Newest Forecasts of Global Agricultural Machinery Market

Agricultural machinery refers to machinery used at various stages of agricultural and other agricultural production activities. The growing demand for food and supplies to support the rapidly growing global population is driving demand for global agricultural equipment. Favorable government policies, such as the promotion of foreign direct investment in the agricultural sector in developing countries, have further increased the demand for agricultural machinery. In addition, the government’s subsidies for microfinance and low-interest loans, promotion and adoption are conducive to the use of agricultural machinery, provide additional funds for farmers, and ensure the improvement of productivity through the effective use of all factors of production, thus making the process cost-effective.

The competitive landscape of agricultural machinery is driving investment in the agricultural machinery market. By using agricultural machinery, agricultural machinery can be used to save farmers' time and resources, and artificial sowing, irrigation, harvesting of crops and other activities. However, the increase in the cost of raw materials such as rubber, steel and iron has increased the manufacturer's production costs. In addition, the constant fluctuations in raw material prices make it difficult for manufacturers to deliver quality goods at reasonable prices, which limits the growth of the agricultural machinery market. Despite some restraint, the global agricultural machinery market will continue to grow by a large margin during the forecast period.

The global agricultural machinery market is fiercely competitive because of the huge consumer groups and the presence of diverse international, regional and local players. There is an increasing need to adopt existing technologies and further invest in technological upgrading to increase production per hectare, which attracts more market participants. Intense competition in the agricultural machinery market is paving the way for mergers and acquisitions and other strategies to expand its market share. The competitive landscape details products, strategies and investments are completed by key companies to increase their market share.