Agricultural Equipment Market is Appraised to be Valued US$ 131.6 Bn by 2024

Persistence Market Research’s report, titled "Agricultural Equipment Market: Global Industry Analysis and Forecast, 2016-2024," estimates the market’s present value at a little over US$ 100 Bn, anticipating it to incur a sluggish growth a 3.5% CAGR. During this forecast period, the global agricultural equipment market is also likely to witness slower growth in terms of volume. After recording an estimated global sales of over 5,596.5 thousand units of agricultural equipment in 2016, the market will close in on sales of nearly 7,000 thousand units across the globe towards the end of 2024.

The report further reveals that more than three-fourth of the global agricultural equipment market is dominated by sales of tractors. Tractors, being the top-selling agricultural equipment across the globe, netted nearly US$ 80 Bn in revenues in 2016. On the other hand, revenues arising from global sales of seed drills and power weeders are expected to exhibit growth at 4.1% CAGR. A regional analysis of the global agricultural equipment market, compiled in the report, projects dominance of North America. With more than one-third share of global revenues throughout the forecast period,

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In North America, the tractor segment is estimated to gain more than 20 BPS between 2016 and 2024 and is expected to expand at a CAGR of 3.3% over the forecast period. Growing demand for tractors in the U.S. and Canada is expected to drive the North America agricultural equipment market. The tractors segment is estimated to be an attractive segment in terms of market share and incremental opportunity, owing to strong demand in the U.S. and Canada. In Latin America, the tractors segment was estimated to account for a major market share by 2016 end and is expected to show its dominance by the end of 2024.

The tractors segment is estimated to be a relatively attractive segment in terms of incremental opportunity and market share in Europe – the segment is expected to expand at a CAGR of 2.9% over the forecast period, with a market share of more than 80%. In APEJ the tractors segment is expected to hold significant market share during the forecast period, owing to a large number of NBFC funded farmers buying agricultural machinery. The tractors segment is anticipated to be a relatively attractive segment owing to increasing government support for agricultural credit, replacement demand, and irrigation for large areas.

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