Press release
Asia-Pacific Dominated The Global Agriculture Equipment Market With Highest Market Share
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Growing population, economic stability, and adoption of advanced farming technique are some of the major factors to drive the growth of global agriculture equipment market. Besides, advancement in technologies in the field of agriculture is also expected to fuel the market growth. However, lack of proper knowledge about effective agricultural equipment’s among farmers is the major hindrance for the growth of the market. Moreover, various government schemes supporting the agricultural productivity are expected to generate profitable growth opportunities for the market in the forecast period.
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The global agriculture equipment market is classified on the basis of product type, and geography. Classification by product type includes tractors, harvesters, soil preparation & cultivation equipment, hay and forage equipment, irrigation & crop processing equipment, agriculture spraying equipment, and others. Based on geography, the global instrumented bearing market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Tractors segment accounted for the supreme market share in the year 2016, driven by its extensive usage in cultivation, to increase production output, and to make the soil fertile & suitable. The harvesters segment is expected to grow at the fastest CAGR during the forecast period, driven by rising population and increasing demand for food which may lead to adoption of technically advanced harvesters.
In 2016, Asia-Pacific occupied the market with major share of 40.3%, and is probable to endure its dominance throughout the forecast period. The growth is majorly credited to speedily growing population in underdeveloped countries such as China and India. While, North America accounted for the second largest market share. In terms of growth, Asia-Pacific is also likely to achieve the fastest CAGR in the forecast period 2016 – 2024, due to growing adoption of mechanized equipment for agriculture activities.
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In August 2017, John Deere redesigned & upgraded 2025R a Compact Utility Tractor which is easy-to-use, versatile machine designed to tackle a variety of jobs in agriculture sector. AGCO Corporation, Mahindra Group, Concern Tractor Plants, Valmont Industries Incorporated., Escorts Limited, Weifang Euroking Machinery, Agrostroj Pelhrimov a.s, Deere & Company, Same Deutz-Fahr Group, and China National Machinery Industry Corporation, among others.
Scope of Agriculture Equipment Market
Product Type Segments
• Harvesters
• Tractors
• Soil preparation & cultivation equipment
• Irrigation & crop processing equipment
• Hay and forage equipment
• Agriculture spraying equipment
• Others
Geographical Segments
• North America
o US
o Canada
o Mexico
• Europe
o UK
o France
o Germany
o Others
• Asia-Pacific
o China
o India
o Japan
o Others
• RoW
o South America
o Middle East
o Africa
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
For further information, visit https://www.variantmarketresearch.com
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