Agricultural Tractors Market Overview:
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 (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.
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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.
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.
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.
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.
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