The global agriculture and farm machinery market was worth US$144.10 billion in 2014. Growing at an estimated CAGR of 8.7% from 2015 to 2022, the market will be valued at US$281.61 billion by 2022. The primary reason for this high growth rate will be a growing demand for harvesting machines and farm tractors due to the rapidly increasing global population. Harvesting machinery today is used for a myriad of functions, including planting, harrowing, ploughing, and tilling.
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Basic Machinery and Government Subsidies Boost Global Agriculture and Farm Machinery Market
The global agriculture and farm machinery market in 2014 was dominated by the farm tractor segment in terms of production. The segment held over one-third of the market. This was aided by government subsidies provided for farmers for them to work more efficiently. The list of functionalities a modern albeit basic unit such as a farm tractor provides still holds value for most farmers. The list includes plowing, tilling, disking, harrowing, and planting. Other uses include landscape maintenance, non-farm grading, and excavation activities. Within the global agriculture and farm machinery market, other segments exhibiting strong growth prospects are plowing and cultivating machinery along with planting and fertilizing machinery.
Farm Consolidation Increases Farm Machinery Demand in Top Regional Markets
An increasing rate of farm land consolidation has given the global agriculture and farm machinery market a huge opportunity for growth. Availability of larger portions of land that require efficient machinery to grow crops on will spur the machinery market in the near future. The trend of consolidation is seen in North America, Asia Pacific, and Europe, all top contributors to the cause of agriculture and its related machinery. Growth is especially...