Agricultural Equipment Market to hit USD 332.9 Billion & Government Initiatives to Boost the Agriculture Sector
Research Nester released a report titled "Agricultural Equipment Market Outlook: Industry Analysis and Opportunity Evaluation 2016-2024" which delivers detailed overview of the agricultural equipment market in terms of market segmentation by product, by application 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.
Riding on the back of increasing advancements in the agricultural sector, the global agricultural equipment market with its immense potential is poised to grow significantly and generate revenue to the tune of USD 332.90 billion by the end of 2024. The market is anticipated to expand by a CAGR of around 8.4% over the forecast period i.e. 2017-2024. This growth is attributed to rising global population and increasing demand for agricultural products that is further putting pressure on the agricultural sector to increase the availability of agricultural equipment in the market.
Regionally, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, Asia Pacific region is projected to occupy the highest market share owing to growing technological advancements in the region. China, Japan and India are the most prominent countries that are expected to benefit from the growth of the market where China agricultural equipment market is estimated to gather revenue of USD 45.2 billion by the end of 2024. Factors such as increasing adoption of tractors and harvesters, growing farm incomes and rising penetration of advanced agricultural equipment signals promising growth for agricultural equipment market in North America region.
Sustainable Development Goals By United Nations to Support Market Growth
Some of the significant factors that are contributing to the growth of the market are thriving agricultural sector, the adoption of sustainable development goals by the United Nations and increasing support from governments of different nations in the form of conducting numerous awareness programs and offering subsidies for the farmers among other supporting initiatives.
However, high cost of advanced agricultural equipment, rural urban migration owing to rapid urbanization in both developed and developing countries resulting in loss of arable land are some of the restraining factors that are expected to hinder the progress of the market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the agricultural equipment market which includes company profiling:
Deere & Company,
CNH Industrial N.V.,
Agro Tractors S.p.A,
The Toro Company,
CLAAS KGaA and mbH,
Mahindra Limited and Escorts Limited.
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 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.