# Global Agricultural Equipment Market will bring in US$ 131.6 Bn by End of 2024
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-18
Category: Research Reports
Category URL: https://financedigest.com/category/research-reports
Meta Title: Global Agricultural Equipment Market Analysis & Forecast
Meta Description: Discover insights on the growing global demand for agricultural equipment, market trends, and potential challenges. Get a sample report now!
URL: https://financedigest.com/global-agricultural-equipment-market-will-bring-in-us-131-6-bn-by-end-of-2024html

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The dependency of agricultural activities on equipment has intensified as conventional methods of obtaining better farm produce are being rendered as useless.

Taking the growing global population into account, demand for effective agricultural equipment continues to grow in parallel with the [rising global](https://www.financedigest.com/global-stocks-close-in-on-4-week-highs-oil-rises-on-hopes-of-soft-landing.html "Global stocks close in on 4-week highs, oil rises on hopes of ‘soft landing’") consumption of food & beverages. However, high interest rates levied for [**purchase of agricultural equipment**](https://www.persistencemarketresearch.com/market-research/south-asia-agriculture-equipment-market.asp) are becoming a major stumbling block for farmers from several parts of the world.

[Inflation in fuel prices across some regions is also impeding the sales](https://www.financedigest.com/inflation-drives-britains-record-christmas-grocery-sales.html "Inflation drives Britain’s record Christmas grocery sales") of agricultural equipment, while farmers from other regions, despite having enough equipment, are at the mercy of rain for carrying out agricultural activities such as irrigation.

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Persistence Market Research’s latest report estimates that the [global](https://www.financedigest.com/advanced-packaging-market-to-exceed-us-61-3-billion-by-2033-as-sales-of-embedded-die-packaging-solutions-burgeons-globally.html "Advanced Packaging Market to Exceed US$ 61.3 Billion by 2033 as Sales of Embedded Die Packaging Solutions Burgeons Globally") market for agricultural equipment will bring in more than US$ 131.6 Bn revenues by the end of 2024, but is likely to reach there at a sluggish pace.

Persistence [Market](https://www.financedigest.com/the-chelated-iron-agricultural-micronutrient-market-to-escalate-on-a-holistic-note.html "The Chelated-Iron Agricultural Micronutrient Market To Escalate On A Holistic Note") Research’s report, titled “ **Agricultural** **Equipment Market: Global Industry Analysis and Forecast, 2016-2024**,” estimates the market’s present value at a little over US$ 100 Bn, anticipating it to incur a sluggish growth a 3.5% CAGR. During this forecast period, the global agricultural [equipment market is also likely to witness](https://www.financedigest.com/the-utility-equipment-market-to-witness-an-exhilarating-cagr-of-5-between-2021-and-2031.html "The Utility Equipment Market to witness an exhilarating CAGR of 5% between 2021 and 2031") slower growth in terms of volume.

After recording an estimated global [sales of over 5,596.5 thousand units of agricultural equipment in 2016, the market will close in on sales of nearly 7,000 thousand units across the globe towards the end](https://www.financedigest.com/eu-approves-law-to-end-sales-of-new-co2-emitting-cars-by-2035.html "EU approves law to end sales of new CO2-emitting cars by 2035") of 2024.

As discussed earlier, the report observes that higher interest rates for [purchase of agricultural equipment are curbing](https://www.financedigest.com/britains-nationwide-curbs-cryptocurrency-purchases-by-customers.html "Britain’s Nationwide curbs cryptocurrency purchases by customers") their sales in some regions. With that, the report also signifies the [favorable impact of government incentives & investment schemes on sales](https://www.financedigest.com/most-twitter-shareholders-vote-in-favor-of-sale-to-musk-sources.html "Most Twitter shareholders vote in favor of sale to Musk-sources") of agricultural equipment in other parts of the world. Moreover, farmers being provided with qualitative education on farming techniques and optimum use of these [equipment is also serving as a key driver for the market’s](https://www.financedigest.com/personal-protective-equipment-market-notable-developments-geographical-outlook.html "Personal Protective Equipment Market: Notable Developments & Geographical Outlook") growth.

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The report further [reveals that more than three-fourth of the global](https://www.financedigest.com/2017-global-payroll-complexity-index-reveals.html "2017 Global Payroll Complexity Index Reveals ") agricultural equipment market is dominated by sales of tractors. Tractors, being the top-selling agricultural [equipment across](https://www.financedigest.com/forestry-equipment-tires-market-to-witness-stellar-revenue-growth-across-top-regional-pockets.html "Forestry Equipment Tires Market to Witness Stellar Revenue Growth Across Top Regional Pockets") the globe, netted nearly US$ 80 Bn in revenues in 2016. On the other hand, revenues arising from [global sales of seed drills and power weeders are expected](https://www.financedigest.com/global-femtech-market-is-expected-to-generate-us-5-0-billion-by-2033-future-market-insights-inc.html "Global Femtech Market is Expected to Generate US$ 5.0 Billion by 2033: Future Market Insights, Inc") to exhibit growth at 4.1% CAGR.

A regional analysis of the [global agricultural equipment market](https://www.financedigest.com/global-dealmaking-plunges-as-financing-market-hits-rock-bottom.html "Global dealmaking plunges as financing market hits rock bottom"), compiled in the report, projects dominance of North America. With more than one-third share of global revenues throughout the forecast period, North America will remain the most lucrative agricultural [equipment market](https://www.financedigest.com/food-holding-equipment-market-set-to-witness-an-uptick-size-us-5679-2-million-to-2033-future-market-insights-inc.html "Food Holding Equipment Market Set to Witness an Uptick Size US$ 5,679.2 Million to 2033: Future Market Insights, Inc."). Meanwhile, the agricultural equipment market in Middle East & Africa (MEA) is [expected to showcase a value](https://www.financedigest.com/behavioural-health-market-is-expected-to-be-valued-at-us-156-3-bn-by-2028-end-fmi.html "Behavioural Health Market is expected to be valued at US$ 156.3 Bn by 2028 end: FMI") CAGR of 4.3%.

Latin America, Europe and Asia-Pacific are also expected to be observed as leading regions for overall [expansion of global](https://www.financedigest.com/q-acoustics-push-global-expansion-with-canada-launch.html "Q Acoustics Push Global Expansion with Canada Launch") agricultural equipment market. The report has also profiled [leading manufacturers](https://www.financedigest.com/chest-drainage-catheters-market-demand-and-competitive-analysis-by-leading-manufacturers.html "Chest Drainage Catheters Market Demand and Competitive Analysis by Leading Manufacturers") of agricultural equipment, which include, AGCO Corp, CLAAS KGaA mbH, Kubota Corporation, Tractor and Farm Equipment Limited, Deere & Company, Mahindra & Mahindra Ltd., EXEL Industries, SDF S.p.A, ISEKI & CO. LTD., CNH Industrial N.V., and Bucher Industries AG.

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