Agricultural and Farm Machinery Market to Reach Us$ 230.5 Bn by 2022

Agricultural and Farm Machinery Market to Reach US$ 230.5 Bn By 2022

According to a new market report published by Credence Research Inc “Agricultural and Farm Machinery Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022,” the growth of agricultural and farm machinery market is strongly depends on farm income, technology development, and economic conditions.

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Technology development plays an important role in growth of the farm machinery and equipment market, especially in developing and developed market. Key drivers that influence the growth of farm machinery and equipment include civilization of farming methods in developed and developing countries, increasing personal disposable income, meeting food demand for increasing population, and government support to improve the agricultural productivity. The above factor with increasing farm income will show that farmer will invest in farm machinery and equipment to increase productivity of their farm for the forecasted period 2015-2020.

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Governments of developed and developing countries are investing large amounts in agricultural sector to improve the productivity and to meet desired food security level. They are also motivating farmers to purchase farm machinery and equipment by introducing loan facilities and favorable credit policies.

The farm machinery and equipment industry is highly capital intensive industry. Large initial capital is required to set up manufacturing facilities, operations, and machinery. While taking the consideration of losses and inventory required to enter the industry, this obstacles are seems overwhelming in farm machinery and equipment industry. A company wants to enter in this industry must have to prove sustainability, reliability and consistency of their product...