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Global Agricultural Tractor Market

Global Agricultural Tractor Market

  • July 2017
  • 107 pages
  • ID: 5023777

Summary

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The global agricultural tractors market is expected to grow at a CAGR of 6.32%. Tractors are extensively used for drawing, towing or pulling objects in the agricultural field that are extremely hard to move. The tractors on farms are generally used for pushing agricultural implements or trailers used for plowing or harrowing fields. Farm tractors are the most frequently used tractors. The classic farm tractor is an open vehicle with two large driving wheels on an axle below with the engine in front of the driver’s seat and two steering wheels below the engine compartment. This basic design has remained unchanged for a number of years.

Market Dynamics

The demand for agricultural production is growing because of the rising population. The farm tractor business sector was reasonably affected by the recession in 2008 – 2009; however, it recuperated by 2010. With the growth in demand for food produce, the farm tractor market showed significant development in the next three years and the trend is expected to stay the same throughout the following three years. The worldwide economy has kept on seeing an increase in the motorization of farming practices. The shortage of labor, accessibility to credit, and expanded government subsidies towards mechanization are the significant driving factors for the tractors market. However, developments in designing tractors have increased the cost of production, thus posing a constraint to the market. Another restraint for the growth in the agricultural tractors market is the demand-supply disparity, there being an increased supply of tractors in the market. North America is one of the major markets in the agricultural tractor sector, with more than 260,000 new tractor sales in the region (by the end of 2014).

Farm tractors have had a major impact on the farming activities in the US. In the US, only around 2% of the population is engaged in agricultural activities and there is a possibility that this figure might decrease further. However, food needs are increasing so there is a wide scope for technology to play a critical role and ensure that the efficiency and productivity of farming are improved. The critical step taken by tractor manufacturers is to focus more on cost-effective precision farming. This uses intelligent production technologies to improve yield and at the same time focuses on minimizing costs. Many machinery manufacturers in the US are exporters to many countries. As a result, the US is one of the leading exporters of farm manufacturing equipment. The growing demand for agricultural machinery in India and China is expected to give a huge boost to this market in Asia-Pacific region.

Market Segmentation

The market is segmented on the basis of type, wheel drive, design type, system type, and geography.

Type (row crop tractor, compact utility tractor, farm tractor, lawn tractor, track type tractor)
Wheel drive (two-wheel drive, four-wheel drive, and others)
Design type (tractor with cab, tractor without cab)
System type (without loaders, front loaders, backhoe loaders)
By geography (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)

Some of the key players in the market are:

Caterpillar
Deere & Company
JCB
Kubota

What the report offers/b>

Market analysis of the global agricultural tractor market with specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers, opportunities, and restraints.
Expert interviews and their insights on market shift, current and future outlook and factors impacting vendors short term and long term strategies.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global agricultural tractor market on the global and regional scale.

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