Agriculture Equipment market was valued at $171 billion in 2016, and is projected to reach $279.5 billion by 2024, 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 $46.1 billion 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 takenby various governments and enhancement in farmer awareness programs is a major factor which is driving the agriculture equipment market constantly.”