Based on product type, the global agricultural equipment market is segmented into tractors, combine harvesters, threshers, rotavators, self-propelled vertical conveyer reaper, zero till seed drill, multi crop planter, power tiller, laser land leveler, power weeder, drip irrigation equipment, sprinkler irrigation equipment, rice transplanters and others. Tractors segment (28.6% share in 2016) occupies the largest market of agricultural equipment across the globe. Further, global tractor market is anticipated to reach USD 86.7 Billion by the end of 2024 from USD 51.0 Billion in 2016. Further, this segment is anticipated to flourish at a CAGR of 7.1% over the forecast period. However, drip irrigation segment is anticipated to grow at highest CAGR of 13.1% during 2017-2024.
The global market for global agricultural equipment is expected to flourish at a CAGR of 8.4% over the period 2017-2024. The global demand for agricultural equipment is increasing due to the rising demand for agricultural products. Further, rising global population is creating huge demand for the large scale production in agricultural sector. This factor is expected to spur the growth of the global agricultural equipment market over the forecast period.
Factors such as rising demand for agricultural products and increasing population worldwide are anticipated to expand the agricultural equipment market globally. Further, the government of both developing and developed countries is taking various initiatives and initialization of number of programs to boost the agriculture sector by providing extensive support to farmers in order to purchase agricultural equipment, which is expected to bolster the demand for agricultural equipment across the globe. This factor is estimated to boom the global agricultural equipment market by noteworthy revenue by the end of 2024.
In the regional segment, Asia Pacific has accounted for the highest share of 40.0% in global agricultural equipment market in 2016 and is estimated to grow at highest pace , expanding at 10.2% CAGR in overall agricultural equipment market during the forecast period. Followed by Asia Pacific, there is a sufficient growth in market shares of Middle East Asia and Latin America in overall agricultural equipment market.
Rapid introduction of advanced agricultural equipment is a major factor which is augmenting the demand for agricultural equipment across the globe. Introduction of advanced equipment such as multi-purpose tractor is likely to bolster the growth of market during the forecast period.
Farmers are adopting advanced farming methods and technology to enhance the crop productivity. Additionally, the popularity of drip irrigation is increasing globally and thus fuelling the demand for drip irrigation equipment globally.
Government Initiatives and Support
Governments in many economies are offering grants and loans to farmers to buy agricultural equipment. For instance, under the National Agricultural Development Programme (NADP), government in India is offering subsidy of up to 50% to farmers to buy farming equipment.
Apart from this, governments are also increasing agricultural spending to encourage and to boost this sector. This factor is anticipated to intensify the demand for agricultural equipment all across the globe.
However, factors such as rising petroleum prices, unorganized logistics, transport and storage facilities in rural areas might deter the growth of the global agricultural equipment market.
The report titled ““Global Agricultural Equipment Market Outlook: Industry Analysis & Opportunity Evaluation 2016-2024” delivers detailed overview of the global agricultural equipment market in terms of market segmentation by application type, by product type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of global agricultural equipment market which includes company profiling of Deere & Company, AGCO Corporation, CNH Industrial, SDF Group, Argo Tractors S.p.A., CLAAS KGaA mbH, The Toro Company, Kubota Corporation, Mahindra & Mahindra Ltd. and Escorts Ltd.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global agricultural equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.