The global agricultural machinery market is projected to grow at a CAGR of 7.69% from 2021 to 2028, reaching a market size of USD 405.14 Billion by 2028. The market growth can be attributed to various factors, including the increasing demand for food due to population growth, the rising adoption of mechanized farming practices, and technological advancements in the field of agriculture.

The tractors segment is expected to dominate the market during the forecast period, owing to the high demand for tractors for various farming activities such as plowing, tilling, and harrowing. In 2020, the tractors segment accounted for the largest market share of 44.6%.

In terms of application, the harvesting threshing segment is expected to be the fastest-growing segment during the forecast period, owing to the increasing adoption of mechanized harvesting and threshing equipment to reduce labor costs and improve efficiency. The segment is projected to grow at a CAGR of 7.69% from 2021 to 2028.

Geographically, Asia Pacific is expected to dominate the market during the forecast period, driven by the increasing demand for food due to population growth and the rising adoption of mechanized farming practices in countries such as China and India. In 2020, the region accounted for the largest market share of 38.6%.

The market growth is also attributed to the technological advancements in the field of agricultural machinery. Several companies are investing in the development of innovative products, such as autonomous tractors and precision agriculture equipment, which are designed to improve farm efficiency and productivity.

However, the high cost of agricultural machinery and the lack of awareness and technical knowledge among farmers may hinder market growth. Additionally, the COVID-19 pandemic has disrupted global supply chains and led to a decline in demand for agricultural machinery in certain regions, which may also impact market growth.

In terms of the competitive landscape, the global agricultural machinery market is highly competitive, with several players operating in the space. Some of the key players in the market include Deere Company, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, and Mahindra Mahindra Ltd.

In conclusion, the global agricultural machinery market is expected to witness significant growth over the next few years, driven by various factors including the increasing demand for food, rising adoption of mechanized farming practices, and technological advancements in the field of agriculture. However, challenges such as high equipment costs and lack of technical knowledge among farmers may hinder market growth, and companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.