SAN JOSE, Calif., April 09, 2018 (GLOBE NEWSWIRE) -- According to a new market research report published by Credence Research “Farm Tractors Market (By Power Output: Up to 30HP, From 31HP to 101HP, From 101HP to 200HP, From 201HP to 300HP and Above 300HP; By Drive Type: Two-wheel Drive (2WD) and Four-wheel Drive (4WD); By Mode of Operation: Manual Tractors and Autonomous Tractors) - Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the farm tractors market was valued US$ 8.15 Bn in 2017 and is estimated to grow with a CAGR of 5.7%.
Market Insights
The overall farm tractors market has rejuvenated since 2017 after a severe downturn from 2014 to 2016. Consistently growing demand for food grains and other agricultural products have compelled farmers and cultivators to incorporate mechanized farming for obtaining enhanced output from existing limited land resources. Promising government policies such as affordable agricultural loans and education for mechanized farming have proved to be a boon for small and medium scale farmers in developing nations. Technological innovation including autonomous tractors and electric tractors have led to the introduction of efficient and eco-friendly variants of farm tractors. Furthermore, associations such as Agrievolution Alliance, established in 2012 for sharing essential information and worldwide collaborations to propel the growth of agricultural machinery industry have aided significantly in the revival of farm tractors industry.
Asia Pacific has proved its metal as the most lucrative region for overall farm tractors market with a market share was more than 45% in 2017 and is further anticipated to grow at a brisk pace throughout the forecast period from 2018 to 2026. Factors such as high concentration of farmlands, presence of agricultural countries and high-density of population have made emerging economies such as China and India major marketplaces for farm tractors. Therefore, reliable growth in the agriculture sector in Asia Pacific countries is expected to support the growth of overall farm tractors market.
Competitive Insights:
Farm tractors market is considered as one of the most fragmented markets among all utility vehicles, characterized by more than 300 recognized brands worldwide. However, more than 75% of the overall market share belongs to major farm tractor manufacturers profiled in this research study. Vital strategies such as alliances and joint ventures were undertaken by market leaders including AGCO Corporation, Deere & Company and CNH Industrial N.V. in order to capitalize flourishing markets in Asia Pacific region and other emerging economies. Research and development activities for product enhancement has also been undertaken by several manufacturers such as Mahindra and Mahindra, Ltd. A research center worth US$ 12 Mn was developed in Chennai, India by Mahindra and Mahindra in 2014 for their product research and development. Major players in the farm tractors market include CNH Industrial N.V., AGCO Corporation, Deere & Company, CLAAS KGaA mbH, Mahindra & Mahindra India Limited, Kubota Corporation, Escorts Limited, Caterpillar, Inc., J.C. Bamford Excavators Limited (JCB), Yanmar Co., Ltd., Tractors and Farm Equipment Limited (TAFE), Alamo Group Inc., Daedong Industrial Company, Ltd., SDF Group and Zetor Tractors A.S.
Key Trends:
- Resurgence of farm tractors and agricultural equipment market since 2017
- Favorable government policies encouraging the farmers for mechanized farming in developing countries
- Intense competition among farm tractor manufacturers across the globe
- Growth of farm tractors segment with power output up to 30HP
- Consistent rise in demand of farm tractors in Asia Pacific region
- Introduction of autonomous farm tractors equipped with state-of-art electronics and navigation systems
Browse Full Report With TOC, Figures And Tables @ http://www.credenceresearch.com/report/farm-tractors-market
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