AGRICULTURE AND FARM MACHINERY MARKET ANALYSIS

Agriculture And Farm Machinery MarketSize and Trends

The Global Agriculture and Farm Machinery Market size was valued at US$ 1,120.0 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 4.40% from 2023 to 2030. Agriculture and farm machinery is comprised of tools and machinery required by farmers in agricultural farmlands to increase the productivity of corps. These types of machinery include harvesting machinery, tractors, cultivators, etc. that are used for numerous applications such as tilling, plowing, disking, and harvesting. These machineries vary on the basis of the type of farming, i.e. organic farming and non-organic farming. Over the years, agriculture machinery has evolved significantly with the incorporation of advanced technologies such as GPS tracking and enhanced fuel efficiency.

Global Agriculture and Farm Machinery Market Trends:

Growing focus on emerging economies

Until recently, farming in emerging was performed using traditional methods. Major agricultural machinery manufacturers, including CLAAS KGaA mbH and J.C. Bamford Excavators Limited (JCB), are focusing majorly on developing economies including India, China, and Brazil to overcome the knowledge gap about farming practices and promote modernized agricultural practices. Various large multinational companies are also capitalizing on flourishing markets by expanding their operations. Governments of various countries such as India, Brazil, Germany, among others are focusing on expanding the reach of subsidies on agricultural machinery in order to promote farm mechanization.  Furthermore, certain companies manufacture lower power tractors at cheaper rates for small-sized farmers. For instance, Mahindra & Mahindra offers affordable and low-power tractors suited for small-size farmers.

Growing demand for agriculture machinery due to rising agricultural practices

Rising demand for food owing to the growing global population has led to the innovation in agricultural practices worldwide. The growing agricultural practice is directly affecting the agricultural and farm machinery market. Agricultural machinery such as tractors, combines, and harvesters are used in plowing and harvesting, which in turn, increases the productivity of farmlands. The success of agricultural practice is thus, directly dependent on the use of agricultural machinery.