July 12, 2019 by Steve Blade
Fact.MR observes that the adoption of tractors witnessed an impressive growth in the past decade. According to its forecast study, the global market for tractors is assessed to witness sales of over 3,100 thousand units of tractors by the end of 2026. The study also foresees that during the period, 2017-2026, the global tractors market will reflect a CAGR of 3.2% in terms of value.
Agriculture continues to bear the burden of exponential population uptick and concomitant demands for adequate food supply. However, agricultural output remains grossly challenged by several inevitable constraints such as unpredictable climatic conditions, unforeseen natural calamities, soil fertility and considerably, farming practices. With seismic shift towards mechanized agricultural practices, adoption of tractors has witnessed a quantum leap in the past decades, allowing the tractors market to flourish at astral pace.
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Heavy field jobs and drudgery encompassing excessive physical labor has effectively been replaced by tractors which enable labor intensive field work expeditions. To comply with such massive demands and farmer inclination for increased efficiency and limited maintenance, leading vendors in tractors space are innovating their product line with improved efficiency and feature up-grades. Mahindra has recently added eMax 20 subcompact tractors to churn up heavy competition, which further peaked with the launch of semi-autonomous Novo 65HP and 75HP tractors by Mahindra. To further accentuate competition in autonomous tractors space, Yanmar has unveiled its high power 2-series tractors based on robot technology that ensures flawless farm efficiency. Factors as such are likely to galvanize further growth in tractors market.
Owing to large scale agrarian culture dominant across several Asian countries such as India and China, the APAC region is estimated to retain its leading stance in terms of lucrative business opportunities. Additionally, presence of several veteran tractor manufacturers in the region also enables its optimistic growth outlook.
Sales of Tractors with 60-140 HP Engines to Incur Boost from Increasing Adoption of Large-Scale Farming
High crop produce threshold of large-scale farming is driving its adoption in the global agricultural landscape. To meet the requirements of plowing and tilling across large farms, tractors with high power engines are witnessing a growing demand. The report estimates that throughout the forecast period, 30% of tractors sold globally will be equipped with 60-140 HP engines. The report also estimates that the demand for tractors with 140-400 HP engines will reflect fastest volume growth by reflecting a CAGR of 3.1% over the forecast period.
Arrival of Driverless Tractors to Redefine Market Dynamics
Leading manufacturers of tractors are expected to focus on improving the safety of tractors by incorporating technologies and remodeling the structure of tractors, thereby eliminating the chances of rollovers. Companies such as Caterpillar, Deere & Company, Tractors and Farm Equipment Limited, Kubota Corporation, AGCO Corporation, Claas KGaA mbH, New Holland, McCormick Tractor, Escorts Limited., Bobcat (a Doosan company), Mahindra & Mahindra Limited, KIOTI Tractor (subsidiary of Daedong Industrial Company, Ltd.), Yanmar America Corporation and JCB, are observed as the key manufacturers of tractors in the world. With the advent of autonomous driving technologies, self-driving tractors will be penetrating the agricultural machinery industry in the near future. Driverless tractors will revolutionize the global landscape for tractor manufacturing. Advanced sensors and IoT technologies will be integrated with tractors to transform their functioning for meeting the future farming needs.
APEJ to Showcase Concentered Growth in Global Tractor Landscape; Driverless Tractors to Transform Market Dynamics
Regional assessment of the global tractors market puts the Asia-Pacific excluding Japan (APEJ) at the forefront. By the end of 2026, the tractors market in APEJ region will register sales of over 1,500 thousand units, reflecting a global market volume share of nearly 50%. Companies namely Deere & Company, Tractors and Farm Equipment Limited, Caterpillar, AGCO Corporation, Kubota Corporation, New Holland, Claas KGaA mbH, Escorts Limited, McCormick Tractor, Mahindra & Mahindra Limited, Bobcat (a Doosan company), KIOTI Tractor (subsidiary of Daedong Industrial Company, Ltd.), JCB and Yanmar America Corporation are recognized for being leaders in global tractor manufacturing, majority of whom will be eyeing at expanding their bases in the APEJ region. It is further assessed that self-driving technologies will remodel the development of tractors for tomorrow. Driverless tractors will penetrate the global agricultural sector in the coming years, bolstering the reliability of tractors in meeting the crop yield expectations for future farming needs.
Tractors Market: Competition Landscape
This section of the report offers a detailed section on key contributors in tractors market. A dashboard view of each of the mentioned profiles complete with detailed insights on their respective SWOT analysis along with detailed assessment of their product portfolio, market contribution, as well as recent developments have been slated to aid readers’ understanding about the competition spectrum.
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