Press release
Farm Tractor Market - Exhibit Significant Growth in Demand in these Countries
The market is also supported by favorable government policies encouraging the usage as well as purchase of agro machinery and various farming equipment. Easy access to credit provided by country-specific governments in these two regions has benefited the adoption of farm tractors in Europe and North America.
The North America and Europe farm tractor market is expected to record sales volume of 582.2 thousands units by 2024. By revenue, the market is projected to expand from US$13.6 bn in 2015 to US$17.23 bn by 2024.
While the North America farm tractors market will register a modest 3.0% CAGR by value during the forecast period, Europe is expected to exhibit a 5.4% CAGR from 2016 to 2024.
Less Than 40 HP Segment Dominates across U.S. and Germany
Farm tractors are equipped with engines having different horsepower. Based on horsepower, the farm tractor market is classified into less than 40 HP, 40 HP–80 HP, 80 HP–120 HP, 120 HP–180 HP, 180 HP–250 HP, and more than 250 HP.
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Of these, the less than 40 HP segment occupies a major chunk of the North America and Europe farm tractors market, especially in the U.S. and Germany. Followed by the 40 HP–80 HP segment, these two are expected to collectively account for 62% and 69% respectively in North America and Europe in 2015.
Banking on the positive demand for the low horsepower segment, tractor manufacturers are increasingly focusing on the less than 40 HP segment to maintain their market position.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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