Global Agricultural Machinery Market: Market Research by Knowledge Sourcing Intelligence

The Global Agricultural Machinery market is expected to grow at a CAGR of 2.31% to reach a total market size of US$133.792 billion by 2023, increasing from US$116.660 billion in 2017. Agricultural machinery refers to the use of machines designed for farming and other agriculture-related activities. The growing population is driving the demand for food products, which in turn is augmenting the usage of agricultural machinery for different farm applications across the globe. These machines help in enhancing the farm productivity and output while maximizing the revenues for the farmers and enterprises operating in the agriculture sector. Moreover, recent technological advancements along with the favorable government initiatives focusing on improving the overall agriculture productivity are further fueling the demand for agriculture machinery across Europe and the Asia Pacific regions. However, rapid urbanization is leading to a reduction in arable land which is likely to hinder the market growth over the forecast period.

Global Agricultural Machinery Market Forecast

Global Agricultural Machinery Market by Geography:

Geographically, agricultural machinery market is segmented as North America, South America, Europe, the Middle East and Africa, and Asia-Pacific. Europe agricultural machinery market will grow at a CAGR of XX% during the forecast period grow to US$XXX billion by 2023 from US$XXX billion in 2017. This regional market is projected to rebound in the coming years owing to the rise in demand from Germany which will offset the low market growth in France. This growth factor is dependent on the rising production of olive and wine in the region which is supporting the demand for both small and large tractors. According to the EU Agricultural Outlook 2017, the region’s production of olive oil is projected to rise, especially in Spain and Portugal, by 2.3% per year by 2030 owing to adoption of advanced irrigation techniques and plantation of higher yield-generated groves. Despite the low domestic wine consumption in the EU states, the region’s wine production will also surge in the coming years owing to rising demand for EU’s sparkling wines across the globe, with the projected wine production of 27 million hl in 2030 from 160 million hl (60% of world production in 2016). The European Agricultural Machinery Industry (CEMA) also projects a positive outlook for agricultural machinery sales in most European countries.

 Global Agricultural Machinery Market by Geography, Europe

Global Agricultural Machinery Market by Product:

By product, the global agricultural machinery market is segmented as tractors, harvesters, automatic sprayers, shredder, parts and attachment, and others. The use of agriculture products has been increasing over the years on account of expanding agriculture production globally. The relative improvement in the farm income along with the growing awareness will lead to the increasing use of harvesters while tractors are expected to dominate the market share during the forecast period. The market research provides a detailed analysis of global agricultural machinery market on the basis of the various segment like- by geography, by product, etc.

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The continuous technological advancement is significantly contributing to the growing demand for agriculture machinery over the forecast period.