The global agriculture tractor market is likely to grow at a CAGR close to 5% during the forecast period 2016–2022.
Agriculture Tractor Market – Report Insights
Agriculture tractors are used in the cultivation process to increase productivity and efficiency. With the growing population, the demand for food grains across the world is increasing. Therefore, to meet the growing demand for food, countries are focusing on the usage of advanced and innovative Farm Machinery Parts such as agriculture tractor. The growth of the agriculture tractor market is high in developing economies as farm mechanization is significantly lower in these countries than developed economies.
Scope of the Report
The report, “Global Agriculture Tractor Market – Strategic Assessment and Forecast 2017–2022,” considers the present scenario of the market and its strategic assessment for the period 2017–2022. It also includes a detailed study of growth drivers, trends, and restraints. The report includes the leading four vendors in the market and other key vendors.
It provides the analysis of key segments of the market in terms of horsepower (HP), geography, country, and vendors. It provides a detailed analysis of the revenue from the following segments:
By Horsepower
- Below 40 HP
- 40-100 HP
- Above 100 HP
- 4WD
By Geography
- APAC
- Europe
- Latin America
- MEA
- North America
The report provides a detailed market size by HP for each region.
By Country
- Africa
- Brazil
- Canada
- China
- France
- Germany
- India
- Italy
- Russia
- UK
- US
Agriculture Tractor Market – Market Size and Dynamics
Analysts at Beige Market Intelligence expect the global agriculture tractor market to grow impressively at a CAGR of close to 5% during the period 2016–2022. The growing demand for food grains across the globe is expected to increase the sale of agriculture tractors. Agriculture tractor manufacturers are increasingly incorporating advanced technologies such as GPS and telematics in their tractors. The implementation of advanced technology increases their productivity and efficiency. Also, increased focus on precision farming in developed economies is increasing the demand for advanced tractors in these countries. Therefore, the agriculture tractor market is expected to grow in both developed and developing countries during the forecast period.
The sale of tractors in developed countries in 2016 witnessed a decline of an average of (15–20%) due to various factors such as the slowdown in the world economic growth and decreased commodity prices. However, the outlook for 2017 remains strong, and the sale of agriculture tractor in developed economies is expected to register a moderate growth rate.
The less than 40 HP agriculture tractors segment accounted for more than 54% of the global agriculture tractor market in 2016, and its contribution is likely to increase by 2022. Similarly, the demand for high HP agriculture tractors (more than 150 HP) is also expected to increase from developed economies such as Western Europe during the forecast period.
Agriculture Tractor Market – Trends, Drivers, and Challenges
Advancements in agriculture tractor technology, increased demand for self-driven tractors, and growing demand for alternative fuel-based tractors are a few emerging trends described in the report. Further, the report includes a detailed study of emerging trends, factors driving the growth, and expected challenges of the market during the period 2017–2022. Similarly, increased farm mechanization in emerging economies, growing demand for the replacement of tractors in North America and Western Europe, and shortage of labor in the agriculture sector are among the major factors that are expected to catalyze the growth of the global agriculture tractor market.
Agriculture Tractor Market – Geographical Analysis
The report includes the market analysis of different regions such as North America, Latin America, APAC, MEA, and Europe. It outlines the major market shareholders and the market size analysis of all regions. APAC registered the highest sale of tractors in 2016, whereas Africa was the fastest growing market. A high number of sales in APAC was mainly due to the high sale of tractors in three key leading countries: India, China, and Japan. North America is the second largest market after APAC.
Agriculture Tractor Market – Key Vendors and Market Share
The report profiles major companies in the global agriculture tractor market and provides the competitive landscape and market share of the leading players. It covers the entire market outlook regarding the value chain operating in the market.
Major vendors profiled in the report are as following:
- AGCO
- CNH Industrial
- Deere & Company
- Kubota
Other vendors include ACE Tractors, Captain Tractors, Daedong, Escorts Group, Force Motors, Foton Lovol, HMT, Iseki, McCormick, Mahindra & Mahindra, Mars Group, SDF, Sonalika, TAFE, VST Tillers, Yanmar.
Why should you buy the report?
The report provides answers to the following questions related to the global agriculture tractor market.
- What are the current changes witnessed by the market and how are they likely to impact the market landscape in the coming years?
- What are the various factors that can affect the market over the next few years?
- What are the major emerging trends and challenges for the market over the next five years?
- What is the market size and market forecast for each product segment and end-user type?
- Which region is expected to witness the highest market share and what are the factors driving the growth in that region?
- What is the sale growth rate in key geographies?
- Which are the key countries in terms of market size and market forecast?
- Which are the key vendors in the market?
- What are the key strategies implemented by the leading vendors to increase growth opportunities?
- Which are the key emerging vendors in the market?
Source - Farm Machine Parts
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