This “Tractors Market” report provides a detailed study on market and how it is impacting the industry. The report includes details of emerging trends, growth history, sales channel, manufacturers profiled in business, market share of product, application and regional scope of industry. In addition, the report also mentions opportunities that manufacturers operating in the global Tractors market can use for expanding their business in untapped market to increase their customer base.
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Tractors Market Covers Manufacturers:
Scope of the Report:
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Key Market Trends:
Tractors above the 100 HP Range are Projected to Grow at a Fast Pace
The global market for tractors above the 100 HP range was valued at USD 19.83 billion in 2018. The segment is expected to register a CAGR of 5.39%, during the forecast period.
– Tractors above the 100 HP range, generally referred to as farm tractors, which can handle almost all agricultural tasks, are suitable for commercial farming. However, they generally come with a huge price tag.
– They possess four to six cylinders and have huge engines of volume, varying from 2500-6000 cc. Hydraulics are fitted to these tractors for lifting and clearing purposes in the fields. Telematics is also being introduced for these tractors on a significant scale for auto-steer systems.
– As productivity in the agriculture field continues to rise, so does the need for more power in tractors. Larger engines mean large-sized tractors, which might not be practical for the existing infrastructure that customers have. Also, tier-4 emission standards are adding a significant amount of cost to the prices of large-sized tractors.
– An easy way to add value to offset these additional costs without reaching the customers is to add more horsepower to the tractors without increasing their size. A lot of technological developments are being researched into for realizing this idea and tractor launches are being made.
– For example, AGCO tweaked the existing models and increased their power by around 35 HP. These new tractors were launched in the Massey Ferguson 8600 and Challenger MT600C series. John Deere also achieved a similar power increase of around 15 HP from the earlier 330 HP in its 8000 and 9000 series tractors. In 2018, the Mahindra brand launched three new tractor series: 6000, 7000, and 9000, in North America, taking up the maximum available power to 120 HP.
– Emerging economies, such as China, India, and Brazil, with a high governmental thrust for agricultural development, are poised to become the greatest markets for these farm tractors.
Asia-Pacific Dominates the Global Market
Asia-Pacific dominated the tractors market, and the region is expected to witness the fastest growth rate during the forecast period.
In the Asia-Pacific region, India is the biggest market for tractors. The country accounted for 38.15% of the market in 2018, followed by China (with 34.06%). The country is also expected to witness the fastest growth during the forecast period. At 157.35 million hectares, India holds the second-largest agricultural land in the world. The agricultural sector, which is the backbone of the Indian economy, contributes majorly to the country’s GDP. As of February 2018, it was estimated that over 58% of rural Indians had depended on agriculture for their livelihood, with the sector contributing around 17-18% to the country’s GDP. The consistent growth of the agricultural sector is driving the agricultural machinery market in the country. Government initiatives, such as Tractor Subsidy Scheme, Kisan Credit Card, and National Mission on Agricultural Mechanization, have been continuously contributing to the growth of the agricultural machinery market in the country. Additionally, easy availability and access to low-cost credit may also drive the market toward growth, in turn, helping the farmers to obtain high yield, invest in assets, and earn more income.
Currently, Indian farmers are getting used to farm mechanization at a faster rate as compared to the past, and this is reflected on the increased sales of agricultural machinery. The Indian tractor industry has emerged as the largest in the world, accounting for about one-third of the total global tractor production, as per the Economic Survey 2017-2018. In India, tractors comprise 85% of organized mechanization, while only 15% comes from machinery, primarily because of the landholding size in India becoming much smaller. However, the market will see a change happening over the next three to five years, once the government contract farming policy is rolled out.
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Target Audience of Tractors Market:
- Manufacturer / Potential Investors
- Traders, Distributors, Wholesalers, Retailers, Importers and Exporters.
- Association and government bodies.
Key Reasons to Tractors Market Report:
- Analyzing various perspectives of the Tractors market with the help of Porter’s five forces analysis
- The End User that is expected to dominate the Tractors market is analyzed in detail
- The regions which are expected to witness fastest growth during the forecast period are analyzed and estimated for growth of Tractors market.
- Identify the latest developments, market shares and strategies employed by the major market players.
- Regional analysis of Tractors market studied, during the forecast period
- The segments that are expected to dominate the Tractors market studied.
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