Agricultural Equipment Market Progresses for Huge Profits During 2024
The tractors segment is projected to create a total incremental opportunity of more than US$ 20 Bn between 2016 and 2024. This segment is estimated to reach a market value of a little more than US$ 100 Bn by 2024 end, expanding at a CAGR of 3.4%. The tractors segment is expected to be an attractive segment in terms of market share, owing to high sales in India and China (vs. sales of other equipment).
The high sales of tractors can be attributed to their multipurpose features, as they are used as agricultural equipment in the months from February to April and for other transport and commercial purposes from May onwards. The tractors segment is estimated to account for nearly three-fourth of the global agricultural equipment market share during the forecast period. This segment is estimated to account for a major share and dominate the global agricultural equipment market during the assessment period.
Governmental support pertaining to the use of agricultural equipment in various regions likely to bolster the growth of the tractor segment
The world population is growing at an alarming rate. The population is expected to be more prosperous and urbanized, enjoying better diets and living standards. A rising need for food will spur the demand for agricultural products, which will increase the demand for agricultural equipment such as tractors.
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In many countries, governments provide extensive support to farmers 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. For instance, in India, the Rashtriya Krishi Vikas Yojana supports farmers to purchase agricultural equipment including tractors at subsidized rates. Many government authorities are undertaking initiatives to educate farmers about the benefits of using agricultural equipment in farming. Companies are also reaching out to farmers to educate them about loan policies, credit financing, and benefits of contract farming – and this is anticipated to drive the demand for agricultural equipment, mainly tractors. In European and American countries, governments are taking the necessary steps to educate farmers and guide them about the benefits of using agricultural equipment.
The demand for agricultural equipment is expected to witness significant growth during the forecast period. This strong growth can be attributed to shifting of agricultural activities from animal or manual operations to automated methods. 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. Training programs conducted by the government for technicians, farmers, and machinery users is another important factor that is expected to further propel the demand for tractors over the forecast period.
What are the market participants saying?
A product manager from a European agricultural equipment manufacturing company explained that the agricultural equipment industry in Europe has constantly faced lower sales and has had to deal with a dramatically decreasing customer base, even in terms of total engine power sold. Trends in commodity prices is not the only factor responsible for the change in the agricultural equipment industry.
During primary research, the sales director of one of the agricultural equipment manufacturing companies in APEJ indicated that China and India are the major shareholders in the Asia Pacific agricultural equipment market owing to factors such as provision of favorable loans to farmers, recent changes in the subsidy policy for the purchase of agricultural equipment, demand for harvesting and tillage machinery, and decline in the tractor market over the past three months.
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The Business Development Manager of an agricultural equipment manufacturing company in MEA said that the Middle East and Africa market is fast gaining traction in the global agricultural equipment market owing to the availability of farm land on lease by the government at low prices and also indicated that most of the market movement can be seen in the Eastern (Ethiopia) and southern parts.
By Product Type
Table Of Contents
1. Executive Summary
2. Market Introduction
2.1 Market Definition
2.2 Market Taxonomy
3. Agricultural Equipment Market Analysis Scenario
3.1 Market Volume Analysis
3.2. Pricing Analysis
3.3. Global Agricultural Equipment Market Analysis & Forecast
3.4. Value Chain Analysis
4. Market Dynamics
5. Global Agricultural Equipment Market Analysis and Forecasts, by Product Type
5.1.1. Basis Point Share (BPS) Analysis By Product Type
5.1.2. Y-o-Y Growth Projections By Product Type
5.2. Market Value and Volume Forecast By Product Type
5.2.2. Combine Harvesters
5.2.4. Power Tillers
5.2.5. Seed Drill
5.2.7. Power Weeder
5.3. Agricultural Equipment Market Attractiveness Analysis By Product Type
6. Global Agricultural Equipment Market Analysis and Forecast, By Region
6.1.1. Basis Point Share (BPS) Analysis By Region
6.1.2. Y-o-Y Growth Projections By Region
6.2. Market Value and Volume Forecast By Region
6.2.1. North America
6.2.2. Latin America
6.3. Agricultural Equipment Market Attractiveness Analysis By Region
7. North America Agricultural Equipment Market Analysis and Forecast
7.1.1. Basis Point Share (BPS) Analysis By Country
7.1.2. Y-o-Y Growth Projections By Country
7.2. Market Size (US$ Mn) and Volume (Units) Forecast By Country
7.3. Market Size (US$ Mn) and Volume (Units) Forecast By Product Type
7.4.2. Combine Harvesters
7.4.4. Power Tillers
7.4.5. Seed Drill
7.4.7. Power Weeder
7.4. Market Attractiveness Analysis
7.4.1. By Country
7.4.2. By Product Type
8. Latin America Agricultural Equipment Market Analysis and Forecast
8.1.1. Basis Point Share (BPS) Analysis By Country
8.1.2. Y-o-Y Growth Projections By Country
8.2. Market Size (US$ Mn) and Volume (Units) Forecast By Country
8.2.3. Rest of Latin America
8.3. Market Size (US$ Mn) and Volume (Units) Forecast By Product Type
8.4.2. Combine Harvesters
8.4.4. Power Tillers
8.4.5. Seed Drill
8.4.7. Power Weeder
8.4. Market Attractiveness Analysis
8.4.1. By Country
8.4.2. By Product Type
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