Market Size and Forecast
Agriculture equipment market is poised to grow at a CAGR of 10.25% over the forecast period i.e.2017-2024. Some of the noticeable trends that the market would perceive include increasing demand for food owing to rising population, favorable government policies on agricultural machinery and rising adoption of precision farming.
The world population is growing at an alarming rate. The population is expected to be more affluent and urbanized, enjoying better diets and living standards. A rising need for food will spur the demand for agricultural products, which would escalate the demand for agricultural equipment such as tractors. In addition, tractor emerged as a leading product in this market. In many countries, government provide extensive support to farmers in order to purchase agricultural equipment to work more efficiently, which is expected to bolster the growth of the tractor segment in the global agricultural equipment market.
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Asia–Pacific region is expected to dominate the market during the forecast period aided by China and India the fastest growing agriculture equipment market. Growing population will increase the demand for food in these countries, which in return will further increase the demand for better harvesting machinery. Europe and North America agriculture equipment market is anticipated to show a moderate growth. With rapid technological development and growing population, agriculture equipment market is expected to increase at a double digit CAGR during the forecast period.
Our in-depth analysis segmented the agricultural equipment market in the following segments:
By Product Type
Self-Propelled Vertical Conveyer Reaper
Zero Till Seed Drill
Multi Crop Planter
Laser Land Leveler
Drip Irrigation Equipment
Sprinkler Irrigation Equipment
Land Development, Tillage, Seed Bed Preparation
Sowing & Planting
Weed Inter Cultivation
Harvesting & Threshing
Post-Harvest & Agro Processing
Global agricultural equipment market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Growth drivers and challenges
The demand for agriculture equipment is expected to witness a significant growth during the forecast period. This growth can be attributed towards shifting of agriculture activity from animal to manual operations. Factors such as government initiatives, rising urbanization rate and time saving properties are shifting the focus of farmers to mechanization and improving their investment power.
There has been an increasing demand for agriculture equipment across several applications, such as land development, plant protection, harvesting, and sowing & planting, which has led to shortage of farm labor. Agriculture is a labor-intensive and time-consuming process. Labor employment has become expensive since, there is a shortage of localized labor supply across the globe owing to shift their focus on agriculture equipment.
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However, agriculture equipment helps in the cultivation but farmers are having financial issues to switch the old equipment with new machinery. This is the factor for dampening the growth of the global agriculture equipment market.
The key players for agricultural equipment market are as follows:
CNH Industrial N.V
Iseki & CO. Ltd
J.C Bamford Excavators limited
Mahindra and Mahindra limited
Deere & company
Same Deutz-Fahr Group S.p.A. (SDF)
Scope and Context
Overview of the Parent Market
The global agricultural equipment market is segmented as follows:
By Product Type Market Size & Y-O-Y Growth Analysis
By Process Market Size & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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