The Agricultural Tractors Market Research report 2021 is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The Agricultural Tractors report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The market report also provides information regarding market size, share, trends, growth, cost structure, market drivers, challenges and opportunity, and forecast 2025. The report also maps the qualitative impact of various market factors on market segments and geographies. The Agricultural Tractors report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.
The agricultural tractors market is projected to register a CAGR of 5.8%, over the forecast period 2021 to 2025.
The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Agricultural Tractors Market: Claas Group, Deere & Company, Mahindra & Mahindra Ltd, CNH Industrial NV, Kubota Corporation, Massey Ferguson Limited, TAFE Ltd, Iseki & Co. Ltd, Yanmar Co., and others.
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Key Market Trends
Increasing Farm Mechanization in Developing Markets Driving Lower Engine Power Tractor Sales
The market size for less than 40 HP tractors is estimated to reach USD 23.41 billion by 2025. With an engine volume of not more than 1,500 cc, these tractors occupy less space and can be used with greater flexibility. Ease of customization makes them more amenable to experimentation, and consequentially, manufacturers are willing to try new components and technologies in this segment before moving on to high-powered ones. These tractors are compact, with a mass of fewer than 4,000 lbs and use less than 40 PTO HP to run the attachments. Invariably, all these high-production, economical, and user-friendly compact tractors are being used by schools, parks, landscapers, cemeteries, and hobby farmers. Low horsepower tractors work well in soft soil conditions, such as river basins. The less than 20hp tractors are mainly used for horticulture in India. In developing countries, the demand for lower HP tractors is high due to the low disposable income of farmers and high labor costs. Farmers prefer small and customized tractors for agricultural purposes, due to small farmland sizes. Moreover, lesser fuel consumption by small tractors helps to empower small and marginal farmers.
China and India Driving Market Growth in Asia-Pacific
China has started focusing on the adoption of automated farming machinery through the introduction of driverless tractors. For instance, YTO Group Corporation launched its first driverless tractor in 2017 and is planning to conduct mass production as per the market demand. China’s agricultural machinery had been facing several challenges, like overcapacity and low profit-margins, after the provision of a year-long subsidy scheme for promoting mechanization in the farming, which led to the mass production of low-quality tractors. Farmers are against purchasing equipment, due to the decline in grain prices and lower return on equipment investment. The demand for agricultural tractors reduced during 2016 and 2017, owing to the high existing numbers of tractors and the changes in the subsidy regime for purchasing new tractors. Although the subsidies per machine have declined, the system is now more inclined toward large tractors, as the government seeks to enhance productivity and the yield.
The availability of abundant and cheap labor in India has largely confined farm mechanization to tractors. The penetration of tractors in the country is higher in Northern India, particularly in Punjab, Uttar Pradesh, and Haryana. Tractors are the largest segment in the Indian agricultural equipment category, with annual sales of 600,000 to 700,000 units. India’s tractor export market comprises African and ASEAN countries, and it exports an average of 60,000 tractors, annually. The demand for tractors declined during 2015-16, due to a contraction in the farm incomes, as the production of major crops and commodity prices reduced with lower procurements by the government, owing to adequate buffer reserves. In India, Mahindra & Mahindra Ltd is the leading player occupying the highest share, followed by Tractors and Farm Equipment Ltd (TAFE), VST Industries Ltd, International Tractors Ltd, Force Motors, and Escorts Limited.
What are the market factors that are explained in the report?
– Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
– Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
– Analytical Tools: The Agricultural Tractors Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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