-- According to a new market research report published by Credence Research "Farm Tractors Market-Growth, Future Prospects and Competitive Landscape, 2018-2026," the market for farm tractors was valued at US$ 8.15 billion in 2017 and is estimated to grow at a CAGR of 5.7 percent.
*By Power Output: Up to 30HP, From 31HP to 101HP, From 101HP to 200HP, From 201HP to 300HP and Above 300HP
*By Drive Type: Two-wheel Drive (2WD) and Four-wheel Drive (4WD)
*By Mode of Operation: Manual Tractors and Autonomous Tractors
Since 2017, the overall market for farm tractors has rejuvenated after a severe downturn from 2014 to 2016. Consistently increasing demand for food grains and other agricultural products has forced farmers and growers to incorporate mechanized farming for obtaining increased output from existing limited land resources. Promising government policies such as affordable agricultural loans and mechanized farming education have proven to be a boon for small and medium-scale farmers in developing nations. Technological innovation including autonomous tractors and electric tractors has led to the introduction of efficient and eco-friendly variants of farm tractors. In addition, associations such as the Agrievolution Alliance, set up in 2012 to share essential information and worldwide collaborations to boost the growth of the agricultural machinery industry, have aided significantly to the revival of the farm tractor industry.
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Asia Pacific has proven its metal as the most lucrative region for the overall market of farm tractors with a market share of more than 45 percent in 2017 and is further expected to grow at a brisk pace throughout the forecast period from 2018 to 2026. Factors such as high concentration of farmland, the presence of agricultural countries and high population density have made emerging economies such as China and India major marketplaces for farm tractors. Therefore, reliable growth in the agricultural sector in Asia Pacific countries is expected to support the growth of the overall market for farm tractors. Competitive Insights: The market for farm tractors is considered one of the most fragmented markets among all utility vehicles, characterized by more than 300 recognized brands worldwide.
More than 75 percent of the overall market share, however, belongs to major farm tractor manufacturers profiled in this research study. Vital strategies such as alliances and joint ventures were undertaken by market leaders including AGCO Corporation, Deere & Company and CNH Industrial N.V. To capitalize on flourishing markets in the Asia Pacific region and other emerging economies. Several manufacturers such as Mahindra and Mahindra, Ltd. also undertook research and development activities for product enhancement. In 2014, Mahindra and Mahindra developed a research center worth US$ 12 million for their product research and development in Chennai, India. Major players on the farm tractors market include CNH Industrial N.V., AGCO Corporation, Deere & Company, CLAAS KGaA mbH, Mahindra & Mahindra India Limited, Kubota Corporation, Escorts Limited, Caterpillar, Inc., J.C. Bamford Excavators Limited (JCB), Yanmar Co., Ltd., Tractors and Farm Equipment Limited (TAFE), Alamo Group Inc., Daedong Industrial Company, Ltd., SDF Group and Zetor Tractors A.S.
Key Trends:
Resurgence of farm tractors and agricultural equipment market since 2017
Favorable government policies encouraging the farmers for mechanized farming in developing countries
Intense competition among farm tractor manufacturers across the globe
Growth of farm tractors segment with power output up to 30HP
Consistent rise in demand of farm tractors in Asia Pacific region
Introduction of autonomous farm tractors equipped with state-of-art electronics and navigation systems
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ToC:
1. Preface
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2. Executive Summary
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3. Global Farm Tractors Market Analysis
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4. Global Farm Tractors Market Value, By Power Output, 2016 – 2026 (US$ Bn)
4.1. Market Analysis
4.2. Up to 30HP
4.3. From 31HP to 100HP
4.4. From 101HP to 200HP
4.5. From 201HP to 300HP
4.6. Above 300HP
5. Global Farm Tractors Market Value, By Drive Type, 2016 – 2026 (US$ Bn)
5.1. Market Analysis
5.2. Two-wheel Drive (2WD)
5.3. Four-wheel Drive (4WD)
6. Global Farm Tractors Market Value, By Mode of Operation, 2016 – 2026 (US$ Bn)
6.1. Market Analysis
6.2. Manual Tractors
6.3. Autonomous Tractors
7. North America Farm Tractors Market Analysis, 2016 – 2026 (US$ Bn)
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8. Europe Farm Tractors Market Analysis, 2016 – 2026 (US$ Bn)
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9. Asia Pacific Farm Tractors Market Analysis, 2016 – 2026 (US$ Bn)
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10. Rest of World (RoW) Farm Tractors Market Analysis, 2016 – 2026 (US$ Bn)
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11. Company Profiles
11.1. CNH Industrial N.V.
11.2. AGCO Corporation
11.3. Deere & Company
11.4. CLAAS KGaA mbH
11.5. Mahindra & Mahindra India Limited
11.6. Kubota Corporation
11.7. Escorts Limited
11.8. Caterpillar, Inc.
11.9. J.C. Bamford Excavators Limited (JCB)
11.10. Yanmar Co., Ltd.
11.11. Tractors and Farm Equipment Limited (TAFE)
11.12. Alamo Group Inc.
11.13. Daedong Industrial Company, Ltd.
11.14. SDF Group
11.15. Zetor Tractors A.S.
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The complete report is available at https://www.credenceresearch.com/report/farm-tractors-market
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