Global Agricultural Tractors Market Size, Share, Growth, Analysis Forecast to 20

Posted by Market Research Future on March 23rd, 2020

Market Synopsis:                                                

Tractors are mainly used to reduce manual labor that focuses mainly on harvesting, plowing, cultivating, and others. Among the other jobs, it spreads fertilizers, maintains the landscape, and clears creepers. That is particularly for a country like Australia, where the farming land and farmer ratio is quite low. The global agricultural tractors market is anticipating a 5% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their latest report has identified several factors that can impact the agricultural tractors market in the coming years.

Factors such as inclusion of smart technology, demand for increased production, inclusion of cutting-edge technology in the manufacturing process, surge in investment, and government initiatives are expected to promote the agricultural tractors market in the coming years. GPS and remote sensing are technologies that can also speed up the growth of the global market. However, it can also be daunted by lack of skilled workers and high price of advanced tractors.

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Segmentation:

MRFR’s take on the global agricultural tractors market reveals segmentations based on engine power, application, drive type, and operation. This segmentation has its firm basis on reports provided by expert analysts with data. The aim is to take a closer look at each segment and understand possibilities that could help the market grow in the future.

Based on the engine power, the agricultural tractors market includes 40 HP, 40 to 120 HP, 121 to 180 HP, 181 to 250 HP, and more than 250 HP.

Based on the application, the agricultural tractors market comprises harvesting, seed sowing, irrigation, and others. In countries like Australia, where land is to human being ratio is quite low, smart agricultural tractors are expected to gain momentum.

Based on the drive type, the agricultural tractors market has been segmented into 2WD and 4WD drive.

Based on the operation, the agricultural tractors market consists manual and autonomous tractor vehicle. The autonomous tractor has been gaining momentum with latest developments in the implementation of GPS inside the tractor.

Regional Analysis:

Region-specific analysis of the global agricultural tractors market, as per MRFR’s analysis, includes four major regions, namely, North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW). The focus of this study is the identification of scopes in these regions where the market can expand further.

The APAC region is leading the global market as several countries in the region are primarily agrarian in their economic foundation. At the same time, this market is gaining high grounds due to the better facilities provided to the automotive infrastructure. Increasing government efforts and incentives to develop improved farm mechanization have impacted well. Sale of tractors is also on the rise in heavily populated countries like India and China.

North America’s growth depends mostly on the trend of adopting latest technologies. High investment capacity is providing grounds for further progress of the regional market. It is also benefitting from the presence of influential players such as Deere & Company (USA), CNH Industrial America LLC.  (USA), and Massey Ferguson Limited (US) who are actively participating in taking the market ahead.

Competitive Landscape:

The global agricultural tractors market is expected to benefit from the strategic moves made by leading companies across the world. These companies are Deutz AG (Germany), CNH Industrial America LLC.  (USA), Deere & Company (USA), Mahindra & Mahindra Limited (India), Hattat Traktör (Turkey), New Holland Agriculture (US), Massey Ferguson Limited (US), KUBOTA Corporation (Japan), CLAAS KGaA mbH (Germany), and Escorts Limited (India). MRFR profiled them for a better update on trends that can impact the market in the coming days.

In 2019, New Holland is expecting favorable winds to launch their new methane-powered concept tractor. The technology to drive this vehicle ahead includes a combination of visionary design with top-grade and sustainable biomethane combustion. This is to bolster the Energy Independent Farm concept. The same year would also witness FPT International launching of NEF 6 cylinder and Cursor 13 natural gas engines that would power the tractor.