Agriculture Equipment Market-Global Trends and Forecast to 2025
Increasing technological advancement in agriculture equipment plays a major role for the growth of the agriculture equipment market globally. Currently, farming is more advanced with the help of data analytics, GPS, remote sensing technology integrated with farming equipment. Thousands of farmers majorly in developed region are adopting new equipment to make their farming more precise. Innovation of self-driving tractor is one of the major innovation, which provides the major growth opportunity to the agriculture equipment market in the forecast period. The self-driving tractor can map fields, drive them self’s and check its own motion and helps to reduce fertilizer, seeds and fuel waste. Autonomous Tractor Corporation, John Deere are some of the major companies of the self-driving tractor.
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Key Takeaways of the Market:
The Africa region is expected to grow with the highest CAGR with 4.86% over the forecast period. In 2017, the Africa agriculture equipment market generated the revenue of US$ 5,365.2 million and is projected to reach US$ 7,845.3 million by 2025. Increasing population in African countries become one of the major factor for the growth of the market in this region. For instance, According to Population Reference Bureau, in 2017, total population of Africa was 1,250 million and is projected to reach 1,706 million by 2030 with a Compound Annual Growth Rate (CAGR) of 2.42% in the period of 2017 – 2030. Increasing population is one of the major factor for rising demand for food in this region. According to World Bank, Africa food market is estimated to generate a revenue of US$ 1 trillion by 2030 up from US$ 300 billion in 2017.
Hence, increasing growth of food industry in Africa region have accelerated the demand for agriculture equipment’s. High government support is also major factor for the growth of the market in this Africa. For instance, the South Africa government started African Agricultural Development Program to provide a technical assistance support to Africa agriculture industry.
The major players operating in the global Agriculture Equipment market include AGCO Corporation, Agrostroj Pelhrimov A.s, China National Machinery Industry Corporation, Concern Tractor Plants, Deere & Company, Escorts Limited, Mahindra Group, Same Deutz-Fahr Group (SDF), Valmont Industries Incorporated, and Weifang Euroking Machinery
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