Agriculture Equipment Market to Reach $166.49 Bn, Globally, by 2027 at 6.0% CAGR

Allied Market Research - Seite 2

Based on type, the tractors segment held the highest market share in 2019, contributing to nearly two-fifths of the global agriculture equipment market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to technological advancements. However, the harvesters segment is estimated to portray the highest CAGR of 7.9% from 2020 to 2027, owing to benefits such as reduced time of operation and production of minimal residues.

Get detailed COVID-19 impact analysis on the Agriculture Equipment Market: https://www.alliedmarketresearch.com/request-for-customization/1509?reqfor=covid

The manual segment to maintain its lead during the forecast period

Based on automation, the manual segment accounted for nearly two-thirds of the global agriculture equipment market in 2019, and is estimated to maintain its lead during the forecast period. This is due to surge in penetration in underdeveloped and developing countries due to lower cost of equipment. However, the automatic segment would register the fastest CAGR of 7.3% from 2020 to 2027, owing to increased efficiency of agricultural activities.

Asia-Pacific to maintain its dominance, North America to grow steadily

Based on region, Asia-Pacific held nearly two-fifths of the global agriculture equipment market in 2019, and is expected to maintain its dominance during the forecast period. This is due to economic development and rise in awareness in usage of advanced agricultural machinery. On the other hand, North America accounted for nearly one-fourth of the total market share in 2019, and will grow steadily. However, LAMEA is expected to manifest the fastest CAGR of 8.4% from 2020 to 2027, owing to better economic background of farmers and surge in manufacturing facilities.

Leading market players

• Mahindra & Mahindra Ltd.
• Escorts Limited
• CNH Industrial N.V.
• Deere & Company
• AGCO Corporation
• SDF S.p.A.
• AGROSTROJ Pelhřimov, a.s.
• China National Machinery Industry Corporation Ltd. (Sinomach)
• J C Bamford Excavators Ltd.
• Kubota Corporation

Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/purchase-enquiry/1509