Agriculture Equipment Market to Upsurge with Improved Revenue

Agriculture Equipment Market is expected to garner $243.5 billion by 2022, registering a CAGR of 5.9% during the forecast period 2016-2022. Agriculture equipment are used for assistance in agriculture activities. Agriculture equipment comprises a wide range of equipment such as tractors, plough, cultivation equipment, and harvesters.

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Major factors that drive the growth of the agriculture equipment market are increasing adoption of technology driven agriculture equipment and escalating demand for food due to growing population. Global market players are continuously launching new and innovative products to sustain their market position and offer technologically advanced equipment.

Agriculture tractors, harvesters, soil preparation and cultivation equipment, irrigation & crop processing equipment, agriculture spraying equipment, hay and forage equipment are the major agriculture equipment considered in the study. Tractors constituted nearly one-third of the overall agriculture equipment market revenue in 2015, and are likely to remain the highest revenue contributors throughout the analysis period. Tractors are indispensable farm equipment, used for various activities, both as a standalone equipment and also with other implements. Harvesters is the second largest product category in terms of revenue generation. The market for harvesters is anticipated to grow with the highest CAGR of 6.9% during the forecast period.

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Key findings of Agriculture Equipment Market:
• The global agriculture equipment market is expected to exhibit a notable growth during the forecast period owing to the rising demand for food and increasing mechanization in agriculture.
• In the year 2015, tractors accounted for around 34% share in the overall agriculture equipment market revenue.
• The harvester segment is expected to be the fastest growing segment during the forecast period.
• Asia-Pacific is estimated to witness significant growth, growing at a CAGR of 7.6% from 2016 to 2022.
• China is likely to register a higher growth with a CAGR of 8.5% over the analysis period.

Product launch and acquisition are the key growth strategies adopted by the leading market players to gain a strong foothold in the market and expand their customer base. In the year 2016, John Deere launched new models of G-Series harvesters in the North American market. These harvesters have efficient fuel economy and offer high productivity. The key companies profiled include 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, and Same Deutz-Fahr Group (SDF).

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