Japan Agricultural Tractors Market
Japan's
agricultural tractors market is marked by a preference for compact and
technologically advanced machinery, suited for the country’s smaller farm
sizes. The market benefits from Japan’s innovative approach to automation, with
a growing interest in autonomous tractors. Aging farmers and a shrinking labor
force have accelerated the demand for efficient, labor-saving tractors that can
perform multiple tasks.
Agricultural Tractors Market Forecast size was
valued at USD 92.91 billion in 2023. The agricultural tractors industry is
projected to grow from USD 96.86 Billion in 2024 to USD 144.45 billion by 2032,
at a CAGR of 4.9%
According to an eminent research firm, Market
Research Future (MRFR), the global Agricultural Tractors Market Forecast is
poised to garner exponential traction by 2023, registering an impressive CAGR
throughout the anticipated period (2023 – 2032). 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.
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.
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Major
Players:
Players
leading the global Agricultural Tractors Market Forecast 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.
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 Forecast - Regional Analysis
Asia
Pacific dominates the global Agricultural Tractors
Market Forecast. 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.
North
America holds the second-significant share in the global Agricultural Tractors
Market Forecast. 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
Forecast. 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.
Agricultural
Tractors Market Forecast - Competitive
Analysis
Highly
competitive, the Agricultural Tractors Market Forecast
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.
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