The dependency of agricultural activities on equipment has
intensified as conventional methods of obtaining better farm produce
are being rendered as useless. Taking the growing global population
into account, demand for effective agricultural equipment continues
to grow in parallel with the rising global consumption of food &
beverages. However, high interest rates levied for purchase of
agricultural equipment are becoming a major stumbling block for
farmers from several parts of the world.
Inflation in fuel prices across some regions is also impeding the
sales of agricultural equipment, while farmers from other regions,
despite having enough equipment, are at the mercy of rain for
carrying out agricultural activities such as irrigation. Persistence
Market Research’s latest report estimates that the global market
for agricultural equipment will bring in more than US$ 131.6 Bn
revenues by the end of 2024, but is likely to reach there at a
sluggish 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 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.
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 favorable
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.
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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, North
America will remain the most lucrative agricultural equipment market.
Meanwhile, the agricultural equipment market in Middle East &
Africa (MEA) is expected to showcase a value CAGR of 4.3%. Latin
America, Europe and Asia-Pacific are also expected to be observed as
leading regions for overall expansion of global agricultural
equipment market. 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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