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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