Global
Agriculture Equipment Market - Insights
Global
agriculture equipment market have generated the revenue of US$
103,463.9 million in 2016 up from US$ 100,321.0 million in 2016. By
2025, the agriculture equipment market is expected to generate a
revenue of US$ 136,527.1 million with a CAGR of 3.53% in the forecast
period. According to Population Reference Bureau, the world wide
total population was 7,536 million in 2017 and is projected to reach
8,563 million by 2030. Increasing population is propelling demand for
food, which in turn accelerated the demand for equipment’s in
agriculture industry to reduce production time, increase efficiency,
and save cost.
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Increasing
government initiatives to support agricultural industry is driving
market growth
Constantly
increasing population is propelling demand for steady supply of food,
which is major challenge for government of various economies. To
overcome this challenge, government offers subsidiaries schemes and
easy availability of advanced agricultural equipment at low cost. For
instance, in India, Department of Agriculture, Cooperation and
Farmers Welfare started Sub-Mission on Agricultural Mechanization
schemes in 2014 to provide subsidiary to farmers on machinery.
The
tractor segment held the dominant position in 2017
On the
basis of product type, market is segmented into Tractors, Combine
Harvesters, Rotavators, Power Tillers, Seed Drill, Thresher, Power
Weeder, and Others. The tractor segment held the dominant position in
the agriculture equipment market and is projected to retain its
dominance throughout the forecast period. In 2017, the tractor
segment generated the revenue of US$ 80,396.8 million and is expected
to reach US$ 105,732.9 million by 2025 with a CAGR of 3.48%. The
tractors are essential farming equipment’s used for various
activities, both as standalone equipment and with other implements.
Moreover, rising mechanization trend in agriculture is a major factor
for the growth of segment in the agriculture equipment market.
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Key
Players- Global Agriculture Equipment Market.
The major
players operating in the global agriculture equipment market include
AGCO Corporation, Agrostroj Pelhrimov A.s, China National Machinery
Industry Corporation, Concern Tractor Plants, Deere & Company,
Escorts Limited, Mahindra Group, Same Deutz-Fahr Group (SDF), Valmont
Industries Incorporated, and Weifang Euroking Machinery
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