Agricultural Machinery Market Size is Projected to Reach 118
BANGALORE, India, July 27, 2020 /PRNewswire/ -- The global demand for agricultural machinery is expected to see substantial growth due to the upcoming technologies, combined with improving economic conditions and increasing farm income.
The global Agricultural Machinery market is valued at 95.6 Billion USD in 2019 is expected to reach 118.2 Billion USD by the end of 2026, growing at a CAGR of 3.6%.
TRENDS INFLUENCING THE AGRICULTURAL MACHINERY MARKET SIZE:
The major factor that is expected to increase the growth of Agricultural Machinery Market size is the increasing food demand globally is expected to have a positive impact on the market over the forecast period.
The use of farm machinery helps to achieve high crop yield in comparatively less time and minimal efforts. Furthermore, the use of automated and semi-automatic machinery for agriculture decreases the need for human labor on farms, which in effect reduces the costs incurred by manpower. These advantages are expected to increase the Agricultural Machinery Market size.
The increasing government subsidies to invest in better equipment along with favorable government policies, such as encouraging FDI in developed countries' agriculture sector is expected to increase the Agricultural Machinery Market size during the forecast period.
The Agricultural Machinery Market improves crop productivity by reducing downtime and allowing highly efficient operations. This feature is expected to increase the Agricultural Machinery Market size.
Continuous fluctuations in raw material prices make it difficult for manufacturers to produce quality products at fair prices, which hinders the growth of the Agricultural Machinery Market size.
AGRICULTURAL MACHINERY MARKET SHARE
High demand for agricultural products and increasing farm mechanization rates are driving industry growth in developing countries.
Due to the large-scale production of agricultural equipment internationally, the OEM segment accounted for over half of the global Agricultural Machinery Market share in 2019.
Based on the type of machinery, the tractors segment produced the highest revenue in the global Agricultural Machinery Market, owing to an increase in tractor adoption in small, medium, and large farms.
Based on the Asia-Pacific, it is projected to hold the largest Agricultural Machinery Market share during the forecast period. The LAMEA region is expected to expand at the highest growth rate. The dominance of Asia Pacific is attributed to the rise in population in countries such as India and China, among others whose primary population depends on farming to earn their livelihood.
- North America
- Latin America
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AGRICULTURAL MACHINERY MARKET BY SEGMENTATION
Segment by Type
- Tractor and Power
- Soil Cultivation
- Fertilizing & Pest Control
- Produce Sorter
- Harvesting / Post-harvest
Segment by Application
- Alloy Production
Top Companies in the Agricultural Machinery Market
The Agricultural Machinery Market is highly competitive, with major OEM companies dominating the market.
Key Companies are
- Kverneland AS
- Ten Square
- Great Plains
- Double L
- Top Air
- New Holland
- John Deere
- Same Deutz-Fahr
- YTO Group
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