Agriculture Tractors Market Expected To Grow At A CAGR Of 6% By 2027| Mahindra & Mahindra Ltd, TAFE, Kubota Tractor Corporation, JCB, ISEKI-Maschinen GmbH, YANMAR COMPACT EQUIPMENT, CLAAS, John Deere, CNH Industrial, Massey Ferguson

Recent research and the current scenario as well as future market potential of "Global Agriculture Tractors Market 2020".

The Global Agriculture Tractors Market is expected to grow at a CAGR of 6% during the forecasting period (2020-2027).

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Agricultural tractor is majorly used in farming activities. These agriculture tractors are used in both organic and nonorganic farming. Most mechanized agricultural operations include a tractor as a primary power unit globally. Nearly all modern tractors used in commercial agriculture are powered with diesel fuel.

Global Agriculture Tractors Market Dynamics:

Growing demand for food crops associated with an increase in installations of advanced agriculture machinery are factors driving the global agriculture tractor market in the recent years. The rise in regional demand for food products and the increase in the local population has strongly influenced the market scenario of agricultural tractor machinery market globally. The market is expected to have continued growth in the forecast period. Owing to the need to increase in yield and increase in cultivation activities in limited arable land.

Increase in tractors registrations in developed nations associated with rising spending by the farmers across the globe are the factors additionally contributing to the growth of the market. According to the Data Published in Agri evolution in 2018, the annual sales of tractors globally increased from 1.903 million units in 2016 to 2.153 million units in 2017 with an annual growth rate of 13%.

High operational cost and huge price of agriculture tractors are the major restraints hampering the growth of the market worldwide.

Global Agriculture Tractors Market Segment Analysis:

Based on the tractor type, the Agriculture Tractors market is segmented as pedestrian tractors, wheeled tractors, row-crop tractors, and orchard tractors. Wheeled Tractors segment holds XX% of market share in 2018, and is expected to increase by XX% by 2026 at a CAGR of XX%, for global agriculture tractor market. Wheeled tractor structures usually contain two and four or more wheels with at least two axels, depending primarily on traction power.

The wheeled tractor end-products are designed to pull, push, carry or actuate certain implements, machinery, or tractor components intended for use in the agricultural sector. The companies are focusing to launch innovative end-products in an attempt to capture local market share and increase company revenue. For instance, in September 2018, Fendt, a brand of AGCO GmbH, launched two new wheeled tractors, Fendt 900 Vario MT and Fendt 1100 MT, offering high-performance traction machines above 500 HP for professional farmers who need maximum power.

Based on the equipment type, the Agriculture Tractors market is segmented as a cultivator, tractor-trailer, rotavators, thresher machines, and harvester. Based on the horse powers, the Agriculture Tractors market is segmented as below 40 hp, 41 hp to 99 hp, 100 hp to 150 hp and more than 150 hp. Below 40 hp segment holds USD XX million in 2018 and is expected to increase by XX% by 2026 growing at a CAGR of XX% in global agriculture tractor market. Tractors with below 40 hp power are considered to hold a huge share of the overall industry during the forecast period. The cost of below 40 hp compared to high hp tractors is low and this is a major reason for the growth of the below 40 hp segment globally.

According to the study Published in the Association of Equipment Manufacturers in 2018, the annual sales of Compact tractors (below 40 HP) in North America increased from 145,061 units in 2016 to 158,237 units in 2017.

Based on the drive type, the Agriculture Tractors market is segmented as 4-wheel drive, 2-wheel drive. Based on the application, the Agriculture Tractors market is segmented as harvesting, seed sowing, and irrigation.

Global Agriculture Tractors Market Geographical Analysis:

Geographically, the market is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa.

The Europe Agriculture Tractor market is valued at USD XX Million in 2018 and is estimated to grow at a CAGR of XX% over the forecast period to reach a USD XX Million by 2026. Europe is expected to grow at a higher pace in global agriculture tractor market owing to the increase in production of food crops and the high presence of commercial food production. The growing presence of commercial farms across the regions led to an increase in registrations of agriculture tractors in Europe.

