Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Global Powered Agriculture Equipment Market_Writte | страница 2

The global powered agriculture equipment market has been segmented on the basis of product
type and region.
By mode of product type, the global powered agriculture equipment market has been segmented
into cultivation and soil preparation equipment, seed drill, tractors, combine/combine harvester,
sprayer, and others. Among these, the tractor segment is predicted to account for the largest
market share with 52.4 % in 2016 and a market value of 36.37 billion. Tractors are one of the
most essential equipment in the agricultural industry and hold the highest volume in the market.
Tractors account for the highest sales as they are multifunction. They are usable as agricultural
equipment in monsoons as well as commercial and other transportation purposes.
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Regional Insights:
Geographically, the powered agriculture equipment market spans across regions namely, North
America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, Asia Pacific is predicted to account for the largest market share with 33.47
% in 2016 and a market value of USD 23.3 billion. The Asia Pacific region comprises more than 60
% of the world’s population and is estimated to increase in the future. This is further leading to
shortage of food in the country. Use of agricultural machinery and equipment has proven to be
an effective way to increase the production of food. One of the major driving factors in this region
is the number of subsidies by the state and the central governments which is encouraging the
farmers to purchase equipment for their farms. Moreover, countries such as China, India, and
Indonesia promote the market in this region.
North America is predicted to hold the second position in the market with a market value of USD
20.2 billion. North America is one of the major producers of corn, wheat, and soybean which
require the use of agricultural equipment, thus stimulating the market growth during the forecast
period. Countries like the United States account for the largest share in the North American
region. Canada is also a major market in this region and is predicted to expand at 5.00% CAGR
over the review period.
Europe accounts for 24.7% market share globally owing to the presence of major countries like
Germany and France in this region. Germany is one of the leading exporters of agriculture
machinery in the world.
Industry News:
Engineering conglomerate Escorts have showcased India's first automated concept tractor which
aims at smart and precision-based farming. This autonomous tractor will provide information on
water management and soil health along with advanced farming techniques through its sensor.