Agricultural Equipment Market Forecast Up to 2024 - By Leading Companies Deere & Company, AGCO Corporation, CNH Industrial N.V., Agro Tractors S.p.A. and others
AGCO Corporation launched two new Massey Ferguson tractors which expanded the MF 5700 Global Series product offerings of the company. Deere & Company spent around USD 1,368 Million on research & development activities during 2017
The rising population has increased the demand for agricultural products which has furthered the demand for agricultural equipment around the globe. Moreover, the encouragement to adopt advanced agricultural equipment by the government authorities is anticipated to foster the expansion of the global agricultural equipment market with a CAGR of around 8.4% over the time period of 2017-2024. The global agricultural equipment market accounted for USD 178.3 Billion during 2016 and is predicted to reach USD 332.9 Billion by the end of 2024 which can be attributed to growing agricultural and farming activities on the back of growing population around the globe.
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Growth Highlights based upon Regional Platform during 2016-2024
The global agricultural equipment market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, the Asia-Pacific agricultural equipment market held a dominant market share during 2016 and is further predicted to dominate the overall agricultural equipment market by expanding at a highest CAGR during 2017-2024. The tractors and combine harvesters are the largest growing segments in Asia-Pacific region, where combine harvesters agriculture equipment segment is estimated to observe a growth rate of 2.3x over the forecast period.
The harvesting and threshing segment in North America agricultural equipment market is expected to expand with highest compound annual growth rate over the forecast period owing to the increasing government initiatives along with high adoption rate of tractors and harvesters in the region. The U.S. dominated the overall agricultural equipment market in North America by holding market share of USD 35.6 Billion during 2016 as compared to USD 13.6 Billion in Canada.
Growing agribusiness in Brazil & high preference for new agricultural equipment in Rest of Latin America are some of the major growth drivers behind the expansion of Latin America agricultural equipment market in upcoming years.
The market size of Europe in agricultural equipment market was USD 39.6 Billion in 2016, where Germany held the dominant share followed by Rest of Europe owing to the low interest rate and strong income of farmers which has also furthered the demand for several agricultural equipment in the region. Further, growing green revolution in North African countries and inclination of Egyptian farmers towards urban agriculture are anticipated to strengthen the demand for agricultural equipment in Middle East and Africa over the forecast period.
Some of the affluent industry leaders in the global agricultural market are Deere & Company, AGCO Corporation, CNH Industrial N.V., Agro Tractors S.p.A., SDF Group, The Toro Company, Kubota Corporation, CLAAS KGaA mbH, Mahindra & Mahindra Ltd. and Escorts Ltd.
John Deere Company, a U.S. based company, primarily engaged in the agricultural machinery and equipment manufacturing has acquired various companies in the past few years such as Monosem, Wirtgen Group, Mazzotti and many more.
Additionally, the company is spending heavily on research & development activities and is focusing on the improvement and development of existing and new products. Further, AGCO Corporation, a leading agricultural equipment manufacturer based in the United States, announced the completion of the acquisition of Precision Planting LLC. This acquisition expanded the company’s distributing network and has strengthened its position in the market.
Additionally, other key and niche players are working towards the development of technologically advanced agricultural equipment by spending on research & development activities that has further enabled the companies to gain competitive edge in the agricultural equipment market.
By Product, Regions, Technology, YoY Growth opportunities and Detailed Insights of Key Players
The global agricultural equipment market is thriving on the back of growing population around the world leading to increasing demand for food and crop production along with technological advancements. Further, the increasing adoption of mechanization in agriculture sector combined with numerous advantages offered by agricultural machinery and equipment such as reduced time consumption, high productivity and more profit are going to positively affect the growth of the agriculture equipment market in upcoming years.
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