Farm Equipment market: there is a drastic rise in farming since the introduction of farm equipment and is increasing exponentially
Farm Equipment Market deals with Agricultural machinery. Agricultural machinery or Farm Equipment can be defined as any kind of machine used on farm to help with farming. Few examples for farm Equipment are tractors, cultivator, broadcast seeder, sprayer, sprinkler system etc.
Major products in the Farm Equipment Market include Tractors, Tillage equipment, planting equipment, harvesting equipment and other farm tools.
There is a high profit gain for Farm Equipment Market since agriculture sector is one of the main sectors in the economy. This market deals with the manufacturing of simplifying farm tools, by mechanizing and automating work that is done by using farm tools. There is still a lot of place for improvisation of the farm machinery to make them more sustainable and reliable for farming. Modern farm tools are very useful for getting the farm work done in the limited duration of time.
Farm mechanization gained its importance in the recent years with growing population and growing food requirements. The global Farm Equipment Market has witnessed a drastic change in product offerings due to the intensification of farms and large-scale farming practices. Tractors account for the maximum share in this market with China and India as the dominant markets in terms of volumes.
As per the market research studies report by IndustryARC, Global Farm Equipment Market is estimated to reach at a CAGR of 5.7% during 2015-2020. Increasing government support in the form of subsidies for the purchase of farm machinery and supportive market prices for crops are the major drivers of the market.
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The market research report done by IndustryARC for Farm Equipment Market indicated the key player companies are,
- Alamo Group Inc.
- Agco Corporation
- Argo S. p. A
- Amazone H. Dreyer GmbH & Co. KG
- Bucher Industries
The Farm Equipment Market accounts for the farm machinery all over the world and the countries that are dominant in this market APAC countries, China and India followed by North America, Europe, South America and ROW.
Farm equipment is necessary tool in agriculture sector and thus the demand will withstand any market crisis making Farm Equipment Market a very profitable venture for investment.
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