Coherent Market Insights just released a market research study named "Agriculture and Farm Machinery Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2022." According to the analysis, the worldwide agricultural and farm machinery industry would be worth US$281.61 billion by 2022. To reach such a jump in its prospects, the market, which was valued at US$144.10 billion in 2014, is predicted to develop at an 8.7 percent CAGR between 2015 and 2022.
Explore the entire Agriculture and Farm Machinery Market (Product: Farm Tractors, Harvesting Machinery, Plowing and Cultivation Machinery, Planting and Fertilizing Machinery, Haying Machinery, Other Agricultural Machinery, and Parts and Attachments) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2022.
The increased level of automation in the agricultural sector, as well as government subsidies in many countries for acquiring agriculture and farm machinery as a measure to promote improved farm productivity, are the primary reasons driving global demand for agriculture and farm machinery. Furthermore, the rising need for agricultural items to feed the world's ever-increasing population has resulted in increased demand for a range of agriculture and farm machinery on the worldwide market.
The worldwide agricultural and farm machinery market is divided into two categories in the report: product types and important geographic markets. The market is divided into four categories: farm tractors, plowing and cultivation machinery, planting and fertilizing machinery, harvesting machinery, haying machinery, and components and accessories.