Tractors market Precise Outlook 2021 - Deere and Company, Mahindra and Mahindra Corporation, Kubota Corp, Escorts Limited

Global Tractors market gives essential information, objective insights regarding global market top key players analysis, and much more. The report provides detailed information on segmentation which covers product type, various components, end-user or applications, and various regions. The report deals with the most driving forces influencing the market’s revenue scale. The report delivers a comprehensive analysis of key segments, recent trends, major drivers, growth constraints, competitive landscape during this market. The impact of the COVID-19, and also forecasts its recovery post-COVID-19. The report also presents forecasts for Tractors investments from 2021 till 2025.

The tractors market is expected to register a CAGR of 3.83%, during the forecast period, 2020-2025.

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Market Overview: -

- The tractor segment, which covered a major share of 39% in the agricultural machinery market in 2018, is anticipated to remain a major machinery segment during the forecast period, owing to the increasing demand for high horse-power tractors, ranging above 40 horsepower (HP) (i.e. utility tractors and row crop tractors), from the matured markets, such as Europe and North America.
- Increasing arable land area, along with the demand for agricultural mechanization in the matured and emerging markets, is driving the tractor market, globally.

Competitive Landscape: -

Some of the major companies dominating the market studied are John Deere, CNH Industrial, AGCO Corp., Kubota Corp., CLASS, Mahindra & Mahindra Limited, Kuhn Group, Yanmar Co. Ltd, and Escorts, and they capture a significant share of the market in 2019.

In 2019, John Deere led the agricultural tractor market, due to its increased tractor sales in South America, especially from Argentina, and steady growth was observed in the Asia-Pacific region. The other major players in the market are Tractors and Farm Equipment Limited (TAFE), Deutz-Fahr, Sonalika, Force Motors, and Zetor.

Key Market Trends: -

Tractors above the 100 HP Range are Projected to Grow at a Fast Pace

Tractors above the 100 HP range, generally referred to as farm tractors, which can handle almost all agricultural tasks, are suitable for commercial farming. However, they generally come with a huge price tag.

They possess four to six cylinders and have huge engines of volume, varying from 2500-6000 cc. Hydraulics are fitted to these tractors for lifting and clearing purposes in the fields. Telematics is also being introduced for these tractors at a significant scale for auto steer systems.

As productivity in the agriculture field continues to rise, so does the need for more power in tractors. Larger engines mean large-sized tractors, which may not be practical for the existing infrastructure that customers have. Also, Tier-4 emission standards are adding a significant amount of cost to the prices of large-sized tractors.

Emerging economies, such as China, India, and Brazil, with a high governmental thrust for agricultural development, are poised to become the greatest markets for these farm tractors

Asia-Pacific Dominates the Global Market

Asia-Pacific dominated the tractors market, and the region is expected to witness the fastest growth rate during the forecast period.

In the Asia-Pacific region, India is the biggest market for tractors, followed by China. India holds the second-largest agricultural land in the world. The agricultural sector, which is the backbone of the Indian economy, contributes majorly to the countrys GDP. As of February 2018, it was estimated that over 58% of rural Indians depended on agriculture for their livelihood, with the sector contributing around 17%-18% to the countrys GDP. The consistent growth of the agricultural sector is driving the agricultural machinery market in the country. Government initiatives, such as Tractor Subsidy Scheme, Kisan Credit Card, and National Mission on Agricultural Mechanization, have been continuously contributing to the growth of the agricultural machinery market in the country. Additionally, easy availability and access to low-cost credit may also drive the market toward growth, in turn, helping the farmers to obtain a high yield, invest in assets, and earn more income.

Significant Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Tractors Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, Current, and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Tractors Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth

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