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Agricultural Equipment Market predicted to grow at CAGR 6.5% to 2024: EstiCast

Agricultural Equipment at the trade show Agritechnica, world's largest trade show of agricultural machinery and farm equipment. (Courtesy: Agritechnica)

Indian Market Research firm Esticast Research and Consulting has prepared a Global Agriculture Equipment Market Overview, predicting this market to grow to USD 279.5 billion in 2024, growing at a CAGR of 6.5% from 2017 to 2024.

Size of the Global Agriculture Equipment Market

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.

Market Characterisation

Agriculture equipment or farm equipment is the set of machinery which is used for the backing and support of agricultural activities.

Agriculture equipment consists of a varied range of equipment and machinery such as tractors, plough, cultivation equipment, and harvesters. Various power tools, hand tools, and tractors along with the countless number of farm gears are an indispensable part of the agriculture industry.

Increasing adoption of technology driven agriculture equipment and escalating demand for food due to growing population are the reason for the growth of the market.

Global market players are continuously revealing new and innovative products to maintain their market position and offer technologically advanced equipment.

Driving Forces

The population is growing at an alarming rate and is expected to be more urbanized, anticipating better diets and living standards. A growing need for food can stimulate the demand of agricultural products, which will eventually increase the demand for agricultural equipment.

Major factors that are driving the growth of the agriculture equipment market are leading the adoption of advanced agriculture equipment. The government in many countries provide extensive support to farmers in order to purchase agricultural equipment for efficient work outputs, which will push the growth of the agriculture equipment market.

Many government authorities are undertaking initiatives to educate farmers about the benefits of using agricultural equipment in farming. Numerous companies are also approaching the farmers to educate them about the loan policies, credit financing, and benefits of contract farming. This is expected to drive the demand for agricultural equipment, mainly heavy machinery.

However, loss of skills, monotony, and unemployment are some restraining factors, which may resist the growth of agriculture equipment.

Market Segments

The Agriculture equipment market is segmented on the basis of product type and geography.

By equipment type, the market is segmented as agriculture tractors, harvesters, soil preparation and cultivation equipment, irrigation & crop processing equipment, agriculture spraying equipment, hay and forage equipment, and other agriculture equipment.

On the basis of Geography, the market is categorized as North America, Europe, Asia Pacific and Rest of World.

Key Market Players

The key market players are Deere & Company, 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)

Market Players that play an important role in the Potato sector are highlighted by PotatoPro at Equipment for Potato Farming
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