Agriculture equipment are used for assistance in agriculture activities. Agriculture equipment comprise a wide range of equipment such as tractors, plough, cultivation equipment, and harvesters. The market is anticipated to grow at a moderate pace, with a CAGR of 5.9% from 2016 - 2022, to garner over $200 billion revenue by 2022. Major factors that drive the growth of the agriculture equipment market are increasing adoption of technology driven agriculture equipment and escalating demand for food due to growing population. Global market players are continuously launching new and innovative products to sustain their market position and offer technologically advanced equipment.
The market is segmented on the basis of product type namely agriculture tractors, harvesters, soil preparation and cultivation equipment, irrigation & crop processing equipment, agriculture spraying equipment, hay and forage equipment, and other agriculture equipment. The tractors segment is the major revenue contributor in the market, accounting for around 34% of the revenue in 2015, whereas the harvester segment is anticipated to witness substantial growth during the forecast period. Farmers are opting for technically advanced harvesters to increase production and to limit the dependency on farm labors. Soil preparation and cultivation equipment are also expected to witness notable growth, driven by the government initiatives to increase farm production and to make the soil preparation and cultivating process faster and efficient.
The report provides an in-depth analysis of the world agriculture equipment market in North America, Europe, Asia-Pacific, and LAMEA. In the year 2015, the Asia-Pacific region generated the highest revenue in the market. North America and Europe are likely to witness slow growth during the forecast period owing to the already high mechanization rate in agriculture industry. The regions are further bifurcated into different countries: U.S., Canada, and Mexico in North America; Germany, U.K, France, and Rest of Europe in Europe; India, China, Japan and Rest of Asia-Pacific in Asia-Pacific; and Latin America, Africa, and Middle East in LAMEA. In Asia-Pacific, India and China are estimated to exhibit a high growth rate. Low rate of mechanization in agriculture sector, is likely to create opportunities for adoption of mechanized farming practices in the region, which would consequentially lead to prominent market growth.
Prominent companies in the market have adopted product launch and acquisition as their key growth strategies to sustain the intense market competition. In the year 2015, AGCO Corporations transverse rotary combine brand, Gleaner, launched the Gleaner S9 Series Combines. With this launch, the company aims to provide its consumers with efficient and technology-driven means of harvesting their crops. The key companies profiled include Deere & Company, Mahindra Group, AGCO Corporation, Agrostroj Pelhrimov A.s, Concern Tractor Plants, Escorts Limited, China National Machinery Industry Corporation, Valmont Industries Incorporated., Weifang Euroking Machinery, and Same Deutz-Fahr Group (SDF).
AGRICULTURE EQUIPMENT MARKET KEY SEGMENTS:
The market is segmented on the basis of product type and geography:
By Product Type
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