Global Agriculture Equipment Market to Grow 6.5% by 2024

The agriculture equipment market generated revenue of $171 billion in 2016, and is projected to reach $279.5 billion by 2024, growing at a CAGR of 6.5% from 2017 to 2024, according to Bharat Book Bureau.

In 2016, the tractor market segment generated the highest revenue share in the global agriculture equipment market.

This equipment vertical consists of a varied range of apparatuses and machinery such as tractors, plough, cultivation equipment and harvesters. Several power tools, hand tools and tractors along with the varied number of farm gears are a crucial part of the agriculture industry. Increasing adoption of technology driven agriculture equipment and escalating demand for food due to growing population are the reason for the growth of the market.

With the alarming rate of population growth, an increase in the rate of urbanization, better diets and enhanced living standards are anticipated in the near future. Growing urge for food can increase the demand for agriculture equipment. An extensive support by the governments of various nations to the farmers for buying agriculture equipment for effective work output will stimulate the growth of the agriculture equipment market. Various government initiatives regarding loan policies, credit financing and farmer education can play a major role in pushing the market growth. These factors are leading to an increase in the adoption of advanced agriculture equipment. However, factors such as loss of skills, monotony and unemployment might restrain the market growth.

The segmentation of the Agriculture equipment market is done on the basis of product type and geography. By equipment type, the market is segmented as agriculture tractors, harvesters, soil preparation and cultivation equipment, irrigation and crop processing equipment, agriculture spraying equipment, hay and forage equipment and other agriculture equipment.

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.