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.
Major drivers of global agriculture equipment market are economic stability, rise in population, and adoption of advanced farming technique. However, lack of proper knowledge about effective agricultural equipment among farmers would act as a restraint for the market. Numerous schemes by the government in order to increase agricultural productivity would provide several growth opportunities for the market.
The global agriculture equipment market is bifurcated into product type and geography. Product type segment includes harvesters, tractors, soil preparation & cultivation equipment, irrigation & crop processing equipment, hay and forage equipment, agriculture spraying equipment, and others. 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 during the forecast period, driven by rising population and increasing demand for food which may lead to adoption of technically advanced harvesters.
Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted for the largest market share of 40.3% 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. North America accounted for the second largest market share of 25.9%. In terms of growth, Asia-Pacific is also expected to grow at the fastest CAGR of 7.1% during the forecast period 2016-2024. The growth would be primarily driven by growing adoption of mechanized equipment for agriculture activities.
Major players in the agriculture equipment market include, AGCO Corporation, Mahindra Group, Concern Tractor Plants, Valmont Industries Incorporated., Escorts Limited, Weifang Euroking Machinery, Agrostroj Pelhrimov a.s, Deere & Company, Same Deutz-Fahr Group, and China National Machinery Industry Corporation, among others.