The reliance of Agricultural Equipment Market activities on equipment has intensified as conventional methods of obtaining better agricultural products are becoming useless. Considering the growing world population, the demand for efficient agricultural equipment continues to grow in parallel with the increase in global consumption of food and beverages. However, the high interest rates charged for the purchase of agricultural equipment are becoming a major obstacle for farmers in various parts of the world.
Fuel price inflation in some regions is also hampering sales of agricultural equipment, while farmers in other regions, while having sufficient equipment, are at the mercy of the rain to carry out agricultural activities such as irrigation. The latest report from Persistence Market Research estimates that the global agricultural equipment market will generate more than $131.6 billion in revenue by the end of 2024, but it is likely to get there at a slow pace.
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Persistence Market Research’s report, titled “Agricultural Equipment Market: Global Industry Analysis and Forecast, 2016-2024,” estimates the market’s present value at a little over US$ 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 sale 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.
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As discussed earlier, the report observes that higher interest rates for purchase of agricultural equipment are curbing their sales in some regions. With that, the report also signifies the favourable impact of government incentives & investment schemes on sales of agricultural equipment in other parts of the world. Moreover, farmers being provided with qualitative education on farming techniques and optimum use of these equipment is also serving as a key driver for the market’s growth.
The report has also profiled leading manufacturers of agricultural equipment, which include
- AGCO Corp
- CLAAS KGaA mbH
- Kubota Corporation
- Tractor and Farm Equipment Limited
- Deere & Company
- Mahindra & Mahindra Ltd.
- EXEL Industries
- SDF S.p.A
- ISEKI & CO. LTD.
- CNH Industrial N.V.
- and Bucher Industries AG.
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Regional analysis includes
- North America
- Latin America
- Europe
- Asia Pacific & Japan
- The Middle East and Africa
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