Agricultural machinery, often known as farm machinery, is machinery that is used in agriculture and farming. Hand tools, power tools, tractors, and other sorts of tools and equipment are utilised in agricultural applications. Furthermore, equipment differs depending on the type of farming, such as organic and inorganic farming. Tractors, seed drills, threshers, combine harvesters, rotavators, power weeders, mowers, rakes, and balers are just a few examples of popular agricultural machinery. The technological revolution and continuous research and development have resulted in high-functioning equipment that efficiently accomplishes a large amount of work.
The world's population is fast growing, which is predicted to boost food demand. The World Bank estimates that the global population was around 7.59 billion in 2018, up from 6.75 billion in 2008. Furthermore, by 2030, the world's population is predicted to exceed 8.5 billion people. As the demand for food grows, so does the demand for agricultural equipment market.
Certain countries such as Brazil, have high interest rates, which restricts farmers’ capabilities to purchase agricultural equipment market. Moreover, products sold/imported in European Union (EU) countries must observe the extensive EU regulatory policies. These products are expected to comply with EU regulations such as Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), Waste Electrical and Electronic Equipment Directive (WEE), and the Restrictions of Hazardous Substances Directive (RoHS). Such stringent regulatory policies are expected to hinder the adoption of these equipment and thereby restrain the market growth over the forecast period.
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