Transparency Market Research in its new report titled, “Agriculture Tractor Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the agriculture tractor market. The upcoming report anticipates rising demand to generate more yield and rapid advancements in farming techniques are expected to augment the agriculture tractor market during the forecast period. The scarcity of arable land is a major driver to adopt tractors in order to cultivate and harvest crops rapidly.
As per the report, the shortage of skilled labor and increasing labor wages are also driving the agriculture tractor market. Government initiatives on funding and assisting farmers, with lower interest rates, are further fueling the global agriculture tractor market. Increasing farm cash receipt, i.e. profit and revenue generated from farming, boosts the affordability of tractors and is thus, estimated to propel the demand for agriculture tractor. Advanced technologies such as autonomous tractors are estimated to present key opportunities in the market in the near future. Rising demand for organic farming and in-house farming is also estimated to fuel the demand for agriculture tractor.
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The report has segmented the global agriculture tractor market based on power, type, equipment, drive, and region. In terms of engine power, the global tractor market is segmented into less than 40 HP, 40HP to 80 HP, 81HP to 120 HP, 121 HP to 180 HP, 181 HP to 250 HP, and more than 250 HP. On the basis of equipment type, the agriculture tractor market is segregated into four segments. Rotavators and threshers are the leading equipment segments of the agriculture tractor market. The report anticipates the rotavator segment to expand during the forecast period, as it can be used in multiple applications such as seed bed preparation and cutting harvest. Based on drive type, the agriculture tractor market is classified into 2WD, 4WD, and autonomous drive. The 4WD segment is projected to expand at a significant growth rate during the forecast period due to increased demand for 4WD agriculture tractors, as they perform powerful agriculture tasks such as tillage and sowing.
In terms of regional perspective, the global agriculture tractor market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, Asia Pacific has emerged as a significant tractor market since 2012, with notable sales of tractors in India and China. Asia Pacific is followed by Europe and North America, with both regions registering an increase in demand for agriculture tractors owing to the need for mechanized farming and increasing output.
The report has included some of the prominent players operating in agriculture tractor market to give a better competitive analysis and these include Mahindra Group, Deere & Company, Yanmar, Massey Ferguson, Farmtac, Kutoba Corporation, Kioti Tractor, Dongfeng, SDF Group, New Holland, Valtra Tractor, Argo Tractors S.p.A., and CNH Industrial N.V.
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