Agricultural Equipment Market: Global Demand Analysis & Opportunity Outlook 2024

Dublin, March 23, 2018 -- The "Agricultural Equipment Market: Global Demand Analysis & Opportunity Outlook 2024" report has been added to ResearchAndMarkets.com's offering.

Agriculture equipment market is poised to grow at a CAGR of 10.25% over the forecast period i.e.2017-2024. Some of the noticeable trends that the market would perceive include increasing demand for food owing to rising population, favorable government policies on agricultural machinery and rising adoption of precision farming.

Agricultural equipment possesses a wide range of machinery and tools that are used in various processes of farming to improve output and enrich the overall crop quality. Traditional tools are now being switched with various new agricultural equipment, which mainly consists of crop processing equipment and drip irrigation equipment. Agriculture equipment's are a type of machines that help with farming. They are the machines used in the various stages of agriculture such as harvesting, planting, threshing and agro processing. Agriculture equipment are replacing traditional tools for traditional practice in land development, tillage and seed bed preparation plough and blade harrow but nowadays, the current practice includes tractors, mould board plough and power tiller.

The world population is growing at an alarming rate. The population is expected to be more affluent and urbanized, enjoying better diets and living standards. A rising need for food will spur the demand for agricultural products, which would escalate the demand for agricultural equipment such as tractors. In addition, tractor emerged as a leading product in this market. In many countries, government provide extensive support to farmers in order 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.

Asia-Pacific region is expected to dominate the market during the forecast period aided by China and India the fastest growing agriculture equipment market. Growing population will increase the demand for food in these countries, which in return will further increase the demand for better harvesting machinery. Europe and North America agriculture equipment market is anticipated to show a moderate growth. With rapid technological development and growing population, agriculture equipment market is expected to increase at a double digit CAGR during the forecast period.

Market Segmentation

In-depth analysis segmented the agricultural equipment market in the following segments:

By Product Type

• Tractor
• Thrasher
• Rotavator
• Self-Propelled Vertical Conveyer Reaper
• Zero Till Seed Drill
• Multi Crop Planter
• Power Tiller
• Laser Land Leveler
• Power Weeder
• Drip Irrigation Equipment
• Sprinkler Irrigation Equipment
• Combine Harvester
• Rice Transplanter
• Power Spray

By Process

• Land Development, Tillage, Seed Bed Preparation
• Sowing & Planting
• Weed Inter Cultivation
• Plant Protection
• Harvesting & Threshing
• Post-Harvest & Agro Processing

By Region

Global agricultural equipment market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
• Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis

Growth drivers and challenges

The demand for agriculture equipment is expected to witness a significant growth during the forecast period. This growth can be attributed towards shifting of agriculture activity from animal to manual operations. 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.

There has been an increasing demand for agriculture equipment across several applications, such as land development, plant protection, harvesting, and sowing & planting, which has led to shortage of farm labor. Agriculture is a labor-intensive and time-consuming process. Labor employment has become expensive since, there is a shortage of localized labor supply across the globe owing to shift their focus on agriculture equipment.

However, agriculture equipment helps in the cultivation but farmers are having financial issues to switch the old equipment with new machinery. This is the factor for dampening the growth of the global agriculture equipment market.

Key Players

The key players for agricultural equipment market are as follows:

• Deere & Company
• AGCO Corporation
• CNH Industrial N.V.
• Argo Tractors S.p.A.
• SDF Group
• The Toro Company
• Kubota Corporation
• CLAAS KGaA mbH
• Mahindra & Mahindra Ltd.
• Escorts Ltd.

For more information about this report visit https://www.researchandmarkets.com/research/8h83hg/agricultural?w=12

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         Related Topics: Agricultural Machinery and Equipment