According to ResearchandMarkets, the agriculture equipment market is poised to grow at a CAGR of 10.25% by 2024.

Some of the noticeable trends in the market include increasing demand for food owing to rising population, favorable government policies on agricultural machinery and rising adoption of precision farming.

The world population is growing at an alarming rate. The population is expected to be more affluent and urbanized, enjoying better diets and living standards. A rising need for food will spur the demand for agricultural products, which would escalate the demand for agricultural equipment such as tractors.

In many countries, governments provide extensive support to farmers in order to purchase agricultural equipment to work more efficiently, which is expected to bolster the growth of the tractor segment in the global agricultural equipment market.

The Asia-Pacific region is expected to dominate the market during the forecast period aided by China and India, the fastest growing agriculture equipment market. Growing population will increase the demand for food in these countries, which in return will further increase the demand for better harvesting machinery. The European and North American agriculture equipment markets are anticipated to show moderate growth. With rapid technological developments and growing populations, agriculture equipment market is expected to increase at a double digit CAGR during the forecast period.