The global agricultural tractors market is witnessing a considerable rise in its size. The market growth attributes to the improving automotive and agricultural infrastructure in developed and developing regions. Besides, the increasing production and sales of off-road vehicles globally drive the growth of the market. Moreover, the introduction of mechanical power and advanced technologies into the agricultural production system further escalates the market growth.
According to an
eminent research firm, Market Research Future (MRFR), the global agricultural
tractors market is poised to garner exponential traction by 2023, registering
an impressive CAGR throughout the anticipated period (2018 – 2023). The
increasing demand for tractors equipped with cutting edge technology and
growing investments in agriculture boost the growth of the market. Also, the
governmental support towards farm mechanization and R&D investments foster
market growth.
Major Players:
Players leading the global agricultural
tractors market include Deere & Company (USA), CNH Industrial America LLC.
(USA), Deutz AG (Germany), Mahindra & Mahindra Limited (India), Hattat
Traktör (Turkey), Massey Ferguson Limited (US), CLAAS KGaA mbH (Germany), New
Holland Agriculture (US), Escorts Limited (India), and KUBOTA Corporation
(Japan), among others.
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Agricultural Tractors Market - Segmentation
The report is
segmented into five dynamics;
By Engine Power : below 40 HP, 40 to 120 HP, 121 to 180 HP, 181 to 250
HP, and more than 250 HP.
By Application : Harvesting, Seed Sowing,
Irrigation, and others.
By Drive Type : 2Wheel Drive (2WD) and 4 Wheel
Drive (4WD).
By Operation : Manual and Autonomous Tractor
Vehicle.
By Regions : Asia Pacific, North America, Europe, and
Rest-of-the-World.
Additionally, the
increasing implementation of data analytics, GPS, and remote sensing in
tractors push the growth of the market. The emergence of electric and hybrid
power tractors propels the growth of the market. Advances in technology and
features such as the unique 'Protect-U' cab/engine, radical 'neo-retro' design,
and max power of plus-20hp from engine power management (EPM) are expected to
storm the market.
Besides,
developments like 'built from the ground up' with connectivity and smart
farming technologies, and connect telemetry allows owners to manage their
fleets using cloud-based solutions. Conversely, the lack of skilled workers and
prohibitive prices of agricultural tractors are the significant factors projected
to impede the market growth. Also, changing weather conditions pose challenges
to the growth of the market, lowering the purchasing power of farmers.
Agricultural Tractors Market - Regional Analysis
Asia Pacific dominates the global
agricultural tractors market. The market growth attributes to the massive
increase in the production and sales of tractors in the region. Besides,
growing automotive infrastructure and increasing government efforts and incentives
for farm mechanization across the region drive the regional market growth.
Moreover, private and public organizations' growing investments and the rise in
demand foster the growth of the regional market.
Furthermore, increasing researches bring up
developments of advanced tractors boosts the market growth in the region. China
and India hold major shares in the regional market. The APAC agricultural
tractors market is projected to retain its dominance throughout the assessment
period.
North America holds the second-significant
share in the global agricultural tractors market. The market is driven by the
augmenting demand for tractors with a low operating cost. Moreover, the
increased government backing and support for the development of the agricultural
industry push the regional market growth. Also, investments in research and
development increase agricultural tractors sales. Large consumer potential in
the US, and Canada create a considerable demand for environment-friendly heavy
vehicles.
Europe too, holds a considerable share in the
global agricultural tractors market. The market is driven by regulatory laws
such as the European Union (EU) implemented to minimize vehicle emissions.
Besides, and timelines for creating zero-emission zones in countries like the
UK and France increase the demand for electric vehicles to foster the growth of
the regional market. Furthermore, favorable incentives policies to buy electric
tractors propel the growth of the market in the region.
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Agricultural Tractors Market - Competitive Analysis
Highly competitive, the agricultural tractors
market appears fragmented due to the presence of several well-established
players. These players incorporate strategies like mergers & acquisition,
collaboration, technology/product launch, and expansion, to gain a larger competitive
share. With the industry, technologies, and agricultural tractors changing
faster than ever before, research projects to optimize the performance of
components and simulation toolkits have become crucial.
Many researches to integrate ultra-high-speed
motor solutions have opened up substantial investment opportunities for the
market players. Industry players are investing substantially to develop
innovative technologies that can ease the challenges of next-generation
mobility solutions.
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