Global Agriculture Equipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $266 billion by 2024 from $172 billion in 2016; growing at a CAGR of 5.6% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 7.1% and 5.7%, respectively, during the forecast period.
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Some of the major drivers of global agriculture equipment market are rise in population, economic stability, and adoption of advanced farming technique. Though, lack of proper knowledge about effective agricultural equipment among farmers may hamper the market growth. Several schemes by the governments in order to increase agricultural productivity would provide several growth opportunities for the market.
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The global agriculture equipment market is classified into product type and geography. Product type segment comprises harvesters, tractors, irrigation & crop processing equipment, soil preparation & cultivation equipment, hay and forage equipment, agriculture spraying equipment, and other products. The tractors segment accounted for the largest market share in 2016, owing to its extensive usage in cultivation, to make the soil fertile and suitable, to increase production output. The harvesters segment is expected to grow at the fastest CAGR from 2016 to 2024. The growth is attributed to rising population and increasing demand for food which may lead to adoption of technically advanced harvesters.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the key region covered in the global agriculture equipment market. Asia-Pacific accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period. The growth is majorly attributed to rapidly growing population in emerging economies such as China and India. In terms of growth, Asia-Pacific is also expected to grow at the fastest CAGR of 7.1% during the forecast period 2016-2024.
Major players in the agriculture equipment market are AGCO Corporation, Concern Tractor Plants, Mahindra Group, Valmont Industries Incorporated., Weifang Euro king Machinery, Escorts Limited, Agosto Palermo as, Deere & Company, Same Deutz-Fehr Group, and China National Machinery Industry Corporation, among others.
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Scope of Agriculture Equipment Market
Product Type Segments
• Harvesters
• Tractors
• Soil preparation & cultivation equipment
• Irrigation & crop processing equipment
• Hay and forage equipment
• Agriculture spraying equipment
• Others
Geographical Segments
• North America
o US
o Canada
o Mexico
• Europe
o UK
o France
o Germany
o Others
• Asia-Pacific
o China
o India
o Japan
o Others
• RoW
o South America
o Middle East
o Africa
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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