LONDON, May 16, 2016 /PRNewswire/ -- Strategic Analysis of Select Global Farm Equipment Market : The Market Value will Reach $75 Billion by 2022, with Farm Tractor Volume Growing at 4.8% CAGR
This research service analyzes the select global farm equipment market and provides a global tractor market forecast, discusses market drivers and restraints, challenges and opportunities, and the competition landscape from 2016 to 2022. The study covers 12 key regional markets—the United States of America, Canada, Brazil, Germany, France, Russia, Turkey, South Africa, Algeria, China, India, and Thailand—and provides forecasts for each of them till 2022. It also studies the mega trends and key evolving technologies in the market.
The global *select farm equipment market is estimated to reach a value of $ billion by 2022. Asia and Africa are expected to drive the demand as farm mechanization is lower than % in these regions.
Select Farm Equipment Market: Key Takeaways, Global, 2015–202
1 The *select farm equipment market value is estimated to grow from $ billion in 2015 to $ billion by 2022. Higher mechanization needs and increasing demand from the emerging markets of Asia and Africa are forecast to drive the demand for farm equipment.
2 By 2022, Asia's share in the global select farm equipment market is expected to reach % from % in 2015, owing to huge potential demand for farm equipment locally and affordable equipment supply to emerging markets.
3 Tractor sales, which are the barometer of this market, are estimated to grow from million units in 2015 to million units in 2022 at a compound annual growth rate (CAGR) of %. China and India are likely to continue to contribute more than % of the total tractor sales by 2022.
4 Diesel is expected to remain the dominant propulsion fuel for farm equipment, powering about % of the farm equipment engines in 2022. However, evolution of engines capable of running on biodiesel is expected toward 2022, particularly in Latin America and Asia.
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