Press release
Global Tractor Engines Market to grow at a CAGR of 6.68% during the period 2017-2021
Market Research analysts forecast the global tractor engines market to grow at a CAGR of 6.68% during the period 2017-2021.The following companies as the key players in the global tractor engines market: Kohler, Cummins, and John Deere.
Other Prominent Vendors in the market are: Mahindra & Mahindra, Case New Holland, and Massey Ferguson.
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Commenting on the report, an analyst from Reports team said: The latest trend gaining momentum in the market is increasing consolidation of fragmented land in Europe and Americas. There is a growing trend of consolidation of land size in the Americas and Europe since the return from the larger farms is much greater than the smaller farms. Large companies such as the US Farm and Ranch Supply stores in the US, Monsanto, and Archer-Daniels Midland have started dominating the agricultural market.
According to the report, one of the major drivers for this market is high labor wages. The increase in labor wages for agricultural laborers increases the cost of production and decreases farmers' profitability. APAC countries such as India and China are experiencing a rise in the minimum wage of agricultural laborers due to government intervention.
Further, the report states that one of the major factors hindering the growth of this market is expansion of tractor rental market. Farm areas in APAC in countries like India and China are highly fragmented and small compared with farm areas in developed countries like the US and Europe. Farmers owning small plots often find it difficult to raise funds to purchase a tractor. The seasonal use of tractors makes it less appealing for the cost sensitive farmers of the APAC region to buy. These farmers prefer renting tractors for a fraction of its cost and save additional money, which would otherwise be spent on tractor maintenance.
About Tractor Engines
The growth of the agricultural sector has a direct impact on the tractor engine market as tractors are required for cultivation purposes. The majority of the growth in the tractor engine market is likely to come from APAC, constituting about 71% of the global tractor engine sales in 2016. India and China are the main contributors to the global tractor engine market. The two biggest regions responsible for the overall market volume of tractor engines have fairly similar market characteristics.
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Covered in this report
The report covers the present scenario and the growth prospects of the global tractor engines market for 2017-2021. To calculate the market size, the report considers the number of tractors sold.
The market is divided into the following segments based on geography:
Americas
APAC
EMEA
Global Tractor Engines Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
Kohler
Cummins
John Deere
Other prominent vendors
Mahindra & Mahindra
Case New Holland
Massey Ferguson
Market driver
High labor wages
For a full, detailed list, view our report
Market challenge
Expansion of tractor rental market
For a full, detailed list, view our report
Market trend
Increasing consolidation of fragmented land in Europe and Americas
For a full, detailed list, view our report
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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