The total population of the world was 7.5 Million Thousands during 2017 and is expected to reach 8.1 Million Thousands by 2024~ United Nations Conference on Trade and Development
“Global Agricultural Equipment Market Outlook: Potential Demand Analysis & Opportunity Assessment 2016-2024”
The manufacturers are spending huge capital on research & development activities to develop advanced equipment to meet the consumer’s requirement. For instance, TORO, a leading worldwide provider of innovative solutions for the outdoor environment has recently launched innovative mower equipment which requires less effort and can operate easily in challenging areas. The growing population has increased the demand for agricultural products which has furthered the demand for agricultural equipment around the globe. In addition to that, the favorable government initiatives to boost the agriculture sector are predicted to supplement the growth of the global agricultural equipment market with a valuation of USD 332.9 Billion by the end of 2024, expanding at a CAGR of 8.4% over the forecast period.
The global agricultural equipment market is divided by application into land development and seed bed preparation, sowing and planting, harvesting and threshing, weed cultivation, plant protection, post-harvest and agro processing, out of which, the land development and seed bed preparation is predicted to dominate the market by observing a growth rate of 1.8x over the forecast period. Further, the rising demand for food security all over the globe is envisioned to foster the growth of the sowing and planting equipment segment with an estimated absolute $ opportunity of USD 8.4 Billion between 2017 and 2024.
Increasing Adoption of Mechanization in Agriculture Sector to Accelerate the Demand for Agricultural Equipment
The global agricultural equipment market is thriving on the back of growing population and the increasing adoption of mechanization in agriculture sector around the world.
Thriving Agriculture Sector – The rising population is responsible behind the production of the food which has further led the farmers around the globe to adopt numerous agricultural machines such as tractors, threshers, combine harvesters etc. in order to increase the farm productivity.
Government Initiatives and Support – The government of both developing and developed countries are taking various initiatives along with initialization of number of programs to boost the agriculture sector.
Technological Advancements – The introduction of advanced equipment such as multi-purpose tractor and popularity of drip irrigation are enhancing the crop productivity.
Global Players’ Expertise to Minimize the Barriers faced by The Global Agricultural Equipment Market
Despite the ongoing research and development activities, Research Nester focuses on the obstacles that might obstruct the growth of the global agricultural equipment market in upcoming years.
High Cost of Advanced Agricultural Equipment – The problems faced by farmers in the global agricultural equipment market include rising petroleum prices, unorganized logistics, transport and storage facilities in rural areas followed by the high cost associated with the advanced agricultural equipment and machineries.
High Tax and Interest Rates – The weak implementation of agricultural laws and policies is restricting the progress of agricultural equipment market in underdeveloped countries.
The report titled “Global Agricultural Equipment Market Outlook: Potential Demand Analysis & Opportunity Assessment 2016-2024” delivers detailed overview of the global agricultural equipment market in terms of market segmentation by application, product and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global agricultural equipment market which includes company profiling of Deere & Company, AGCO Corporation, CNH Industrial N.V., Agro Tractors S.p.A., SDF Group, The Toro Company, Kubota Corporation, CLAAS KGaA mbH, Mahindra & Mahindra Ltd. and Escorts Ltd.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global agricultural equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.