Relentless growth in the worldwide population is amplifying the demand for food production. Thus, newer forms of digital transformation in agricultural practices such as agricultural machinery provides an apt solution to increase food production. According to IndustryARC estimations, the agricultural machinery market size raised up to $174.91 billion as of 2018. It is estimated to grow at a compound annual growth rate (CAGR) of 5.86% during the forecast period 2019-2025.
The report is titled: “Agricultural Machinery Market: By automation (Fully-automatic, semi-automatic, manual); By Type of material (Structured steel, alloyed steel, cast materials, light alloy, wearing materials, structured material, aluminium, iron, glass, others); By Type (Tractor, soil cultivation, planting, irrigation, fertilization, harvesting, haymaking, loader, agriculture robots, others) & By Geography – Forecast (2019-2025).” It presents the agricultural machinery market outlook in terms of market trends, market opportunities, market drivers, strategic analysis and competitive landscape.
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Agricultural Machinery Market: Disruptive Trends
Currently, tractors and self-propelled ride-on machines are the most widely used machinery in the field of agriculture. Improved standards of this agricultural machinery are increasing the farm safety. On another hand, they are equipped not less than a modern car with as many electronic parts.
Emerging digital technology and sensor technology are increasing the reliability of the agriculture machinery with more precise electronic guidance.
Rising farm machinery rental services due to the decline in the constant availability of farm labor are also driving the growth of the global agricultural machinery market.
Agricultural Machinery Market: Competitive Landscape
Some of the major agricultural machinery market share players are listed in the global agricultural machinery market report as AGCO Corporation, John Deere, CLAAS, Massey Ferguson Limited, Argo Group International Holdings, Ltd., Hunter Industries, The Toro Company, Jain Irrigation Systems, Bucher Industries AG and Kverneland Group.
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