expected to continue in the forecast period due to a tremendous increase in its agricultural development and population. North America is the second largest market for the development of these equipment market owing to the rapid increase of updated machinery in the agriculture field. Europe and Middle East will witness a major growth due to their large consumer base.
Key Players Covered in this Global Agricultural Machinery Market:
Deere & Company, CNH Industrial N.V, Kubota Corporation, AGCO Corporation and Claas KGaA.
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