The global agriculture and farm equipment market, valued at US$ 144.10 Bn in 2014, is expected to witness growth at a CAGR of 8.7% from 2015 to 2024. Agriculture and farming equipment comprises an expansive variety of machinery and tools that help carry out a number of processes to upgrade the quality and quantity of production. The adoption of machinery has brought tremendous changes, and the advantages include saving time, reduction in labor costs, and appropriate use of inputs to obtain desired output. Moreover, with the growth of government subsidies for this machinery to farmers around the globe, the agriculture and farm machinery market is expected to witness significant expansion over the forecast period.
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Rising demand for farm tractors and harvesting machinery is expected to help the overall market grow, as these are used for multiple purposes, including harrowing, plowing, tilling, and planting. Growing awareness regarding the importance of technology in agriculture for the maximization of output is aiding the growth of the market. Increasing global population, which is in turn augmenting the consumption of food worldwide, is leading to heightened pressure to enhance food production. As agriculture and farm machinery enhances the efficacy of production, there has been significant demand for it in recent years. Increasing modernization and depreciation in agricultural land are other factors accelerating the agriculture and farm machinery market. The incorporation of monitoring systems, GPS systems, and self-driven mechanisms allows the precise use of material and increases fuel economy as well.
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Several multinational companies are also investing in emerging markets in order to expand their operations on a global scale. The governments of countries such as India, Brazil, and Germany are focusing on escalating the reach of subsidies on agricultural machinery in order to promote farm mechanization. In addition, certain companies manufacture lower-power farm tractors at more affordable rates for small-scale farmers. For example in 2013, John Deere introduced the 4M and 5E small tractors series to address the needs of the small-scale farming sector.
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The product segments of the agriculture and farming machinery market include farm tractors, haying machinery, harvesting machinery, and others. Europe, Asia Pacific, and North America are key contributors to the global agriculture and farm machinery market, with Europe leading.
Some of the major players in the agriculture and farm machinery market are CNH Global NV, Deere and Company, CLAAS KGaA mbH, AGCO Corporation, J.C. Bamford Excavators Limited (JCB), Alamo Group, Inc., Iseki & Co., Ltd., Same Deutz-Fahr, Mahindra & Mahindra Limited, and Yamabiko Corporation.
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