Farm Tractors Market Size Incredible Possibilities, Forecast, Competitive Landscape, And Growth Analysis | Straits Research

Farm tractor is an engineering vehicle that is specifically designed to deliver high torque at slow speeds. The farm tractor market is expected to grow at a steady pace, owing to the advancements in tractor technology and rising innovations in the field. Increasing governmental investment in the agriculture sector to enhance the production of food crops provides an impetus to market growth.

The agriculture industry has become one of the leading sectors in generating the GDP of several economies. For instance, in 2017, agriculture, food, and related industries contributed USD 1.053 trillion to the U.S. GDP. The output of the U.S. farms contributed USD 132.8 billion of this amount, which is around 1% of the GDP. Farm tractors are extensively used in modern agriculture, and almost 60% of the farming process is dependent on farm tractors. Europe is expected to be the second-largest market for farm tractors, owing to the large agricultural lands in various European countries, such as Spain, Denmark, Hungary, and the Netherlands, among others. European farms cover around 38% of the total land area.

Tractors have reduced the use of human resources and animals in the agricultural industry. They are used on farms to mechanize various agricultural tasks, such as digging, tilling, plowing, and planting fields, landscape maintenance, clearing bushes, and moving or spreading fertilizers. The farm tractors help in leveling the surface of the agricultural or farming land as they are equipped with a rotavator that helps in leveling surface, along with making soil fluffy and removing hard stuff, such as roots of other plants from the soil. The modern tractors offer advantages on small farms as well as in regular lawn and garden work, which is further driving the market growth.

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The Major Players Covered in this Report: John Deere, AGCO Corporation, CNH Industrial, CLAAS (Germany), Kubota (Japan), Mahindra & Mahindra (India), SPF Group (Italy), J C Bamford Excavators, Iseki (Japan), & More...

By Design Type, Orchard Tractors, Row-Crop Tractors,
By Horse Power, Less than 40 HP, 40–99 HP, 100–150 HP, 151–200 HP, 201–270 HP, 271–350 HP, 350 HP and above,
By Drive Type, Two-Wheeler Drive, Four-Wheeler Drive,
By System Type, Without Loaders, Front Loaders, Backhoe Loader

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Farm Tractors in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Farm Tractors market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Farm Tractors and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Farm Tractors. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Key questions answered in this report:
1. What will be the market size by the end of the forecast period?

2. What are the factors driving the growth of the market?

3. What are the trends and developments that are likely to drive the growth of the market?

4. Who are the key players operating in the market?

5. What are the challenges, threats, and opportunities faced by the leading players?

6. What are the strengths and weaknesses of the key players of the market?

Recent Developments:
In 2016, Case IH unveiled its autonomous concept tractor and is performing extensive research on autonomous technology

On November 1, 2018, CNH Industrial, one of the leading farm machinery manufacturers, announced a strategic digital agriculture partnership with Farmers Edge

In 2018, KUBOTA Corporation declared plans of investing around USD 65 million in its new R&D center for tractors in Europe

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