Global Agricultural Tractors Market Analysis & Forecast 2019-2024 – Proliferated Farm Mechanization Rates in Developing Countries Spurs Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global
Agricultural Tractors Market – Growth, Trends, and Forecast (2019 –
2024)”
report has been added to ResearchAndMarkets.com’s
offering.

The agricultural tractors market was valued at USD 55.37 billion in 2018
and is expected to register a CAGR of 5.8% during the forecast period
(2019-2024).

Select Findings

  • Autonomous tractors are expected to be the future of the agricultural
    tractors market. The workability of this technology is yet to be seen;
    however, upon implementation, this could completely change the market
    dynamics.
  • Increasing farm mechanization rates, especially in the developing
    countries, increasing costs of farm labor, and shorter replacement
    cycles of tractors are the major factors attributing to the growth of
    the global tractors sales.
  • However, fragmentation of land holdings and heavy dependence of the
    market on commodity prices are expected to restrain the market.

Key Market Trends

The Farm Mechanization Trend is Expected to Drive the Global Tractor
Sales

China and India have been at the forefront in the number of tractors
being sold across countries, with approximately 1.3 million tractors
being sold in China and over 600,000 tractors being sold in India, every
year. The farm mechanization trend in China has been rising, due to
increasing investments in agriculture, as well as the governmental push
toward farm mechanization.

Additionally, this trend has also been a result of the increase in the
number of large agricultural producers and new rural organizations
engaged in farming. In India, the emergence of large-scale custom hiring
service businesses in agricultural machinery has been fuelling the
increase in farm mechanization. Custom hiring services have benefited
smaller farmers and a new breed of entrepreneurs, who operate tractors
and other machinery exclusively for the benefit of small landholders.

Americas Dominate the Global Agricultural Tractors Market

Accounting for about more than 15.2% of the global market share in 2014,
North America is the second-largest market for agricultural machinery
consumption in the world. The market demand in the region is led by the
largest agricultural-base countries, like the United States, followed by
Canada. Demand in these countries is expected to be driven by
technological advances, higher replacements in reference to old
tractors, and economic feasibility of machinery.

In addition, initiatives from the Canadian government, in the form of
cash advances, are also provided to young farmers and new entrants.
There are also loans and credit facilities available at lower interest
rates, which are helpful to farmers for the purchase of farm equipment.
These factors are anticipated to lead to the growth of the agricultural
tractors market in the region, over the forecast period.

Competitive Landscape

The agricultural tractors market is highly consolidated with very few
players cornering majority of the market share. New product launches,
partnerships, and acquisitions are the major strategies adopted by the
leading companies in the market, globally. Along with innovations and
expansions, investments in R&D and developing novel product portfolios
are likely to be crucial strategies in the coming years.

Key Topics Covered

1 INTRODUCTION

1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Increasing Farm Mechanization Rates in Developing Countries

4.2.2 Increasing Cost of Farm Labor

4.2.3 Shorter Replacement Cycle of Tractors

4.3 Market Restraints

4.3.1 Fragmentation of Land Holdings

4.3.2 Heavy Dependence of the Market on Commodity Prices

4.4 Porter’s Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Horse Power

5.1.1 Less than 40 HP

5.1.2 40 HP to 99 HP

5.1.3 Greater than 100 HP

5.2 Type

5.2.1 Orchard Tractors

5.2.2 Row-crop Tractors

5.2.3 Utility Tractors

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 South America

5.3.5 Africa

6 COMPETITIVE LANDSCAPE

6.1 Vendor Market Share

6.2 Mergers and Acquisitions

6.3 Company Profiles

6.3.1 Claas Group

6.3.2 Deere & Company

6.3.3 Mahindra & Mahindra Ltd.

6.3.4 CNH Industrial N.V.

6.3.5 Kubota Corporation

6.3.6 Massey Ferguson Limited

6.3.7 TAFE

6.3.8 Iseki & Co. Ltd.

6.3.9 JCB

6.3.10 Yanmar Co.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/26gfqa

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Related
Topics: Tractors