What are the growth estimates for agriculture equipment market till 2025?

In 2017, the global agriculture equipment market brought in US$ 103,463.9 million, up from US$ 100,321.0 million in 2016. With a CAGR of 3.53 percent over the projected period, the farm equipment market is expected to generate revenue of US$ 136,527.1 million by 2025. The world's overall population was 7,536 million in 2017, according to the Population Reference Bureau, and is expected to reach 8,563 million by 2030. As the world's population grows, so does the demand for food, which has hastened the demand for agricultural equipment to reduce production time, improve efficiency, and save money.

Market expansion is being fueled by an increase in government initiatives to help the agricultural industry.

The demand for a consistent supply of food is increasing as the world's population grows, posing a big problem for governments across the globe. To address this issue, the government provides subsidy schemes and easy access to low-cost sophisticated agricultural equipment. In India, for example, the Department of Agriculture, Cooperation, and Farmers Welfare launched the Sub-Mission on Agriculture Equipment Market Mechanization programmes in 2014 to offer farmers with machinery subsidies.

In 2017, the tractor sector was the most popular.

Tractors, Combine Harvesters, Rotavators, Power Tillers, Seed Drill, Thresher, Power Weeder, and Others are the product types that make up the market. The tractor category dominated the farm Agriculture Equipment Market in 2017 and is expected to continue to do so during the forecast period. With a CAGR of 3.48 percent, the tractor segment earned revenue of US$ 80,396.8 million in 2017 and is predicted to reach US$ 105,732.9 million by 2025. Tractors are crucial farming equipment that are used for a variety of tasks, both as stand-alone machines and in conjunction with other implements.

In 2017, the Agriculture Equipment market was dominated by North America.

The Agriculture equipment market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on geography. In 2017, the North American region dominated the market, and it is expected to continue to do so during the projection period. North America earned US$ 37200.0 million in sales in 2017 and is predicted to reach US$ 48774.5 million by 2025, with a CAGR of 3.44 percent. The United States and Canada are two main economies in this region that are driving the expansion of the farm equipment industry. Farmers have been attracted to purchase new Agriculture Equipment Market due to the availability of modern machines with improved fuel efficiency and enhanced features.

Global Agriculture Equipment Market Key Players

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 are among the major players in the global agriculture equipment market.