Global Agriculture Tractor Remains Ebullient as Nations Fight for Higher Yield to Feed Ever-growing Population
The global market for agriculture tractor is projected to grow at a steady pace in the coming years as this industry is rapidly moving toward mechanization. Rising demand for higher agricultural output is the primary reason for increased demand for agriculture tractors. Tractors essentially minimize the efforts required for tillage, spraying fertilizers, planting, and sowing amongst others. Thus, increasing number of farmers are investing in advanced tractors to improve their farming activities and output. This trend is being supported by number of government initiatives to grand subsidies to farmers to invest in tractors for farming. The emerging trend of organic farming is also projected to bode well for the global agriculture tractor market in addition to aforementioned factors.
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On the basis of equipment the rotavators and threshers segment is projected to lead the global market in the coming years. The multipurpose usage of rotavators and threshers in the agricultural industry for cutting harvest and seed bed preparation are projected to put the segment in the lead. On the basis of drive type, the agriculture tractor market can be segmented into 2WD, 4WD, and autonomous drive. Out of these, the demand for 4WD segment is expected to grow at a phenomenal pace. These offer best assistance while performing tasks such as sowing and tillage. Analysts anticipate that the demand for 4WD will be the highest in developing economies as sowing and tillage are done depending on the seasons.
Geographically, the global agriculture tractor market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Out of these, the demand for agriculture tractor is projected to soar across Asia Pacific as India and China are looking at improving their agricultural output with modern machinery. Population explosion and rapid pace of urbanization are heralding the sudden spike in demand for agriculture tractor across Asia Pacific. Additionally, presence of tractor manufacturing companies such as Mahindra Group and John Deere are also anticipated to bode well for the regional market in question.
The key players defining the competitive landscape of the global agriculture tractor market are Deere & Company, Kutoba Corporation, Mahindra Group, Yanmar, Farmtac, Dongfeng, Massey Ferguson, Kioti Tractor, SDF Group, New Holland, Valtra Tractor, CNH Industrial N.V., and Argo Tractors S.p.A. The research report offers complete reports of the product innovation brought in by these players and their plans introduce these in the global market. The research report includes a Porter’s five forces reports that discusses the power of both suppliers and buyers. The publication includes comments and suggestions by market experts that are aimed at highlighting the key investment areas for existing players as well as new entrants.
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