Global Tractors Market Report: Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026

Fact.MR has been actively involved in offering comprehensive research data concerning various topics which are associated to industrial reference and investor utility. “Tractors Market Forecast, Trend Analysis & Competition Tracking - Global Review 2017 to 2026” Readers can access knowledge related to market volume, regional expanse as well as competitive landscape prevailing in the globaltractors market. In order to study development patterns, this smart assessment also focuses on market dynamics, which talks about drivers, restraints and opportunities estimated to influence the concerned market during the forecast period.

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Rising demand for food continues to impose heavy burdens on the agricultural sector, the progress of which remains largely dependent on uncertain entities such as weather, quality of soil and effectiveness of farming practices. However, farmers from several parts of the world rely on tractors for being the most essential agricultural machinery. By undertaking heavy fieldwork operations, tractors have emerged as a robust commodity in the global agriculture industry.

New range of tractors entering the market are exhibiting higher efficiency in terms of fuel consumption and performance. Manufacturers are also focusing on lowering the carbon footprint of tractors for supporting their utility in sustainable farming. Furthermore, farmers are enrolling into training programs for extending their abilities in operating advanced tractors that come with a range of functionalities beyond their conventional purpose in tilling, plowing and harrowing.

In the view of such factors, the global tractors market is pegged to witness a sluggish growth in the near future. Fact.MR’s forecast study has addressed such factors and analyzed their impact on the future adoption of tractors worldwide. Key findings from the report reveal that during the forecast period, 2017-2026, the global tractors market is assessed to reflect a sluggish growth at 2.8% CAGR in terms of volume. The report further estimates that by the end of 2026, the global tractors market will touch a valuation of US$ 161 billion.

Sales of Tractors with 60-140 HP Engines to Incur Boost from Increasing Adoption of Large-Scale Farming

High crop produce threshold of large-scale farming is driving its adoption in the global agricultural landscape. To meet the requirements of plowing and tilling across large farms, tractors with high power engines are witnessing a growing demand. The report estimates that throughout the forecast period, 30% of tractors sold globally will be equipped with 60-140 HP engines. The report also estimates that the demand for tractors with 140-400 HP engines will reflect fastest volume growth by reflecting a CAGR of 3.1% over the forecast period.

Large Scale Farming to Drive the Demand for Tractors Equipped with 60-140 HP Engines

In 2017 and beyond, around 30% of tractors sold globally will be equipped with 60-140 HP engines. The report identifies that increasing adoption of large-scale farming is driving the need for tractors with high power engines. Governments are providing lucrative funding for large-scale farming, which extends the budgets of farmers in buying tractors with high power engines. From the manufacturing standpoint, high prices of 60-140 HP tractors will translate into high profit margins in the view of their growing sales. The demand for 140-400 HP tractors is also pegged to surge towards the end of the forecast period. By the end of 2026, nearly 330 thousand units of 140-400 HP tractors are pegged to be sold globally.

Hydraulic Mechanism to Remain Sought-After; Garden Applications to Register Fast Volume Growth

Majority of tractors manufactured globally will be developed on a hydraulic mechanism. The advantages of hydraulic tractors in terms of efficient fuel and fluid transmissions, economical utility and conservative power consumption will drive their sales in the near future. Throughout the forecast period, more than 50% of tractors sold globally will be developed on hydraulic mechanism. It is further estimated that gardening application of tractors will gain traction through 2026. Over the forecast period, garden tractors are expected to reflect the highest volume CAGR of 3.7%, reflecting rampant adoption. The report also foresees that utility tractors will be a high volume growth application in the global market. By the end of 2026, more than 740 thousand units of utility tractors are pegged to be sold worldwide.

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Arrival of Driverless Tractors to Redefine Market Dynamics

Leading manufacturers of tractors are expected to focus on improving the safety of tractors by incorporating technologies and remodeling the structure of tractors, thereby eliminating the chances of rollovers. Companies such as Caterpillar, Deere & Company, Tractors and Farm Equipment Limited, Kubota Corporation, AGCO Corporation, Claas KGaA mbH, New Holland, McCormick Tractor, Escorts Limited., Bobcat (a Doosan company), Mahindra & Mahindra Limited, KIOTI Tractor (subsidiary of Daedong Industrial Company, Ltd.), Yanmar America Corporation and JCB, are observed as the key manufacturers of tractors in the world. With the advent of autonomous driving technologies, self-driving tractors will be penetrating the agricultural machinery industry in the near future. Driverless tractors will revolutionize the global landscape for tractor manufacturing. Advanced sensors and IoT technologies will be integrated with tractors to transform their functioning for meeting the future farming needs.

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This release was published on openPR.