The global farm equipment market has been forecast to increase at a compound annual growth rate (CAGR) of approximately 4.7% for the period between 2012 and 2015. The global farm equipment sector is not only growing but also playing a vital role in the economies of different nations.
Growth within the global farm equipment market looks set to be driven by the booming economies of emerging nations, the ever widening world population, and declining arable land person.
Furthermore, rising standards of living and increasing personal disposable income leading to massive urbanization is significantly driving the global demand for farming equipment.
In addition, rising income from farms, particularly in the US is expected to contribute immensely to the future growth of the global farm equipment market.
Farm equipment refers to machinery and equipment which facilitate the agricultural operations to increase the yield, as well as quality of crops. Important farming equipment includes tractors, levellers, ploughs, drills, seeders, planters, trans-planters, harrow, tiller, sprayer, plough, harvester, thresher, digger, reaper, graders, cleaner, and huller.
North America and Europe continue to dominate the global farm equipment market; however, the sluggish progress in these developed regions over the past few years is being offset by astounding growth in the emerging countries.
Presently, Asia Pacific represents the fastest growing market for farming equipment, driven by greater demand for farm mechanization and the ever expanding population.
The global farm equipment market is controlled by three major players; AGCO, John Deere and CNH Global.
For more information on the global farm equipment market, see the latest research: Global Farm Equipment Market Report
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