Agricultural Equipment Market Slated to Reach a Market Value of US$ 131.6 Billion by 2024

The overall agricultural equipment market is likely to be worth US$ 131.6 Billion by the end of the estimation period 2024, although is anticipated to witness a sluggish growth at a CAGR of 3.5% during the projection period.

The tractors segment is expected to reach above US$ 100 Billion in terms of market value by the end of the forecast period 2024, up from US$ 80 Bn by 2016 end, creating a growth opportunity of around US$ 20 Billion during 2016-2024. The segment is projected to grow at a CAGR of 3.4% in terms of market share, as a result of soaring sales in China and India. Alternatively, the seed drills and power weeder collectively are likely to register international revenues sales and are forecasted to demonstrate the growth of CAGR at 4.1%.

Amongst other regions, the North American market is likely to lead the international market with over one-third revenues shares and is likely to exhibit an expansion of the market at a CAGR of 3.3% all over the projection period. In the meantime, the Middle East & African agricultural equipment market is estimated to record a CAGR of 4.3% in terms of value. The Asia-Pacific, Europe, and Latin America are also collectively projected to evolve as the highest productive regions for total growth of international agricultural equipment market. The European market is projected to grow at 2.9% CAGR throughout the seven years of the calculated period along with over 80% of a market share in the international market.

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Nikhil Kaitwade

With over 8 years of experience in market research and consulting industry, Nikhil has worked on more than 250 research assignments pertaining to chemicals, materials and energy sector. He has worked directly with about 35 reputed companies as lead consultant for plant expansion, product positioning, capacity factor analysis, new market/segment exploration, export market opportunity evaluation and sourcing strategies.