Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Mexico Tractors Market - Industry Analysis & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The market size is poised to ascend from 11,367 units in 2022 to an anticipated 13,906 thousand units by the year 2028, illustrating a steady Compound Annual Growth Rate (CAGR) of 3.4%
At the helm of this growth journey stands the Mexican government, orchestrating strategic schemes and initiatives designed to bolster credit accessibility and streamline agricultural operations. These concerted efforts are projected to yield a cascading effect, nurturing the growth of the industry's entire value chain.
In 2022, the Mexico tractors industry experienced a commendable upswing of 4.9%, attributed to a harmonious alignment of favorable climatic conditions and governmental backing that uplifted crop production and spurred tractor sales. Within the diverse tapestry of the Mexico tractors market, the central region emerges as a dominant force, holding sway over 50% of the market share in 2022.
Large commercial farms and smaller, family-run agricultural operations impact the need for tractors in this region. The Central region is the leading region with a high penetration of compact tractors. The plateau terrain of the region has driven the adoption of small HP tractors. Following the mechanization trend and the need to close the yield gap, farmers in the Central region are purchasing small chassis tractors with a power capacity of less than 50 HP.
The Mexico tractors market is highly concentrated, with the top players controlling most of the industry. Domestic and global brands, on the other hand, are equally represented in the industry.
John Deere, Pauny, CNH Industrial, AGCO, TAFE, and Kubota dominated the Mexico tractors market with a collective market share of over 96.1% in 2022. These brands have adopted several strategies to gain traction in the market. CNH Industrial, with its tractor brands Case IH, New Holland, and Steyr, has introduced the concept of autonomous technology in agricultural tractors in the Mexico market.
These businesses have already implemented technologies like telematics and auto-steering in their agriculture tractors. Further, the competition in the industry is expected to intensify during the forecast period with the increase in product/service extensions, technological innovations, and M&As.
INSIGHTS BY HORSEPOWER
In 2022, the 50 HP-100 HP segment recorded a larger Mexico tractors market share. The major factor for the steady growth of the medium-power range of tractors is the increased business turnover among hobby and livestock farmers. Tractors less than 50 HP often contain features designed to meet the small farms' demands and specific applications.
These features may include hydraulic systems for raising and lowering attachments, power take-off (PTO) for operating various implements, and changing track widths for increased traction. Despite being small, these tractors are versatile since they accommodate many implements and attachments. They are flexible for many activities throughout the farming cycle since they may be used with tools like mowers, loaders, tillers, backhoes, and seeders.
INSIGHTS BY DRIVE TYPE
The ease of driving and flexibility with light loads and in plain fields are major factors that boost the demand for two-wheel-drive tractors in the Mexico tractors market. Moreover, there are a lot of small and medium-sized farms in Mexico, and for their area of land and farming methods, many farmers feel that 2WD tractors are adequate.
Further, Four-wheel drive tractors' ability to power all four wheels improves the traction and pulling power. These tractors are more adaptable and can do various agricultural tasks, such as tiling, plowing, and navigating difficult terrain. Larger farms or applications that require heavy-duty equipment employ 4WD tractors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (Units) in 2022 | Units11367 Units |
| Forecasted Market Value (Units) by 2028 | Units13906 Units |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Mexico |
Market Opportunities & Trends
- Development of Smart and Self-Driving Tractors
- Mechanization and Modernization in Agriculture Market
- Expanding the Market for Electric Tractors
Market Growth Enablers
- Financial Assistance for Farmers Through Loans & Subsidies
- Increased Agricultural Output and Export
- Declining Agricultural Workers Due to Urbanization
Market Restraints
- Increasing Demand for Used & Rental Tractors in Mexico
- Farmland Consolidation Through Cooperatives and Contract Farming
- Agriculture Negatively Impacted by Climate Change
Value Chain Analysis
- Raw Material & Component Suppliers
- Manufacturers
- Dealers/Distributors
- Retailers
- End-Users
- Advances of Precision Agriculture
- Technological Advances
Key Company Profiles
- John Deere
- AGCO
- CNH Industrial
- Kubota
Other Prominent Vendors
- Pauny
- Mahindra & Mahindra
- Deutz-Fahr
- Yanmar
- CLAAS Group
- Foton
- Arbos Group
Scope of the Report
Segmentation by Horsepower
- Less than 50 HP
- 50-100 HP
- 101-150 HP
- 151-250 HP
- Above 250 HP
Segmentation by Wheel Drive
- 2-Wheel-Drive
- 4-Wheel-Drive
For more information about this report visit https://www.researchandmarkets.com/r/p0gs96
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