Farm Tractor Market Report Scope and Research Methodology
The Farm Tractor Market has witnessed substantial growth, attaining a commendable value of US$ 73.67 billion in 2022. Looking ahead, the market is set to flourish, with a projected CAGR of 5.1%, propelling it to reach a remarkable US$ 104.36 billion by 2029.
The Farm Tractor Market report offers stakeholders an encompassing analysis of the industry’s past, present, and future, unveiling the forecasted market size and trends in accessible language. The report undertakes a dedicated examination of key players, including market leaders, followers, and emerging entrants
In the backdrop of burgeoning global challenges such as rising food demand, population expansion, water scarcity, shrinking arable land, and soil fertility deterioration, the agricultural industry confronts production-specific hurdles. To enhance farming efficiency, a surge in mechanization innovation is sweeping through the industry. Tractors, ranked as the 56th most traded product globally, witnessed a total trade volume of 57 billion U.S. dollars in 2019, with tractor exports declining by -4.59%. Accounting for 0.31% of total world trade, tractors play an integral role in a diverse and intricate global agricultural landscape, ranging from small family farms to large multinational agricultural conglomerates.
What are Farm Tractor Market Dynamics?
Drivers:
The adoption of precision farming practices and the escalating integration of farm technology to boost production are steering the demand for tractors. Robust participation in farm training programs advocating agricultural machinery utilization contributes to the momentum in the tractor industry. Several governments in developing nations are proactively extending subsidies and financial support to facilitate key agricultural processes’ automation. The rise of modern tractors equipped with GPS and telematics systems underscores the industry’s technological advancements.
Technological breakthroughs are reshaping farming and agricultural processes, paving the way for self-driving tractors that promise enhanced productivity and efficiency. Industry giants such as CNH Industrial N.V., Escorts Limited, and Deere and Company have unveiled concepts for autonomous and electric tractors. These innovations are set to drive productivity gains and environmental benefits, such as zero emissions, enhancing the appeal of mechanized agriculture.
Challenges and Restraints:
While the tractor market is brimming with opportunities, the high cost of agricultural tractors remains a key challenge, particularly in developing economies. Furthermore, import tariffs and levies imposed by various governments could hamper market expansion. For instance, the Republic of Turkey instituted a 21% import charge on agricultural machinery from non-EU nations in 2019. Similar import levies, such as India’s 29.8% duty on farm tractors, dampen market growth prospects.
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What is Farm Tractor Market Segmentation?
Based on Power output, the market is segmented into less than 40 Hp, 41 to 100 Hp, and more than 100 Hp. Tractors with less than 40 Hp, constituting over 60% of the total volume, are favored for their compact size, affordability, and versatility in executing essential agricultural tasks. The 41 to 100 Hp category is set to witness significant growth, especially in mature markets like North America and Europe, where mechanization adoption is higher. High-capacity tractors with more than 100 horsepower are experiencing heightened demand in regions like Germany, Turkey, and France.
In terms of Driver type, the Two-wheel drive (2WD) and Four-wheel drive (4WD) segments offer distinct advantages. The 2WD tractor transmissions, impacted by the pandemic, are projected to decline in 2022. While 97-98% of global tractor sales are of the 2WD variety, 4WD tractors cater to large field operations requiring enhanced flexibility, with a projected 50% increase in volume by 2029.
Global Farm Tractor Market Size, by Power Output (2022-2029)
• <30 Hp • 31Hp -150Hp • 151Hp -250Hp • >250Hp
Global Farm Tractor Market Size, by Drive type (2022-2029)
• Two-wheel drive
• Four-wheel drive
Global Farm Tractor Market Size, by System type (2022-2029)
• Without loaders
• Front-loaders
• Backhoe loaders
Global Farm Tractor Market Size, by Design Type (2022-2029)
• Tractor without CAB
• Tractor with CAB
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Who are Farm Tractor Market Key Players?
1. Claas KGaA mbH
2. CNH Industrial N.V.
3. AGCO Corporation
4. Mahindra & Mahindra Ltd.
5. Deere & Company
6. Kubota Corporation
7. Yanmar Co., Ltd.
8. Tractors and Farm Equipment Limited
9. Zetor Tractors A.S.
10. Alamo Group, Inc.
11. STEYR
12. New Holland Agriculture
13. Antonio Carraro
14. Argo Tractors S.p.A.
15. Changzhou Dongfeng Agricultural Machinery Group Co. Ltd.
16. CLAAS KGaA mbH
17. Steyr Landmaschinentechnik AG
18. Daedong-USA, Inc. KIOTI Tractor Division
19. Escorts Group
20. Force Motors Ltd.
21. Indo Farm Equipment Limited.
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Table of content for the Farm Tractor Market includes:
- Global Farm Tractor Market : Research Methodology
- Global Farm Tractor Market : Executive Summary
- Market Overview and Definitions
- Introduction to the Global Market
- Summary
- Key Findings
- Recommendations for Investors
- Recommendations for Market Leaders
- Recommendations for New Market Entry
- Global Farm Tractor Market : Competitive Analysis
- MMR Competition Matrix
- Market Structure by region
- Competitive Benchmarking of Key Players
- Consolidation in the Market
- M&A by region
- Key Developments by Companies
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- Market Dynamics
- PORTERS Five Forces Analysis
- PESTLE
- Regulatory Landscape by region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- COVID-19 Impact
- Global Farm Tractor Market Segmentation
- Global Market, by Power Output(2021-2029)
- Global Market, by Drive type(2021-2029)
- Global Market, by System type(2021-2029)
- Global Market, by Design type(2021-2029)
- Regional Farm Tractor Market (2021-2029)
- Regional Market, by Power Output (2021-2029)
- Regional Market, by Drive type (2021-2029)
- Regional Market, by System type(2021-2029)
- Regional Market, by Design type (2021-2029)
- Regional Market, by Country (2021-2029)
- Company Profile: Key players
- Company Overview
- Financial Overview
- Global Presence
- Capacity Portfolio
- Business Strategy
- Recent Developments
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Regional Insights:
The United States experienced a 12.7% decline in tractor sales in June 2022, accompanied by a 4.1% upswing in self-propelled combine harvester sales. Similarly, the German tractor market posted strong growth, selling 26,209 units in the year-to-date of 2021, a substantial increase compared to 2020. Turkey, as one of Europe’s largest tractor markets, saw sales rise from 14,574 to 22,232 units year-to-date in 2021.
China’s agriculture mechanization rate is poised for growth, presenting significant untapped potential compared to more developed economies. Amid trade tensions, China’s pivot away from U.S. agricultural products may have implications for American farmers but offers opportunities for both domestic and international counterparts.
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Product
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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