New York, NY -- (SBWIRE) -- 08/30/2017 -- Surge in demand for food and beverage products is predicted to impact growth of the global agricultural equipment market positively. A recently published report by Persistence Market Research reveals that the global market of agricultural equipment is predicted to register a growth of 3.5% CAGR over the forecast period, 2016 – 2024.

Increasing need for enhanced agricultural equipment is predicted to fuel growth of the global agricultural equipment market. Farmers are employing various equipment for enhancing agricultural production, however agricultural production and other agricultural activities including irrigation mainly dependent on rain. Bound to such factors, the global agricultural equipment market is predicted to witness robust growth throughout 2024.

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Moreover, favourable regulations and investment and incentive schemes regarding the sales of agricultural equipment is expected to fuel growth of the global agricultural equipment market. In addition, provision of qualitative education to farmers on agricultural techniques is projected to boost growth of the global market of agricultural equipment during the projected period.

Apart from the government, several companies are increasingly taking initiatives to educate the farmers regarding advantages of contract farming, policies on loans, and credit financing. Attributed to agricultural equipment integrated with technical features, the farmers are predicted to witness significant demand during the projected period. Growing urbanization is further expected to impact growth of the global agricultural equipment market through 2024. Such factors continue to encourage the farmers to make investments, which can enhance their production process.

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On the other hand, various factors are predicted to restrain growth of the global agricultural equipment market during the predicted period. Surge in prices of fuel in various regions is predicted to impact sales of equipment for agricultural production. Attributed to such factors, the global agricultural equipment market is predicted to rev up growth during the projected period.

Tractors among other equipment is predicted to account for over three-fourth of the global market in terms sales. This segment is predicted to remain dominant in the global agricultural equipment market throughout 2024. Seed drills and power weeders among various equipment is projected to register a CAGR growth of 4.1% in terms of revenue in the global market through 2024. Attributed to multipurpose features, the tractors segment is expected to witness a relatively high growth in terms of sales throughout 2024.

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North America among other regions is predicted to remain a dominant market globally. The agricultural equipment in North America is projected to represent a profitable market throughout 2024. MEA among other regions is projected to represent 4.3% CAGR in terms of revenue in the global market throughout 2024. Europe, Latin America, and APAC are predicted to represent a leading market globally. Attributed to surge in number of farmers with the NBFC funds are buying machineries related to agricultural production.

Major market players operating in the global agricultural equipment market are CLAAS KGaA mbH, AGCO Corp, Tractor and Farm Equipment Limited, Kubota Corporation, Mahindra & Mahindra Ltd., Deere & Company, SDF S.p.A, EXEL Industries, CNH Industrial N.V., Bucher Industries AG, and ISEKI & CO. LTD.