Global Agricultural Tractor Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Agricultural Tractor Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global agricultural tractor market report has been segmented on the basis of function type, drive type, product type, and region.
Global Agricultural Tractor Market: Overview
A tractor plays a key role in performing various agricultural tasks. It is widely used to pull and ease variety of farming operations such fertilizing, plowing, cultivating, planting, and harvesting crops. An agriculture tractor can also be used to haul heavy materials and personal transportation during various farming task.
Global Agricultural Tractor Market: Dynamics
Increasing adoption of agricultural tractor in emerging countries for various field operations is a key factor expected to drive growth of the global market over the forecast period. Also, increasing automation in agriculture sector, owing to increasing labor cost is expected to boost growth of the global agricultural tractor market during the forecast period.
Growing demand for advanced and modern tractors in farming owing to benefits offered by advanced tractors such as versatility in performing a wide range of tasks, ease of transmission and operation, ease in installing gardening in rough terrains, and heavy load bearing capacity is another factor expected to proliferate growth of the global market in the near future.
Moreover, rising trend for innovation such as autonomous tractors with autopilot technology and increasing use of telematics and GPS technology in advanced agriculture equipment across the globe is expected to support growth of the target market in the coming 10 years.
However, high cost associated with advanced agricultural tractors is a key factor restraining growth of the target market. In addition, growing demand for refurbished tractors among farmers across the globe is another factor expected to hamper growth of the global market to a certain extent.
Global Agricultural Tractor Market: Segment Analysis
On the basis of function type, the plowing and cultivating segment is expected to dominate the target market, owing to increased need to improve farm productivity and efficiency by using agriculture tractors in plowing and cultivating of large farms across the globe.
On the basis of product type, the utility tractor segment is expected to dominate the global market, owing to growing mechanization and rising investment in agriculture sector among emerging countries across the globe.
Global Agricultural Tractor Market: Regional Analysis
Market in Asia Pacific is expected to dominate in the global agricultural tractor market in terms of revenue, owing to increasing adoption of automation and mechanization in agriculture sector.
Market in North America market is expected to grow at the highest CAGR during the forecast period in the global market followed by market in Europe, owing to high penetration of technologically advanced agriculture equipment and increasing modernized farming solution in countries such as US, Germany, France, and Canada in the region.
Market in Latin America is expected to register lucrative growth in terms of revenue followed by market in Middle East & Africa, owing to increasing government initiatives to achieve high farming productivity in countries in the region.
Global Agricultural Tractor Market Segmentation:
Segmentation by Function Type:
- Planting and Fertilizing
- Plowing and Cultivating
- Others (Harrow, Fertilizer spreader, Seeder, and Baler)
Segmentation by Drive Type:
- Two-Wheel Drive Tractors
- Four-Wheel Drive Tractors
- Autonomous Drive Tractors
Segmentation by Product Type:
- Utility Tractor
- Backhoe Loaders
- Specialty Tractors
- Others (Track type tractors, Compact Utility Tractor, and Sub-compact utility Tractor)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Saab AB
- Yanmar Co., Ltd.
- Alamo Group, Inc.
- Zetor Tractors A.S.
- CNH Industrial N.V.
- Bucher Industries AG
- Mahindra & Mahindra Ltd.
- J C Bamford Excavators Ltd.
- Tractors and Farm Equipment Limited
- Dongfeng Iseki Agricultural Machinery (Hubei) Co., Ltd
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