Press release
Agricultural Tractors Market is expected to exceed US$ 100 Bn by 2026
The global agricultural tractors market is projected to expand at a CAGR of more than 4% between 2018 and 2026, according to a new research report by Transparency Market Research (TMR). According to the report, the global market is likely to be influenced by a range of political, economic, social, technical, and industry-specific factors. Middle East & Africa is likely to witness rapid increase in demand for agricultural tractors from countries in Africa, owing to the more fertile land near the valley of Nile and other rivers.Obtain Report Details @ https://www.transparencymarketresearch.com/agricultural-tractors-market.html
Moreover, farmers from Africa are adopting automation in agriculture, which leads to increase in demand for agricultural tractors. Consequently, the market in the region is anticipated to expand at a CAGR of 5% during the forecast period.
The agriculture tractor is an engineering automobile precisely designed and fabricated to convey a high torque at slower speeds. Furthermore, it is employed to carry machinery or a trailer that are utilized in agriculture applications.
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Increasing demand from consumers for food products and expansion of the farming industry in some regions are likely to boost the agricultural tractors market. Accordingly to the VDMA Economic Report 2015, automation in the agriculture industry in China increased from 34% in 2004 to 61% in 2014. Enhanced quality, decrease in production time, and cost-effectiveness are key factors driving the agricultural tractors market. More than 70% of global production of agricultural tractors takes place in China and India, which propels the market share held by Asia Pacific to about 80% of the global agricultural tractor market.
Agricultural tractors having power output between 31 HP to 100 HP accounted for a larger share of the market for 2017. In terms of power output of tractors, 31 HP to 100 HP is anticipated to be a leading segment of the tractors market, owing to adequate efficiency and high demand among farmers. Tractors with power output between 31 HP to 100 HP are highly versatile and can be utilized for cultivation of maximum number of crops.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others.
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