Rising Need for Automation in Agriculture Sector is Expected to Drive Global Agriculture Equipment MarketEquipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $266 billion by 2024 from $172 billion in 2016; growing at a CAGR of 5.6% from 2016 to 2024. There are the several driving factors of the market such as increasing population, rising per capita income, and need for automation in agriculture. However, lack of technical knowledge may restrain the growth of the market. Furthermore, growing initiatives by the government in terms of schemes for farmers is the major opportunity for the market.
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Key segments of the global agriculture equipment market are products type and geography. Irrigation & crop processing equipment, tractors, hay & forage equipment, harvesters, agriculture spraying equipment, soil preparation & cultivation and others are the key sub segments of the product type segment. In 2016, tractors sub segment has highest market share, owing to rising need to make soil fertile for increasing the production output.
North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global agriculture equipment market. In 2016, Asia-Pacific region accounted for the highest market share of 40.3%, owning to, increasing population in emerging economies. Additionally, Asia-Pacific is anticipated to grow at the highest CAGR of 7.1% during 2016-2024, driven by rapid automation of agricultural activities.
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The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the agriculture equipment market are Same Deutz-Fahr Group, AGCO Corporation, Escorts Limited, Mahindra Group, Concern Tractor Plants, Deere & Company, Valmont Industries Incorporated., Agrostroj Pelhrimov a.s, China National Machinery Industry Corporation and Weifang Euroking Machinery, among others.
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