Portland, Nov. 21, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global agriculture equipment market is expected to garner $243.5 billion by 2022, growing at a CAGR of 5.9% from 2016 to 2022. The report provides an extensive analysis of key investment pockets, changing market trends, market size & projections, and competitive landscape.
Mechanization of different activities in agriculture, economic stability, and the advent of precision farming drive the growth of the global agriculture equipment market. However, the lack of information about efficient agriculture equipment and scarcity of arable land restrain the market growth. On the other hand, supportive government policies create new opportunities in the market.
Based on the product, the agricultural tractors segment held nearly one-third of the total market share of the global agriculture equipment market in 2015, and is expected to maintain its dominant position throughout the forecast period. However, the harvesters segment is expected to grow at the highest CAGR of 6.9% from 2015 to 2022. The report also analyzes the segments including soil preparation & cultivation equipment, agriculture spraying equipment, irrigation & crop processing equipment, hay & forage equipment, others.
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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2015, contributing for nearly two-fifths of the market share, and is expected to continue its lead status by 2026. Moreover, this region is expected to grow at the fastest CAGR of 7.6% from 2016 to 2022. The report also analyzes regions including Europe, Asia-Pacific, and LAMEA.
Leading market players analyzed in the research include Deere & Company, AGCO Corporation, Mahindra Group, Concern Tractor Plants, Agrostroj Pelhrimov A.s, China National Machinery Industry Corporation, Escorts Limited, Weifang Euroking Machinery, Valmont Industries Incorporated, and Same Deutz-Fahr Group (SDF). The report also analyzes key strategies adopted by them including mergers & acquisitions, partnerships, collaborations, and others to gain strong position in the market.
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