The global agriculture equipment market is projected to reach USD279.5bn by 2024, with Asia Pacific being the fastest growing region, according to the report “Agriculture Equipment Market by Product Type (Agriculture tractors, Harvesters, Soil preparation & cultivation equipment, Irrigation & crop processing equipment, Agriculture spraying equipment, Hay & forage equipment, Other agriculture equipment), Industry trends, Estimation & Forecast, 2016 – 2024”, recently published by Esticast Research & Consulting.

The researchers say that the global agriculture equipment market was valued at USD171bn in 2016 and it is growing at a CAGR of 6.5% from 2017 to 2024. In 2016, tractor market generated the highest revenue share in the global agriculture equipment market. Among major segments, North American agriculture equipment market was the highest revenue generating market valued at USD46.1bn in 2016.

“Constantly growing the need for food will encourage the demand of agricultural products. This eventually increases the demand for agricultural equipment. An increase in the adoption of technical agriculture equipment due to supportive initiatives were taken by various governments and enhancement in farmer awareness programs is a major factor which is driving the agriculture equipment market constantly.”

The global agriculture equipment market was led by the Asia pacific region, generating a revenue of USD69bn, the highest growth we Asia Pacific region having a CAGR of 8.4% over the forecast period. This is because of the increasing population in the region and boom of automated harvesting equipment in countries like India and China.

Agriculture equipment market is flourishing in the region as a result of increasing use of advanced farming equipment for more effective, reliable and time-saving production.

The tractor segment earned the highest revenue of nearly USD58.03bn in 2016. This is because tractors are the majorly used machinery equipment to push agricultural machinery or trailers that plow or harrow fields. However, the harvester and soil preparation segment may witness the high growth rates in the near future.

Indian agriculture equipment market leads the Asia Pacific agriculture equipment market by earning revenue of USD22.7bn in 2016.

Indian agriculture equipment market is the leading the Asia Pacific region due to agriculture production boom in the region. However, China will witness the highest CAGR of 9.2% during the forecast period followed by Japan.