Agriculture Equipment Market is expected to garner $243.5 billion by 2022, registering a CAGR of 5.9% during the period 2016-2022.
Factors that foster the growth of the market are increased mechanization of agricultural activities, economic stability, and increasing demand for food owing to the growing population, particularly in the developing regions. In the year 2015, Asia-Pacific generated the highest revenue, accounting for around 40% share in the overall agriculture equipment market, followed by North America and Europe.
Increased adoption of mechanized equipment in agricultural countries, such as India and China, has supplemented the market growth in the Asia-Pacific region, which is expected to dominate the market throughout the analysis period. Southeast Asia is the leading rice exporter in the world, thus fueling the demand for agriculture equipment. North America and Europe are likely to exhibit relatively slow growth in the future, owing to huge mechanization in the agriculture industry in the region.
Agriculture tractors, harvesters, soil preparation and cultivation equipment, irrigation & crop processing equipment, agriculture spraying equipment, hay, and forage equipment are the major agriculture equipment considered in the study. Tractors constituted nearly one-third of the overall agriculture equipment market revenue in 2015, and are likely to remain the highest revenue contributors throughout the analysis period. Tractors are indispensable farm equipment, used for various activities, both as standalone equipment and also with other implements. Harvesters are the second largest product category in terms of revenue generation. The market for harvesters is anticipated to grow with the highest CAGR of 6.9% during the forecast period.