Global Agriculture Equipment Market is projected to reach $266 billion by 2024 from $172 billion in 2016; growing at a CAGR of 5.6% from 2016 to 2024. The agriculture equipment market is majorly driven by the following driving factors such as increasing population, economic stability and need for advanced pharming equipment. However, lack of technical knowledge about farming equipment might hinder the growth of the market. Furthermore, several schemes by government would provide growth opportunity for the market.
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Products type and geography are the key segments of the global agriculture equipment market. Product type segment has been segmented into agriculture spraying equipment, harvesters, hay & forage equipment, tractors, irrigation & crop processing equipment, soil preparation & cultivation equipment and others. Tractors was the leading sub segment with highest market share in 2016 and harvesters is expected to dominate the product type segment over the forecast period 2016-2024.
The global agriculture equipment market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. Asia-Pacific held the highest market share of 40.3% in 2016, driven by increasing population in countries such as India and China. In terms of growth rate, Asia-Pacific region is also anticipated to grow at the fastest CAGR of 7.1% over the forecast period, owning to need for advanced technologies in agricultural sector.
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Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the agriculture equipment market include Deere & Company, AGCO Corporation, Escorts Limited, Mahindra Group, Concern Tractor Plants, Agrostroj Pelhrimov a.s, Valmont Industries Incorporated., Weifang Euroking Machinery, Same Deutz-Fahr Group, and China National Machinery Industry Corporation, among others.
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