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.
The land development and seed bed preparation is anticipated to dominate the market and is forecasted to observe a growth rate of 1.8x over the forecast period, closely trailed by harvesting & threshing segment which has contributed around 17.6% market share of total agricultural equipment market in 2016 and is expected to foster over the forecast period owing to its capability of easing the crop harvesting procedure in less time.
Further, the rising demand for food security all over the globe is projected to propel the demand for sowing and planting equipment such as drill, seeder, planter and others to increase the crop yield which is envisioned to foster the growth of global sowing and planting equipment market with an estimated absolute $ opportunity of USD 8.4 Billion between 2017 and 2024. Furthermore, the weed cultivation segment accounted for USD 29.5 Billion in 2016 and is expected to double by the end of 2024 owing to the adoption of shovel/plough, tiller and others equipment in order to curb the time for weeding combined with rising government initiatives such as providing subsidies to the farmers regarding agriculture equipment.
The rising population has increased the demand for agricultural products which has furthered the demand for agricultural equipment around the globe. Moreover, the encouragement to adopt advanced agricultural equipment by the government authorities is anticipated to foster the expansion of the global agricultural equipment market with a CAGR of around 8.4% over the time period of 2017-2024. The global agricultural equipment market accounted for USD 178.3 Billion during 2016 and is predicted to reach USD 332.9 Billion by the end of 2024 which can be attributed to growing agricultural and farming activities on the back of growing population around the globe.
The global agricultural equipment market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, the Asia-Pacific agricultural equipment market held a dominant market share during 2016 and is further predicted to dominate the overall agricultural equipment market by expanding at a highest CAGR during 2017-2024. The tractors and combine harvesters are the largest growing segments in Asia-Pacific region, where combine harvesters agriculture equipment segment is estimated to observe a growth rate of 2.3x over the forecast period.
The harvesting and threshing segment in North America agricultural equipment market is expected to expand with highest compound annual growth rate over the forecast period owing to the increasing government initiatives along with high adoption rate of tractors and harvesters in the region. The U.S. dominated the overall agricultural equipment market in North America by holding market share of USD 35.6 Billion during 2016 as compared to USD 13.6 Billion in Canada.
Growing agribusiness in Brazil & high preference for new agricultural equipment in Rest of Latin America are some of the major growth drivers behind the expansion of Latin America agricultural equipment market in upcoming years.
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The market size of Europe in agricultural equipment market was USD 39.6 Billion in 2016, where Germany held the dominant share followed by Rest of Europe owing to the low interest rate and strong income of farmers which has also furthered the demand for several agricultural equipment in the region. Further, growing green revolution in North African countries and inclination of Egyptian farmers towards urban agriculture are anticipated to strengthen the demand for agricultural equipment in Middle East and Africa over the forecast period.
The global agricultural equipment market is segmented by product into tractors, combine harvesters, threshers, rotavators, 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 and rice transplanters among others, out of which, the tractors and combine harvesters are predicted to dominate the product segment over the forecast period, followed by threshers and rotavators.
The advancement in tractors such as introduction of multi-purpose tractors along with various applications of tractors in farming is anticipated to foster the growth of the tractor segment with dominant market share during the forecast period.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global agricultural equipment market is thriving on the back of growing population around the world leading to increasing demand for food and crop production along with technological advancements. Further, the increasing adoption of mechanization in agriculture sector combined with numerous advantages offered by agricultural machinery and equipment such as reduced time consumption, high productivity and more profit are going to positively affect the growth of the agriculture equipment market in upcoming years.