The global agriculture and farm machinery is expected to grow at a CAGR of 9.7 per cent from 2015 to 2022, with the market value forecast at US$281.61bn, stated a MarketsandMarkets report
Titled Agriculture and Farm Machinery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2022, the report also said that Asia Pacific is where growth is most prominent, with maximum demand coming in from China and India.
Core functions that involve the use of machinery include plowing, tilling, harvesting and disking. Specifically, plowing and cultivating machinery segments as well as planting and fertilising machinery are also expected to register moderate growth in the coming years, stated the report.
One of the key reasons for the increased demand for machinery is the increase in food consumption, propelled by a fast-growing population in major Asia Pacific nations.
In order to cater to the growing need for machinery, certain companies are investing in research and development, and also seeking a more inclusive network with retailers and distributors. Major industry participants include CNH Global N.V., Deere & Company, AGCO Corporation and CLAAS KGaA mbH, among others. Mechanisation is picking up and governments are also supporting research and innovations endeavours.