The United Kingdom is expected to dominate the Europe agriculture tractor market due to high agriculture wages, wide presence of agriculture farms in the region. According to the UK agriculture department in 2019, the utilization of agriculture area in the UK increased from 17,476 Hectares in 2017 to 17,521 Hectares in 2018, giving equal market growth for agriculture tractors and equipment. According to the data published in AEA association in 2019, the annual registrations of UK agriculture tractors (> 50 HP) increased from 12,033 units in 2017 to 12,102 units in 2018. Some of the key players in the Europe Agriculture tractors market include John Deere UK & IE, JCB, and Kubota.

India, China, and the US lead the sales of farm tractors and have more demand for below 40 hp tractors segment. Based on the journal "China Agricultural Machinery Distribution Association", it stated that China's 65% market share is filled with below 40 hp tractors in 2017. As per the Association of Equipment Manufacturers (AEM), the US and Canada had roughly 62-64% market for below 40 hp tractors in 2017 in North America region

The Asia Pacific Agriculture Tractors market size was worth USD XX billion in 2018 and is forecasted to reach USD XX billion by 2026, at a CAGR of XX% during the forecast period. China and India are the major market share holders in this region due to reasons such as increasing population, growing farm mechanization, and a vast area of land for farming activity. China and India have been at the lead in the sales quantity of tractors sales. India, the world's largest tractor market, held 600,000 sales, while China is second and stood with 490,000 sales in 2017. Both countries took more new tractors that the combined total of Europe (165,000) and the US (approx. 211,000 units).

The farm mechanization development in China and India has been growing, because of expanding interests in agriculture, and extensive support from the government. Farmers have increasingly started to invest in farm equipment to improve productivity. All these factors have contributed to the growth of the agricultural equipment market in the Asia Pacific region.

Global Agriculture Tractors Market Competitive Analysis:

Global Agriculture tractors market is fragmented with various small and large players present globally. Some of the major market players are Mahindra & Mahindra Ltd, TAFE, Kubota Corporation, JCB, Iseki & Co. Ltd, Yanmar Co, Claas Group, Deere & Company, CNH Industrial NV and Massey Ferguson Limited

Companies are focusing to launch new products globally due to the high demand from different applications.

For instance, In November 2017, Case IH extended its Puma tractor line, the Puma 155 ROPS (with a maximum output of 161 hp) and the Puma 185 ROPS (producing a maximum of 197 hp). Both vehicles are being introduced in response to demand for more powerful tractors with an open deck, a canopy, and a rollover protective structure (ROPS).

In September 2018, Escorts announced that they are about to lunch driverless tractors and other agrotech products. The new tractors are able to farm on their own while empowering farmers and maximising output. Escorts has tied up with seven technology majors-Microsoft, Reliance Jio, Trimble, Samvardhana Motherson Group, WABCO, AVL, and BOSCH-for developing its innovative farming solutions.

In September 2017, India's largest tractor manufacturer Mahindra & Mahindra Ltd. has agreed to acquire Turkey's fourth largest tractor manufacturer Erkunt Traktor Sanayii for an enterprise value of USD 117 million.

In September 2017 John Deere has acquired Blue River Technology, a company that claims to be successful in applying machine learning to agricultural spraying equipment.

In January 2019, New Holland Agriculture, a brand of CNH has launched its TT3.50 tractors in Thailand. The TT3.50 is a multipurpose tractor with 50hp.

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Visualize the composition of the Agriculture Tractors Market across each indication, in terms of equipment type, horse power, drive, tractor type, application and the route of administration, highlighting the key commercial assets and players.
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Excel data sheet with thousands of data points of Agriculture Tractors Market - level 4/5 segmentation.
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