Agriculture Equipment Market by Product Type and by Geography Global Trends and Forecast to 2025
Global agriculture equipment market have generated the revenue of US$ 103,463.9 million in 2016 up from US$ 100,321.0 million in 2016. By 2025, the agriculture equipment market is expected to generate a revenue of US$ 136,527.1 million with a CAGR of 3.53% in the forecast period. According to Population Reference Bureau, the world wide total population was 7,536 million in 2017 and is projected to reach 8,563 million by 2030. Increasing population is propelling demand for food, which in turn accelerated the demand for equipment’s in agriculture industry to reduce production time, increase efficiency, and save cost. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/1453 Increasing government initiatives accelerated growth of the agriculture equipment market Increasing population is major challenging factor for government of various economies. Increasing population have increased the demand for food and it is important for the government of various countries to support the agriculture industry by providing subsidiaries schemes and availability of advance equipment’s in low cast. For instance, in India, Department of Agriculture, Cooperation and Farmers Welfare started Sub-Mission on Agricultural Mechanization schemes in 2014 to provide subsidiary to farmers on machinery. The tractor segment held the dominant position in 2017 On the basis of product type, market is segmented into Tractors, Combine Harvesters, Rotavators, Power Tillers, Seed Drill, Thresher, Power Weeder, and Others. The tractor segment held the dominant position in the agriculture equipment market and is projected to retain its dominance throughout the forecast period. In 2017, the tractor segment generated the revenue of US$ 80,396.8 million and is expected to reach US$ 105,732.9 million by 2025 with a CAGR of 3.48%. The tractors are essential farming equipment’s used for various activities, both as standalone equipment and with other implements. Moreover, rising mechanization trend in agriculture is a major factor for the growth of segment in the agriculture equipment market.