Latest Trends In Global Tractor Market

In addition to agricultural, social and economic growth drivers of mechanization, macroeconomic and intrinsic factors such as the growing population and demand, urbanization, surge in Agri exports such as tractors, improved flow of agricultural credit, labor migration and shortages are also necessitating the adoption of mechanized solutions.

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The tractor industry entirely depends upon the agricultural industry and factors such as economy, adverse weather, farm input costs and lower commodity prices, have been badly affected by COVID-19 which has directly affected the tractor industry.

High Diesel prices in India have already increased the operation cost of farmers who have been battling with various other financial issues. This is an important risk to the market.

GLOBAL TRACTOR MARKET SIZE AND FORECAST

The Global Tractor Market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030

RECENT DEVELOPMENTS

Integration of advanced technologies such as telematics systems and GPS in farm tractors is expected to boost the adoption of farm machinery.

The autopilot system is a major technological advancement in the field of agricultural machinery.

North America has been a dominant market for crawler tractors and is expected to continue being a key region with steady growth in the coming years.

Europe and Asia-Pacific are also expected to experience rapid growth in this segment.

Data collection and analysis will help farmers better manage their operations by providing them with more information on their crops, how they are working in the fields, as well as machine performance.

Govt of India offers a provision of subsidy over New Tractor for promoting the Mechanisation Component of the Macro-Management Scheme of agriculture which attracts farmers to buy new tractors equipped with new technology.

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Mahindra Digisense 4G, a farmer's third eye is the Next Gen AI ( Artificial Intelligence) driven open Architecture connected solution which helps farmers track their tractors and control their farming activities remotely.

The innovative Solis Hybrid 5015 tractor with Japanese hybrid technology was launched by International Tractors Limited (ITL), the manufacturer of Sonalika tractors.

This novel hybrid tractor was created in partnership with Yanmar Agribusiness Co. Ltd. in Japan to provide the benefits of three tractors in one.

New Holland Agriculture has announced a strategic alliance with Alamo Group's Agricultural Division, a provider of implements and attachments for New Holland's compact and mid-range tractors.

Customers of New Holland will be able to finance their new tractor along with their Bush Hog, Rhino, or Schulte-branded attachment at a single low rate thanks to the cooperation.

COMPANY PROFILE

Mahindra and Mahindra
Escorts
FPT Industrial
John Deere
Massey Ferguson
Kubota
International Harvester
Deutz-Fahr
Yanmar
Zetor
VST
Swaraj
Sonalika
Foton
First Tractor Company
Armatrac
Branson
Fendt
Iseki
JCB
TYM
TAFE
New Holland
McCormik
Landini

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THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

Market Size and Forecast. Thousand units and $M (2023-2030)
COVID-19 impact on Tractor purchase
New product development strategies of Top 5 OEM
Upcoming emission legislations worldwide
Market share of leading vendors,2023

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