Global agricultural equipment demand to rise 6.7% annually to 2016
According to the report 'World Agricultural Equipment: Forecasts for 2016 & 2021 in 20 countries' world demand for agricultural equipment is expected to increase 6.7% per year through 2016 to $173.5 billion. Growth will be driven primarily by sales gains in rapidly developing nations as these countries continue to mechanise their agricultural sectors. Population expansion and strong economic growth in these nations will put increasing pressure on their agricultural sectors to become more efficient and productive, resulting in a rise in farm machinery sales.
Agricultural machinery demand in the Asia/Pacific region was more than twice that of any other region in 2011.China and India will be the primary nations fuelling future market advances in this region, although other smaller markets, including Thailand and Indonesia, will also expand rapidly through 2016. The Central and South America region will post strong sales gains through 2016 as well, powered by growth inBraziland other countries with large, increasingly mechanized agricultural sectors, including Argentina.
View the Report: 'World Agricultural Equipment: Forecasts for 2016 & 2021 in 20 countries'
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