A market research
report, titled “Agriculture and Farm Machinery Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 -
2022”, has been recently announced by the market intelligence
company Transparency Market Research.The report projects that the
global agriculture and farm machinery market will have a valuation of
US$281.61 bn by 2022. The market, which had a valuation of US$144.10
bn in 2014, is expected to expand at an 8.7% CAGR between 2015 and
2022 to achieve such a rise in its prospects.
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Research Report @
The chief factors
leading to the high demand for agriculture and farm machinery across
the globe include the rising level of mechanization in the
agriculture sector and government subsidies in many countries for
purchasing agriculture and farm machinery as a way to promote
improved farm production. Furthermore, the rising demand for food
products to satisfy the ever-increasing global population has also
prompted an increased demand for a variety of agriculture and farm
machinery in the global market.
The report segments
the global agriculture and farm machinery market based on two
criteria: product types and key regional markets.Based on the types
of products, the market is segmented into farm tractors, plowing and
cultivation machinery, planting and fertilizing machinery, harvesting
machinery, haying machinery, and parts and attachments.
Of these, the high
demand for farm tractors and harvesting machinery across the globe is
projected to propel the overall market for agriculture and farm
machinery over the report’s forecast period. The demand for
harvesting machinery is most prominent in Asia Pacific, where these
products are observing high demand from countries such as India and
China. The high demand can be attributed to the rising food
consumption for sufficing the rising population of these countries.
The report states that the market segments of planting and
fertilizing machinery and plowing and cultivation machinery will
expand at moderate pace over the report’s forecast period.
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Geography-wise, the
market is segmented into North America, Latin America, Asia Pacific,
Europe, and the Middle East and Africa. In terms of adoption of new
technologies, Asia Pacific, Europe, and North America were the key
contributors to the global agriculture and farm machinery market in
2014, with Europe leading the market, accounting for a 36% market
share.The report states that the global market for agriculture and
farm machinery is highly fragmented and features a large number of
businesses vying for a share of profits in this highly competitive
market. Many businesses have focused their attention on the area of
making agriculture and farm machinery technologically advanced. Many
other companies, catering mostly to price-conscious developing
markets, are introducing innovative technologies at competitive
costs.Some of the key vendors in the market are CLAAS KGaA mbH, Deere
& Company, AGCO Corporation, and CNH Global N.V.
About Us :
Transparency Market
Research (TMR) is a global market intelligence company providing
business information reports and services. The company’s exclusive
blend of quantitative forecasting and trend analysis provides
forward-looking insight for thousands of decision makers. TMR’s
experienced team of analysts, researchers, and consultants use
proprietary data sources and various tools and techniques to gather
and analyze information.
TMR’s data
repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
techniques to develop distinctive data sets and research material for
business reports.
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