Constantly growing the need for food will encourage the demand of agricultural products. This eventually increases the demand for agricultural equipment. An increase in the adoption of technical agriculture equipment due to supportive initiatives were taken by various governments and enhancement in farmer awareness programs is a major factor which is driving the agriculture equipment market constantly.”
As per the report "Agriculture Equipment Market by Product Type (Agriculture tractors, Harvesters, Soil preparation & cultivation equipment, Irrigation & crop processing equipment, Agriculture spraying equipment, Hay & forage equipment, Other agriculture equipment), Industry trends, Estimation & Forecast, 2016 - 2024", the global agriculture equipment market was valued at $171 billion in 2016, and is projected to reach $279.5 billion by 2024, growing at a CAGR of 6.5% from 2017 to 2024. In 2016, Tractor market generated the highest revenue share in the global agriculture equipment market.
Among major segments, North American agriculture equipment market was the highest revenue generating market valued at $46.1 billion in 2016.
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Asia Pacific agriculture equipment generated the highest revenue in 2016
The global agriculture equipment market was led by the Asia Pacific region, generating a revenue of $69 billion, the highest growth we Asia Pacific region having a CAGR of 8.4% over the forecast period.
This is because of the increasing population in the region and boom of automated harvesting equipment in countries like India and China.
Global Agriculture Equipment Market By Geography, 2016, ($Million)
Agriculture equipment market is flourishing in the region as a result of increasing use of advanced farming equipment for more effective, reliable and time-saving production.
Tractor segment held more than 30% market of agriculture equipment market and growing with a CAGR of 6.4% throughout the forecast period
The tractor segment earned the highest revenue of nearly $58.03 billion in 2016. This is because tractors are the majorly used machinery equipment to push agricultural machinery or trailers that plow or harrow fields.
However, the harvester and soil preparation segment may witness the high growth rates in the near future.
Indian agriculture equipment market leads the Asia Pacific market by earning revenue of $22.7 billion in 2016
Indian agriculture equipment market is the leading the Asia Pacific region due to agriculture production boom in the region. However, China will witness the highest CAGR of 9.2% during the forecast period followed by Japan.
Agriculture Equipment Market Key Insights
- Asia Pacific region is expected to have the fastest growth with a CAGR of 8.4 % over the forecast period. The region generated revenue of $69 billion in 2016.
• India holds the major segment of the Asia Pacific agriculture equipment market.
• Germany is to witness the highest CAGR of 4.7% over the forecast period (2017-2024)
• Tractor equipment segment holds more than 30% of the total agriculture equipment market.
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Deere and Company, a leading agriculture equipment company, recently acquired Mazott S.r.I, a privately-held sprayer manufacturer based in Ravenna, Italy. The acquisition of Mazzotti will provide John Deere an opportunity to serve more customers in European markets.
Some major market players of the agriculture equipment market are Mahindra Group, AGCO Corporation, Agrostroj Pelhrimov A.s, Concern Tractor Plants, Escorts Limited, China National Machinery Industry Corporation, Valmont Industries Incorporated, Weifang Euroking Machinery, Same Deutz-Fahr Group (SDF).
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