Published on : Sep 10, 2020
A recent market research report published by ResearchMoz talks about the global agricultural machinery market and its overall working dynamics. This report of the agricultural machinery market offers comprehensive analysis, market shares, key trends, opportunities, and driving and restraining factors that are influencing the growth of the market. Along with in-detail market segmentation, the research report offers key insights and information that are imperative for devising decisive marketing strategies.
The global agricultural machinery market is on course to achieve considerable growth in the coming years of the forecast period. This growth of the global market is attributed to the emergence of new technologies in the sector along with stronger economic conditions and improving farm income. Such factors are thus projected to fuel the development of the global agricultural machinery market.
There are several applications that make use of agricultural machinery. These applications include pest control, harvesting, fertilizing, hay making, milking, planting, traction and power, irrigation, loading, and soil cultivation among others. Agricultural machinery involves harvesting and seeding machinery, tractors and other hardware machinery and equipment such as grinders, wool presses, windmills, and mixers among others. Of these different equipment, the market is expected to be led by farm tractor in the coming few years of the forecast period.
The growing demand for the global agricultural machinery market is also fuelled by the rising investment in these new types of machinery because of the lower interest rates. In addition to this, growth in the activities of research and development along with scaling of economy is also expected to help in fuelling the growth of the global market.
Another important factor that is propelling the growth of the global market for agricultural machinery is the increasing population across the globe. Rise in population directly corresponds to increasing demand for food and other products. This demand will have a considerable impact on the sale of agricultural machinery as the equipment are used for improving the production yield.
Government Subsidies to Provide Impetus to Market Development
A key trend that has been observed in the global agricultural machinery market is of government providing subsidies to farmers to purchase these products. Farmers are thus increasingly preferring to purchase these new products in order to improve their productivity as well as efficiency.
Another important trend in the global market is the advent of newer technologies. The objective of farmers across the globe is to improve the agricultural yield by planting more. There are certain disadvantages of manual seeding such as producer fatigue and lack of uniformity among others. Such challenges can be tackled by mechanizing or automating the seeding process that will then help in offering consistency during numerous agricultural tasks. In addition to this, automation and technology will also aid in adding precise amounts of fertilizers for proper seed germination.
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In terms of regional segmentation, the global agricultural machinery market is divided into five main regions namely North America, Asia Pacific, Middle East and Africa, Europe, and Latin America. Of these, presently, the global market is expected to be led by the region of North America. In the coming few years, the regional segment will account for a considerable market share due to current infrastructure of mechanized systems. Moreover, increasing availability of newer technologies is also expected to help in retaining domination of the region in the near future.
Some of the key brands operating in the global agricultural machinery market are Kverneland AS, Grimme, Lemken, Rabe, Rauch, Monosem, AMAZONEN-Werke, Ten Square, Monosem, Great Plains, OXBO, Hagie, Double L, Top Air, CHALLENGER, AGCO, New Holland, John Deere, CNH, Kinze, KUHN, Claas, CASEIH, Yamar, Kubota, JCB, AgriArgo, Same Deutz-Fahr, Zoomlion, and YTO Group.