New York, US, April 28, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Agricultural Tractors Market” information by Engine Power, by Type, by Operation by Application and Region – Forecast to 2027” market size to reach USD 125 billion, growing at a compound annual growth rate of 5% by 2027.
Market Scope:
Over the forecast period, increased demand for mini-compact tractors is expected to drive market expansion. In addition, the incorporation of advanced technology such as Light Detection and Ranging (LiDAR), telematics, and Global Positioning System (GPS), as well as the growing popularity of compact tractors, are expected to boost market expansion in the coming years.
Dominant Key Players on Agricultural Tractors Market Covered are:
- Deere & Company
- CNH Industrial
- SDF
- Mahindra & Mahindra Limited
- Massey Ferguson
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Market USP Exclusively Encompassed:
Market Drivers
Increasing Need for Food Crops to Boost Market Growth
In recent years, factors propelling the worldwide agriculture tractor market include rising demand for food crops and an increase in the installation of modern agriculture machinery. The increase in regional demand for food goods, as well as the local population, has had a significant impact on the global market picture for agricultural tractor machinery. During the forecast period, the market is expected to continue to rise because there is a need to boost productivity and agriculture activities on limited arable land.
High Operational Costs to act as Market Challenge
The high operational costs coupled with huge price of agriculture tractors may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The agricultural tractors market has been bifurcated based on operation, type, application, and engine power.
By engine power, the below 40 HP will lead the agricultural tractors market over the forecast period.
By application, the irrigation segment will dominate the agricultural tractors market over the forecast period.
By type, the ICE segment will spearhead the agricultural tractors market over the forecast period.
By operation, the manual tractor vehicle will have the lions share in the market over the forecast period.
By driver type, the 2-wheel drive will precede the market over the forecast period.
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Regional Analysis
APAC to Command Agricultural Tractors Industry
The APAC region will command the agricultural tractors market over the forecast period. In terms of the production of agricultural items such as crops & vegetables, China and India are the major country-level markets. Because of the abundance of agricultural fields, Asia-Pacific countries, particularly China, India, Vietnam, and Indonesia, are among the most appealing markets for agricultural tractors. The agriculture industry, according to the India Brand Equity Foundation, is the primary source of livelihood for roughly 58 percent of the country's population. Agricultural tractors are projected to become more popular in the region during the forecast period as a result of this. Because the cost of labour has been increasing at a rapid rate, and the cost of farm labour is directly proportional to the cost of production, increasing labour wages, and the lack of farm labour has led to increasing rates of mechanization in the region, Asia-Pacific is considered one of the fastest-growing markets. The tractor market in the region is growing as a result of this. Furthermore, many companies have released new agricultural tractors, helping them to dominate the market with faster product launches and developments. The cost of agricultural labour is directly related to the cost of production, consequently boosting labour pay, and the scarcity of farm labour has led to increased rates of mechanization in the region, making Asia-Pacific one of the fastest-growing marketplaces. The tractor market in the region is expanding as a result of this. Furthermore, a number of companies have released new agricultural tractors, allowing them to dominate the market through faster product introductions and developments. Semi-autonomous tractors are more popular than autonomous tractors in emerging countries, such as India and China, due to lower prices. They are the world's biggest seller of tractors. China's 'Made in China 2025' initiative aims to mechanize farm activities, which includes agricultural machinery. According to the campaign, the majority of the country's agriculture equipment will be made in the country. While the Indian government promotes 'Balanced Farm Mechanization' by subsidizing various farm equipment and facilitating bulk purchases through front-end agencies, The tractor market is predicted to strengthen during the forecasted period as a result of the campaign. Government attempts to improve rural and farm mechanization, as well as other factors like as higher rural salaries and a scarcity of farm workers, are expected to boost tractor volume in the long run. The demand for low engine power is stronger in developing economies. Because developing countries account for the majority of the agricultural tractor market, manufacturers are focusing on meeting the growing demand for compact tractors with low engine power.
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North America to Have Admirable Growth in Agricultural Tractors Market
North America will have admirable growth in agricultural tractors market over the forecast period. The agricultural tractors market in North America is predicted to develop due to rising demand for agricultural machinery in the agricultural industry. Furthermore, during the study period, the rising demand for the development of advanced agricultural implements is likely to provide lucrative prospects for the agricultural tractors market. During the study period, the increase in agricultural activities across the region is predicted to contribute considerably to the regional market's growth.
COVID-19 Impact on the Global Agricultural Tractors Market
The sector experienced a severe drop in business during COVID-19, with the dealership network being the hardest hit due to supply chain disruption. Furthermore, certain industrial plants were not fully operational. Production of goods was delayed as a result of travel restrictions, and supply was disrupted, leading in a dramatic fall in tractor sales during the epidemic. The impact on the agricultural tractor market has diminished as the situation in the countries has returned to normal.
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