Global Agricultural Tractors Market was valued US$ XX Bn in 2019 and is expected to reach US$ 92.1 Bn by 2026, at a XX% CAGR of around during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Report on agricultural tractors estimates the growth rate and the market value based on market dynamics, development inducing factors. The complete knowledge is based on the latest industry news, opportunities, and trends. Growing people, advanced technology in agriculture machinery and rising demand for food crops are expected to bolster the demand for agricultural tractors market. However, high capital and operational costs are the major factors that hamper the adoption of farm tractors by small farmers.
Based on the drive type, the 4-Wheel Drive (4WD) segment is expected to expand at a significant growth rate during the forecast period owing to increased demand for 4WD agriculture tractors, as they perform powerful agriculture tasks like tillage and sowing. Four-wheel drive, 4WD, or 4x4 ("four by four") is a four-wheeled vehicle with a drivetrain that allows all four wheels to receive twisting from the engine simultaneously. The term four-wheel drive defines truck-like vehicles that require the driver to manually switch between two-wheel drive mode for streets and four-wheel drive mode for low traction conditions such as ice, mud, snow, slippery surfaces, or loose gravel.
By operation mode, autonomous tractor segment is expected to grow at the highest XX% CAGR during forecast period. autonomous tractors are advanced technology in the market. To try and save fuel and become more efficient, growers began using GPS technologies to guide their tractors across the playing field. As advanced and new technologies made wireless communications easier and more reliable, these first steps toward self-driving tractors laid the groundwork for the autonomous vehicles that are now widely used in the large-scale farming industry. Whereas completely autonomous tractors have not yet been approved for use in the field, that's not stopping manufacturers from developing them.
In terms of region, the APAC has proved its mettle as the most lucrative region for the overall farm tractors market with a market share was more than XX% in 2018 and is further anticipated to grow at a brisk pace during the forecast period from 2019 to 2026. Features such as high concentration of farmlands, the presence of agricultural countries and high-density of the population have made emerging economies such as China and India major marketplaces for farm tractors. So, reliable growth in the agriculture sector in the APAC countries is expected to support the growth of the overall farm tractors market.
India and China have been at the forefront in the number of tractors being sold across economies, with nearly US$ 1.3 million tractors being sold in China and over 600,000 tractors being sold in India, every year. The farm mechanization trend in China has been increasing, because of growing investments in agriculture, as well as the governmental push toward farm mechanization.
In India, the emergence of large-scale custom hiring service businesses in agricultural machinery has been fuelling the growth in farm mechanization. Custom hiring services have helped smaller farmers and a new breed of entrepreneurs, who activate tractors and other machinery absolutely for the benefit of small landholders.
The objective of the report is to present comprehensive analysis of Global Agricultural Tractors Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding Global Agricultural Tractors Market dynamics, structure by analyzing the market segments, and project the Global Agricultural Tractors Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Agricultural Tractors Market make the report investor’s guide.
Scope of the Global Agricultural Tractors Market
Global Agricultural Tractors Market, by Power
- Under 40 HP
- 40 HP & Under 100 HP
- 100 HP & above
Global Agricultural Tractors Market, by Drive type
- 2-Wheel Drive
- 4-Wheel Drive
Global Agricultural Tractors Market, by operation mode
- Manual tractor
- Autonomous tractor
Global Agricultural Tractors Market, by Agriculture Application
- Seed Sowing
Global Agricultural Tractors Market, by Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Key players operating in global agriculture tractor market include
- Deere & Company
- Mahindra Group
- Kutoba Corporation
- Massey Ferguson
- Kioti Tractor
- New Holland
- SDF Group
- Valtra Tractor
- Argo Tractors S.p.A.,
- CNH Industrial N.V.
- AGCO Corp.
- Daedong Industrial
- Escorts Group
- Jordan Tractor and Equipment Co.
- McCormick International
- SAME DEUTZ-FAHR Group etc.
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