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Agricultural Equipment Market : Global Demand Analysis & Opportunity Outlook 2024

Published On : 03:17 AM, 19th September, 2018 REP-ID-292 Category: Miscellaneous

Global Agricultural Equipment Market

Agricultural Equipment are the tools used for numerous agriculture and farming applications such as harvesting, planting, threshing and agro processing among others to improve output and enrich the overall crop quality. Depending on the area of function, they range from hand tools to power instruments. Traditional tools are now being switched with various new agricultural equipment, which mainly consists of crop processing equipment and drip irrigation equipment. 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 ploughs and power tiller. With the world population growing at an alarming rate, there is a rising need for food. This factor is anticipated to spur the demand for agricultural products which will promote the demand for agricultural equipment and will further hone the growth of agricultural equipment market globally.

Market Size and Forecast

Geographically, Asia Pacific has accounted for the highest share of 40.0% in global agricultural equipment market in 2016. With 10.2% CAGR, Asia-Pacific is estimated to grow at highest pace in overall agricultural equipment market during the forecast period. Followed by Asia Pacific, there is a sufficient growth in market shares of Middle East Asia and Latin America in agricultural equipment market. 

The rising demand for agricultural products and increasing population worldwide are the major reasons behind the expansion of agricultural equipment market. Moreover, the encouragement to adopt advanced agricultural equipment by the government authorities is anticipated to foster the growth of the market of global agricultural equipment. Further, rise in expenditure in farming activities in developing countries has been witnessed in recent years. These factors are expected to propel the growth of agricultural equipment in near future. 

According to a recent study conducted by Research Nester, the global market is expected to grow at a CAGR of 8.4% over the period 2017-2024. Worldwide sales of agricultural equipment are anticipated to generate USD 332.9 Billion in revenue by the end of 2024 as compared to USD 178.3 Billion in 2016. Based on application type, the global agricultural equipment market is segmented into land development & seed bed preparation, sowing & planting, harvesting & threshing, weeds cultivation, plant protection and post-harvest & agro processing. Among these segments, land development and seed bed preparation segment is expected to reach USD 77.6 Billion by the end of 2024 from USD 39.0 Billion in 2016. This segment is anticipated to flourish at a CAGR of 9.2% over the forecast period. Further, global land development and seed bed preparation market is projected to achieve Y-o-Y growth rate of 11.2% in 2024 as compared to previous year.

Agricultural Equipment Market Share By Region

Market Segmentation:

Our in-depth analysis of the global agricultural equipment market includes the following segments:

By Application Type

  • Land Development & Seed Bed Preparation
  • Sowing & Planting
  • Harvesting & Threshing
  • Weeds Cultivation
  • Plant Protection
  • Post-Harvest & Agro Processing

By Product Type

  • Tractors
  • Combine Harvesters
  • Threshers
  • Rotavators
  • Self-Propelled Vertical Conveyer Reaper
  • Zero Till Seed Drill
  • Multi Crop Planter
  • Power Tiller
  • Laser Land Leveler
  • Rice Transplanters
  • Power Weeder
  • Drip Irrigation Equipment
  • Sprinkler Irrigation Equipment

By Region

The 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
  • Europe (U.K., Germany, France, Italy, Spain, Russia, Poland, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, and Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (MEA) (GCC, North Africa, South Africa and Rest of MEA) Market size, Y-O-Y growth & Opportunity Analysis

Growth Drivers and Challenges:

Thriving agriculture sector is one of the factors behind the growth of the market. With decrease in the global population who is responsible for food production, there is a rising food demand that has led farmers across the globe to adopt numerous agricultural equipment such as tractors and threshers among others to increase the farm productivity. The increasing adoption of mechanization in agriculture sector is expected to bolster the growth of agriculture equipment market in upcoming years.

Moreover, the governments of both developing and developed countries are taking various initiatives and initialization of number of programs to boost the agriculture sector by providing extensive support to farmers in order to purchase agricultural equipment, which is expected to bolster the demand for agricultural equipment across the globe. Apart from this, government is also increasing agricultural spending to encourage and to boost this sector. This factor is anticipated to intensify the demand for agricultural equipment all across the globe. Subsequently, increasing food security concerns have led governments to take initiatives to encourage the agriculture sector which in turn is fueling the demand for agricultural equipment all across the globe.

However, factors such as rising petroleum prices, unorganized logistics, transport and storage facilities in rural areas might deter the growth of the global agricultural equipment market.

Key Players

  • Deere & Company
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • AGCO Corporation
  • CNH Industrial
  • SDF Group
  • Argo Tractors S.p.S
  • CLAAS KGaA mbH
  • The Toro Company
  • Kubota Corporation
  • Mahindra & Mahindra Ltd.
  • Escorts Ltd.

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global agricultural equipment market is segmented as follows:

  • By Product Type Market Size & Y-O-Y Growth Analysis
  • By Distribution Channel Market Size & Y-O-Y Growth Analysis
  • By Price Range Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

Key Answers

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