Agriculture Equipment Market is Expected to Reach USD 233.4 Billion by 2025 & Growing significantly with a CAGR of over 5% During the Forecast Period

The global agriculture equipment market was estimated as USD 140.4 Billion in 2016 and is expected to reach USD 233.4 Billion by 2025, growing significantly with a CAGR of over 5% during the forecast period. Increasing demand for food supplies, growing adoption of modern technologies by farmers to upsurge farm yields and rising demand for organic food stuffs are major factors driving growth of the market. Agriculture and farming are the major source of food generation. Agriculture is the process of cultivating land to grow crops and plants to fulfill the food supplies.. There are vast developments in the field with respect to machineries, tools, farming techniques, soil types, fertilizers, etc.

There are various types of equipments, from hand tools and power tools to tractors and other machineries for tilling the ground, and for sowing the seeds. Agricultural equipments have witnessed a major evolution in few years. Earlier, people used stone tools for farming and then shifted to iron tools and later on, semi-automated and automatic machineries were adopted. Traditional tools are now being replaced with various new agricultural equipments, which generally include crop processing equipment and drip irrigation equipment. The machines are combined with GPS locators, self-steer platforms that allow the advanced tractors and implements to be precise and utilized proper fuel, seed, or fertilizer and computer monitoring systems. Furthermore, driverless tractors, implying GPS maps and electronic sensors are expected to be launched in the market over the forecast period. The key factors restraining the growth of the agriculture equipment market are high agriculture machinery cost.

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The global agricultural equipment market is bifurcated on the basis of product, application and region. The agricultural equipment industry, based on the product, is segmented as farm tractors, harvesting machinery, planting and fertilizing machinery, plowing and cultivation machinery, haying machinery and others which include parts, attachments, etc. Farm tractors are anticipated to account for the largest market share owing to the multi-purpose utilization of farm tractors. The farm tractors are very useful for agricultural as well as non-agricultural purpose; they are utilized as agricultural equipment and for other transport and commercial purposes.

Based on the applications, the agricultural equipment industry is segmented into land development & seed bed preparation, sowing & planting, weeds cultivation, plant protection, harvesting & threshing and post-harvest & agro processing. Land development & seed bed preparation is projected to acquire the highest market share in 2016. However, harvesting & threshing segment is anticipated to witness the fastest growth over the forecast period. The major reason behind the growth of this market is scarcity of labor, as people are opting for other jobs, instead of field work.

Geographically, the agricultural equipment market is bifurcated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Among these regions, Europe is anticipated to dominate the market, in terms of revenue. However, Asia Pacific is expected to be the fastest growing market, owing to the rising demands of food supply due to increasing population and the climatic conditions are favorable for agriculture. Moreover, in several countries, government is providing enormous support to farmers to initiate modern farming techniques by helping them to purchase agricultural equipments at less cost or by taking loans. For example, in India, the Rashtriya Krishi Vikas Yojana supports farmers for buying tractors and other equipments at subsidized rates. In European and American countries, government is taking the initiative to educate farmers and provide assistances for using various agricultural techniques and equipments to increase the efficiency and yield. All these factors are generating a huge demand for agricultural equipments.

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Major players in the global agricultural equipment market includes, AGCO Corp., CNH Industrial N.V., Iseki & Co., Ltd., Same Deutz-Fahr Group S.p.A. (SDF), J.C. Bamford Excavators Limited, Kubota Corporation, Mahindra & Mahindra Limited, and Deere & Company, among all the others. John Deere, the UK based tractor manufacturing company, has launched a new lawn tractor in September 20187 at Saltex-2017. This X940 series is suitable for a wide range of services such as farming and other commercial purposes.

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