Surging food prices, driven by sky-high inflation, and increased federal investments in the infrastructure space have bolstered the demand for farm and heavy machinery equipment. The month-long Russia-Ukraine war has inflated food prices even more because the U.S. has imposed several sanctions on Russian food imports. To boost the domestic agriculture industry in response to the crisis, the U.S. Department of Agriculture has invested more than $166.50 million in 108 infrastructure projects and $250 million to boost American fertilizer production.
Furthermore, last fall’s passage of a landmark $1.2 trillion bipartisan infrastructure bill is expected to drive the demand for heavy construction machinery. The global agriculture, construction, and mining machinery market is expected to grow at an 8.98% CAGR to $795.86 billion by 2025.
