Global Agricultural Equipment Market to Surge Past Valuation of US$ 100 Bn by 2024
The global agricultural equipment market is forecasted to grow at a moderate CAGR of 3.4% during the forecast period (2016 to 2024), according to a new market study by XploreMR. The growth of the market is attributed to increasing sales of tractors owing to their multipurpose that makes them ideal for agricultural activities from February to April, and transport and commercial agricultural activities from May.
The sales of tractors are expected to majorly contribute to the growth of the agricultural market. Furthermore, agricultural methodologies have shifted from animal or manual operations to automated methods, thereby necessitating the employment of advanced equipment.
Besides, factors such as government initiatives, rising urbanization rate, and time-saving nature are asserting farmers to switch to mechanized processes and enhance their investment power. On the back of these factors, the global agricultural equipment market is expected to surge past valuation of US$ 100 Bn by the end of the assessment period.
The analysts of XploreMR have followed a solution oriented approach while studying the global agricultural equipment market in a recent publication titled “Agricultural Equipment Market: Global Industry Analysis and Forecast, 2016-2024.” Major players in the market are focused on shifting their production bases to the Asia Pacific and MEA regions in order to capitalize on economies of scale. The analysts have observed that the tractors segment by product type is expected to dominate the global agricultural equipment market over the period 2015 to 2024. However, the seed drill and power weeder segments are expected to grow at an attractive CAGR over the forecast period. After studying the global agricultural equipment market in detail, the researchers have come to the conclusion that APAC and North America are expected to hold a relatively high volume and value share respectively. Among all regions, MEA is expected to witness relatively high CAGR during the period 2015 to 2024, followed by Latin America and APAC. According to this report, long-term strategic partnerships with component suppliers may provide good growth opportunities for agricultural equipment manufacturers. The report highlights key player strategies of studying market trends and consumer demand patterns to continuously evolve in product offerings and ensure uninterrupted revenue generation.
What are the market participants saying?
A product manager from a European agricultural equipment manufacturing company explained that the agricultural equipment industry in Europe has constantly faced lower sales and has had to deal with a dramatically decreasing customer base, even in terms of total engine power sold. Trends in commodity prices is not the only factor responsible for the change in the agricultural equipment industry. During primary research, the sales director of one of the agricultural equipment manufacturing companies in APEJ indicated that China and India are the major shareholders in the Asia Pacific agricultural equipment market owing to factors such as provision of favorable loans to farmers, recent changes in the subsidy policy for the purchase of agricultural equipment, demand for harvesting and tillage machinery, and decline in the tractor market over the past three months. The Business Development Manager of an agricultural equipment manufacturing company in MEA said that the Middle East and Africa market is fast gaining traction in the global agricultural equipment market owing to the availability of farm land on lease by the government at low prices and also indicated that most of the market movement can be seen in the Eastern (Ethiopia) and southern parts.
Global Market Study on Agricultural Equipment: Power Weeder Product Type Segment Anticipated to Grow at a Relatively High CAGR During 2016-2024Buy Now
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