Farm mechanization gained its importance in the recent years with growing population and growing food requirements. The global market for farm equipment 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. Global farm equipment market is estimated to reach $ 198.4 billion by 2020 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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