Agriculture and Farm Machinery Market - Depreciation in Agricultural Land Boosting Growth

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 2022. 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.

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.

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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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