Ag machinery market to grow 8% over next five years

The report "Global Agriculture Machinery Market 2014-2018" shows that the Global Agricultural Machinery market to grow at a CAGR of 7.97% over the period 2013-2018. One of the key factors contributing to this market growth is the increasing global population. The Global Agricultural Machinery market has also been witnessing the arrival of new technology. However, the increasing price of raw materials could pose a challenge to the growth of this market.

Key vendors dominating this space are AGCO Corp., CNH Industrial N.V, and Deere and Company. Other vendors mentioned are Claas KGaA mbH, Escorts Group, Iseki & Co. Ltd.Kubota Tractor Corp., Kuhn Group, Kverneland Group, Mahindra & Mahindra Ltd., Same Deutz-Fahr Deutschland Gmbh, and Tractors and Farm Equipment Ltd.

Commenting on the report, an analyst from the team said: One of the major trends in the Global Agricultural Machinery market is the arrival of new technology.

For instance, farmers all over the world are trying to increase their agricultural output by planting more crops in a farmland. There are certain limitations to manual seeding, such as lack of uniformity in distribution. Mechanization helps to provide uniformity while performing various agricultural tasks, such as sowing.

Additionally, mechanization helps apply the proper fertilizer evenly such that seeds can properly germinate. The speed and accuracy of mechanization has made it an attractive proposition as compared to the traditional alternative of manual labor.

Moreover, modern tractors are equipped with features such as modern sensors and GPS, which aids farmers in increasing productivity.

According to the report, one of the major drivers leading to an increased demand for agricultural machinery is the increasing global population. The increasing population has led to a rising demand for food and related products over the past few years. The growth of the population is particularly high in Asia compared to other continents.

This is mainly due to the presence of countries such as India and China which are the two most populous countries in the world. Various governments are focused on increasing food productivity to meet the needs of a growing population. This has increased the demand for agricultural machinery that is equipped with modern technologies.