BANGALORE, India, July 27, 2020
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.
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AGRICULTURAL MACHINERY MARKET BY SEGMENTATION
Segment by Type
Segment by Application
Top Companies in the Agricultural Machinery Market
The Agricultural Machinery Market is highly competitive, with major OEM companies dominating the market.
Key Companies are
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The global Agricultural Equipment market size is projected to reach USD 115320 Million by 2026, from USD 111360 Million in 2020.
The major drivers of the growth of Agricultural Equipment Market size are rising food consumption, increase in crop production, availability of credit, availability of resources, and technological development.
The key regions covered in the Agricultural Equipment market report are North America, Europe, China, and Japan.
The global Farm Equipment market size is projected to reach USD 170980 Million by 2026, from USD 164230 Million in 2020.
The Farm Equipment Market report includes country-wise and region-wise market size for the period 2015-2026. The report also includes Farm Equipment Market size and forecast by type and by Application segment in terms of production capacity, price and revenue for the period 2015-2026.
The global Agriculture Tractors market is growing remarkably fast and is likely to thrive in terms of volume and revenue during the forecast period.
Major factors driving the Agriculture Tractors Market size are rapid urbanization resulting in a farm labor shortage and the increasing demand for food production.
Increasing the need for operational efficiency & productivity, increasing labor costs, and growth in mechanization trend drives the growth of Farm Tractors Market size. However, the high costs of farm machinery hamper the market growth.
Claas KGaA mbH, CNH Industrial N.V., AGCO Corporation, Mahindra & Mahindra Ltd., Deere & Company, Kubota Corporation, Yanmar Co., Ltd., Tractors and Farm Equipment Limited, Zetor Tractors A.S., and Alamo Group, Inc. are some of the major key players operating in the global farm tractors market.
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North America is expected to hold the largest Agricultural Planting & Fertilizing Machinery Market major share, as compared to Europe during the forecast period, owing to the high landmass and extensive, large-scale farming practices.
Fertilizing machinery is primarily used in the application of fertilizers in large landholdings and also in smaller units where accuracy plays an important role, such as sports fields and grounds.
North American and European regions have been pioneers in the use of the Agricultural Fertilizing Machinery Market. The other regions of South America and Africa also represent potential high-growth markets but require time to rebound from the present volatilities.
The global Agricultural Irrigation Machinery market size is projected to reach USD 5815.2 Million by 2026, from USD 5194.2 Million in 2020.
Some of the major drivers of the Agricultural Irrigation Machinery Market are improvement in the food productivity and replacement of the declining farming population in the region with agricultural machinery.
This report studies the Agricultural Pest Control market size by players, regions, product types and end industries, history data 2014-2018, and forecast data 2019-2025.
The Agricultural Pest Control Market report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
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