Demand in Global Agricultural Equipment Market Expected to Touch US$ 100 Billion by 2024

Market Research Reports Engine has added a new report titled “Global Market Study on Agricultural Equipment: Power Weeder Product Type Segment Anticipated to Grow at a Relatively High CAGR During 2016-2024” to its vast database of market reports. 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.

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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. 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.

The tractors segment is expected to account for a significant market share globally, owing to technological advancements

In North America, the tractor segment is estimated to gain more than 20 BPS between 2016 and 2024 and is expected to expand at a CAGR of 3.3% over the forecast period. Growing demand for tractors in the U.S. and Canada is expected to drive the North America agricultural equipment market. The tractors segment is estimated to be an attractive segment in terms of market share and incremental opportunity, owing to strong demand in the U.S. and Canada. In Latin America, the tractors segment was estimated to account for a major market share by 2016 end and is expected to show its dominance by the end of 2024. The tractors segment is estimated to be a relatively attractive segment in terms of incremental opportunity and market share in Europe – the segment is expected to expand at a CAGR of 2.9% over the forecast period, with a market share of more than 80%. In APEJ the tractors segment is expected to hold significant market share during the forecast period, owing to a large number of NBFC funded farmers buying agricultural machinery. The tractors segment is anticipated to be a relatively attractive segment owing to increasing government support for agricultural credit, replacement demand, and irrigation for large areas.

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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. 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.

Market Segmentation

By Region

North America
Latin America
MEA
Europe
APAC
By Product Type

Tractors
Combine Harvesters
Rotavators
Power Tillers
Seed Drill
Thresher
Power Weeder
Others

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