January 23, 2020 by Steve Blade
Tractors Market, Tractors Market Report, Tractors Market size, Tractors Market Share, Tractors Market survey, Tractors Market intelligence, Tractors Market Trends, Tractors Market strategy, Tractors Market research report
Growing population accelerates the demand for food which burdens the agricultural sector. Agricultural produce is highly dependent on certain factors like weather, farming practices and soil quality. Tractors are used worldwide by the farmers as a vital agricultural machinery. Tractors are employed to perform heavy fieldwork and are eyed as robust device in agricultural industry. Manufacturers have acknowledges this huge application and are focused to manufacture tractors that that have better performance in different components like performance and fuel consumption.
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They are constantly striving to decrease the carbon footprint of the tractors in order to induce sustainability on agricultural industry. Training programs have been launched for the farmers to educate them about operating tractors that are advanced as they are laced with wide range of applications which need knowledge for operating. Tractors have been used traditionally for different agricultural activities like tilling, harrowing and ploughing. Their role has extended in the modern era with additional functionalities.
Global tractors market is expected to grow at 3.2% CAGR in the period 2027-2026. The volume of 3,100 thousand units is projected to be sold by the end of forecast period. The growth rate to be attained by Global Tractors Market is anticipated to be 3.2% CAGR.
Hydraulic mechanism important component of tractors
Fact.MR report projects that around 30% of the tractors that have been sold globally, will be laced with engines with 60-140 HP capacity. Growth in large scale farming adoption increase demand for engines with high power. Government is also encouraging large scale farming and is offering findings to attract famers towards it. 60-140 HP tractors are expected to great profits with increased sales. Its demand is projected to increase by the end of forecast period. Volume of 330 thousand units of these tractors is estimated to be sold across the globe.
Large segment of tractors are equipped with hydraulic mechanism as this mechanism improved aspects like fuel efficiency, transmission of fluid, economic stability and power conservation. Tractors that employ hydraulic mechanism will account to be greater half of the tractors sold globally. Gardening is gaining traction as tractor’s application which makes garden tractors a significant sales figure. These tractors are forecasted to expand at 3.7% CAGR in the coming years. Utility tractors are witnessing extensive application in wide range of applications. 740 thousand units of these tractors are expected to be sold globally by the end of year 2026.
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Major tractor manufacturers are focused to improve tractor safety. Technological advancements are embraced to enhance safety aspect. Structural remodeling is other vital strategy in improving safety of tractor. Self-driving tractors are the latest entrants in market and are equipped with autonomous driving technology. Driverless tractors are eyed as a revolution in agricultural sector manufacturers are leveraging technologies kliuej Internet of Things and advanced sensors to make tractors more efficient and smart. Prominent players in global market are Deere & Company, Farm Equipment Limited, Mahindra & Mahindra Limited, McCormick Tractor, GCO Corporation, New Holland and Escorts Limited.