(MENAFN- Comserve) New York, United States, Oct 23, 2020, 19:00 /Comserve / -- Asia Pacific is slated to account for a leading share of 45.9% by 2024 in the agricultural equipment market. The growth in the region is anticipated to be fostered by the growing adoptability of new technology.
Global agricultural equipment market reached above USD 170 Billion in 2016 and is projected to flourish at a CAGR of more than 7% during the forecast period. Moreover, the market is expected to garner more than USD 300 Billion by the end of 2024.
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The global demand for agricultural equipment is increasing due to the rising demand for agricultural products. Further, rising global population is creating huge demand for the large scale production in agricultural sector. This factor is expected to spur the growth of the global agricultural equipment market over the forecast period.
Asia Pacific is slated to account for a leading share of 45.9% by 2024 in the agricultural equipment market. The growth in the region is anticipated to be fostered by the growing adoptability of new technology. Besides, encouragement by the government to adopt advanced agricultural techniques is also expected to positively impact the growth of agricultural equipment market in the Asia Pacific. China, Japan and India are the prominent markets in the region. North America is expected to showcase modest growth over the forecast period i.e. 2017-2024 by registering a CAGR of 6% over the forecast period.
Further, the market is expected to account for USD 75 Billion by 2024. Factors such as increasing adoption of tractors and harvesters, grow farm incomes and rising penetration of advanced agricultural equipment signals promising growth for North America agricultural equipment market. In application segment, land development and seed bed preparation segment is expected to reach more than USD 77 Billion by the end of 2024 from USD 39 Billion in 2016. This segment is anticipated to flourish at a CAGR of 9.2% over the forecast period. Further, global land development and seed bed preparation market is projected to achieve Y-o-Y growth rate of 11% in 2024 as compared to previous year.
Leading Companies of Global Market
John Deere, AGCO Corporation, CNH Industrial N.V., Kubota Tractor Corporation, Argo Groups and CLAAS KGaA mbH are some of the major players of agricultural equipment market
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