Agriculture and Farm Machinery Market - Size, Share, Growth, Trends and Forecast 2015 - 2022
Albany, NY -- (SBWIRE) -- 02/25/2019 -- The chief factors leading to the high demand for agriculture and farm machinery across the globe include the rising level of mechanization in the agriculture sector and government subsidies in many countries for purchasing agriculture and farm machinery as a way to promote improved farm production. Furthermore, the rising demand for food products to satisfy the ever-increasing global population has also prompted an increased demand for a variety of agriculture and farm machinery in the global market.
Key factors driving the agriculture and farm machinery market include technological innovations, rising demand for advanced agricultural machinery, increasing mechanization of farming operations. Further, growth in global food demand is another key factor driving the demand for agriculture and farm machinery, globally.
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This increasing demand for food is a result of the growing population which in turn is increasing the demand for food consumption. Moreover, increased per capita income of farmers in both developed and developing economies is anticipated to boost the sale of farm machinery globally.
The global agriculture and farm machinery market is segmented on the basis of product and geography. Based on product type, the agriculture and farm machinery market can be categorized into farm tractors, harvesting machinery, plowing and cultivation machinery, planting and fertilizer machinery, haying machinery, other agriculture equipment and parts and attachments.
The market size and forecast in terms of revenue (US$ Bn) for each of these segments have been provided for the period 2013 to 2022, considering 2013 and 2014 as the base years. The report also provides compounded annual growth rate (CAGR) for each segment of the market for forecast period 2015 to 2022. Geographically, the agriculture and farm machinery market has been segmented into five regions, namely, North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and Latin America.
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