Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "Latin America Tractor Market - Industry Analysis & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The Latin America tractor market is expected to grow at a CAGR of 4.31% from 2022-2028.
Key Highlights
- The Latin America tractor market is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the industry.
- Latin America has over 655 million food consumers. The region witnessed a massive increase in farm mechanization in terms of agricultural and industrial productivity.
- The Latin America tractor industry increased by 3.5% in 2022 from 2021. The increase in crop production and tractor sales was due to favorable climate conditions and government support to farmers.
- Latin American government plans schemes and initiatives to facilitate credit and improve agriculture-related operations, which will contribute to the growth of the overall value chain of the market.
Market Trends and Opportunities
Growing Prospects of Precision Farming
Manufacturers of agriculture equipment and machinery are increasingly entering the precision agriculture vertical. The demand for precision equipment can be generated among farmers in Latin America due to unfavorable rainfall. Precision agriculture equipment can intelligently calculate the farm size and crop population to use the correct amounts of water for irrigation and plantation segments.
Agriculture equipment and machinery manufacturers are also increasingly entering the precision agriculture vertical. John Deere, one of the leading vendors in the Latin America tractor market, acquired Blue River. Blue River is a leading vendor of machine learning-based agriculture equipment. It manufactures intelligent spray systems that distinguish between crop plants and unwanted weeds and enable farmers and farm managers to reduce herbicide expenses and grow healthier crops.
Technological Advance in Tractor Technology
A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart agricultural future. Tractor manufacturers are competitive, and companies constantly strive to innovate and ensure product differentiation at affordable prices. State-of-the-art technology-based tractors are currently available in the market. GPS and remote sensing make farming more accurate and productive.
Competitive Landscape
The Latin America tractor industry has highly established players in various segments, including open fields and horticulture. The threat to the existing vendors in the region from new vendors is quite low. John Deere, New Holland, and Massey Ferguson dominated the Latin America tractor market with a collective market share of over 30% in 2022. These brands have adopted several strategies to gain traction in the market.
Key Company Profiles
- John Deere
- CNH Industrial
- AGCO
- Kubota
Other Prominent Vendors
- Claas
- Deutz-Fahr
- Mahindra
- KIOTI
- Yanmar
Key Questions Answered:
- What are the expected units sold in the Latin America tractor market by 2028?
- What is the growth rate of the Latin America tractor market?
- How big is the Latin America tractor market?
- Which region holds the largest Latin America tractor market share?
- Who are the key companies in the Latin America tractor industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 164 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value in 2022 | 75128 Units |
| Forecasted Market Value by 2028 | 96793 Units |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Latin America |
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
8 Introduction
8.1 Overview
8.1 Value Chain Analysis
8.1.1 Overview
8.1.2 Raw Material & Component Suppliers
8.1.3 Manufacturers
8.1.4 Dealers/Distributors
8.1.5 Retailers
8.1.6 End-Users
8.2 Technological Advances
9 Market Opportunities & Trends
9.1 Increased Focus on Smart & Autonomous Tractors
9.1.1 Swath Control and Variable Rate Technology (Vrt)
9.1.2 High Demand for Autonomous Equipment
9.2 Shortage of Agricultural Laborers
9.3 Prospects of Precision Farming
10 Market Growth Enablers
10.1 Government Subsidies & Credit Support Systems
10.2 Investments by International Manufacturers
10.3 Gdp Contribution of Agricultural Sector
10.4 Increased Farm Mechanization
11 Market Restraints
11.1 High Demand for Used & Rental Tractors
11.2 Unfavorable Weather Conditions
11.3 Lack of Awareness of Latest Innovations in Agricultural Tractors
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Horsepower
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Less Than 50 Hp
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Country
13.4 50-100 Hp
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Country
13.5 Above 100 Hp
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Country
14 Drive Type
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 2-Wheel Drive
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Country
14.4 4-Wheel Drive
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Country
15 Country
16 Competitive Landscape
16.1 Competition Overview
16.1.1 Marketing & Promotional Activities
16.1.2 Recent Developments by Top Brands
17 Key Company Profiles
18 Other Prominent Vendors
19 Report Summary
20 Quantitative Summary
21 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/61iovm
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