Global Agriculture Equipment Market is Estimated to Reach $266 Billion by 2025, Says Accurize Market Research
Global agriculture equipment market report published by Accurize Market Research forecast that the global market is expected to reach $266 billion by 2024; growing at a CAGR of 5.5% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Economic stability, rise in population, and adoption of advanced farming technique across the globe to drive the growth of the market
Economic stability and rise in populationfuels the demand for the global agriculture equipment market. Moreover, adoptions of advanced farming technique also boost the growth of the market.
The global agriculture equipmentmarket has been bifurcated on the basis ofproduct type and geography. By product type, the market is further segmented into harvesters, tractors, soil preparation & cultivation equipment, irrigation & crop processing equipment, hay and forage equipment, agriculture spraying equipment, and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers UK, France, Germany, and others. Asia-Pacific covers China, India, Japan, and others. Rest of the World (RoW) covers South America, Middle East and Africa.
“Tractors accounted for the largest market share in the product type segment", says Accurize
By product type,tractors segment accounted for the largest market share in 2017, owing to its extensive usage in cultivation, to make the soil fertile and suitable, to increase production output. 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.
“Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia-Pacific accounted for the largest market share of 40% and is expected to continue its dominance during the forecast period. The growth is majorly attributed to rapidly growing population in emerging economies such as China and India. North America accounted for the second largest market share of 26%. In terms of growth, Asia-Pacific is also expected to grow at the fastest CAGR of 7.1% during the forecast period 2017-2025. The growth would be primarily driven by growing adoption of mechanized equipment for agriculture activities.
Top players in the market
The key market players include Mahindra Group, AGCO Corporation, Concern Tractor Plants, Escorts Limited, Valmont Industries Incorporated., WeifangEuroking Machinery, Deere & Company, AgrostrojPelhrimova.s, Same Deutz-Fahr Group, and China National Machinery Industry Corporation among others.
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