Agricultural Equipment Market Size and Share Analysis by Top Companies, 2024

Recent report published by research nester titled “Global Agricultural Equipment Market Outlook: Industry Analysis & Opportunity Evaluation 2016-2024″delivers detailed overview of the global agricultural equipment market in terms of market segmentation by application type, by product type 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.

 

Based on product type, the global agricultural equipment market is segmented 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, rice transplanters and others. Tractors segment (28.6% share in 2016) occupies the largest market of agricultural equipment across the globe.

 

 

Further, global tractor market is anticipated to reach USD 86.7 Billion by the end of 2024 from USD 51.0 Billion in 2016. Further, this segment is anticipated to flourish at a CAGR of 7.1% over the forecast period. However, drip irrigation segment is anticipated to grow at highest CAGR of 13.1% during 2017-2024.

 

The global market for global agricultural equipment is expected to flourish at a CAGR of 8.4% over the period 2017-2024. The global demand for agricultural equipment is increasing due to the rising demand for agricultural products. Further, rising global population is creating huge demand for the large scale production in agricultural sector. This factor is expected to spur the growth of the global agricultural equipment market over the forecast period.

 

Factors such as rising demand for agricultural products and increasing population worldwide are anticipated to expand the agricultural equipment market globally. Further, the government of both developing and developed countries is 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. This factor is estimated to boom the global agricultural equipment market by noteworthy revenue by the end of 2024.

 

In the regional segment, Asia Pacific has accounted for the highest share of 40.0% in global agricultural equipment market in 2016 and  is estimated to grow at highest pace , expanding at 10.2% CAGR 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 overall agricultural equipment market.

 

In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.

 

On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.

 

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

 

 

Rapid introduction of advanced agricultural equipment is a major factor which is augmenting the demand for agricultural equipment across the globe. Introduction of advanced equipment such as multi-purpose tractor is likely to bolster the growth of market during the forecast period.

 

Farmers are adopting advanced farming methods and technology to enhance the crop productivity. Additionally, the popularity of drip irrigation is increasing globally and thus fuelling the demand for drip irrigation equipment globally.

 

 

Governments in many economies are offering grants and loans to farmers to buy agricultural equipment. For instance, under the National Agricultural Development Programme (NADP), government in India is offering subsidy of up to 50% to farmers to buy farming equipment.

 

This report also provides the existing competitive scenario of some of the key players of global agricultural equipment market which includes company profiling:

 

 

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.

 

 

 

Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.