Global Tractor Market Outlook, 2026: Over $ 93 Billion Assessment of Opportunities by Horsepower, Drive Type, and Region
DUBLIN, December 01, 2021– (COMMERCIAL THREAD)–The “Tractor Market – Growth, Trends, Impact of COVID-19 and Forecast (2021-2026)” the report was added to ResearchAndMarkets.com offer.
The global tractor market was valued at USD 66.56 billion in 2020 and is expected to reach USD 93.53 billion by 2020, registering a CAGR of around 5.8% during the forecast period (2021-2026) .
The tractor market has been negatively affected, with the COVID-19 outbreak, as forced lockdowns in different parts of the world disrupted the supply chain in the second quarter of 2020. However, economies are slowly recovering in the post-pandemic period. , the market is poised to grow at a positive rate.
The main factors contributing to the increase in global tractor sales are increasing rates of agricultural mechanization, especially in developing countries, rising agricultural labor costs, as well as seasonal shortages of agricultural machinery. labor and shorter tractor replacement cycles, etc. However, the market is expected to be tight due to fragmentation of land ownership and heavy dependence on commodity prices.
Emerging economies are encouraging farmers in their countries by offering subsidized farm equipment and low credit rates, hence the demand for farm equipment and tractors is expected to increase at a steady rate.
40HP-100HP tractors dominate the market
The industry trend towards higher horsepower tractors continues to grow around the world, due to better performance in difficult terrain and versatility in agricultural and non-agricultural applications. Major tractor markets such as India and China have shown positive growth in the 40-100HP sector in recent years.
In India, for example, between April and October FY21, the market share of 41HP-100HP tractors in overall national volumes increased to around 50.8%, from 49.3% in the same period in FY19. For the same period, the total number of units was 3,54,849. Farmers believe this 41HP-50HP range is ideal for performing various mechanization tasks as it allows them to use up to 70% of agricultural implements in this category with attachments, such as rakes, scrapers, seed drills and spreaders, and because it is ideal for use in medium-sized farmland, ranging from two hectares to less than 10 hectares.
OEMs are trying to add various utilities to tractors in this band, which should fuel growth in the coming years, due to the flexibility between segments compared to other power bands. Manufacturers are working to introduce more four-wheel drive versions of tractors in this power range. The 40-100HP segment is likely to increase steadily over the projection period as OEMs continue to introduce new and sophisticated features.
Asia-Pacific dominates the global market
The tractor market was dominated by Asia-Pacific and the region is expected to develop at the highest rate during the forecast period.
China and India have led the way in terms of the number of tractors sold with around 1.3 million tractors sold in China and over 600,000 tractors sold in India each year. Agricultural mechanization is becoming more and more popular in China, due to increased agricultural investment and the government’s desire to mechanize farms. In addition, the increase in the number of large agricultural producers and new rural groups engaged in agriculture has contributed to this trend. The introduction of large scale bespoke rental service companies in the field of agricultural machinery in India has fueled the increase in agricultural mechanization.
India has the second largest agricultural area in the world. Government rural development and agricultural mechanization programs have increased tractor sales, and various other reasons, such as higher rural wages and a shortage of farm laborers, are all expected to increase tractor volume over the period. forecast.
The Indian government provided a 50% subsidy for the purchase of tractors under the PM Kisan Tractor Program in October 2021. If a farmer purchases a tractor under the program, he will be eligible for the benefits of the program and will have to pay half of the purchase price. . Tractor sales in India reached 899,429 units in 2021 (April 20-March 21), compared to 7,09,002 units the previous year. Total annual tractor sales increased 26.86 percent.
The constant growth of the agricultural sector is the driving force behind the agricultural machinery market in the country. Government initiatives, such as the Kisan credit card and the National Mission on Agricultural Mechanization, have continuously contributed to the growth of the agricultural machinery market in the country.
Some of the major players in the market studied include Deere & Company, Kubota Corp., CNH Industrial, AGCO Corporation, Mahindra and Mahindra and others. The major players have followed certain strategies, such as acquisition, partnerships, joint ventures, new product launches and expansion into new markets to maintain themselves in this competitive market.
Key topics covered
1.1 Study hypotheses
1.2 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4.1 Market driver
4.2 Market challenge
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 per horsepower
5.1.1 Below 40 HP
5.1.2 40 HP – 100 HP
5.1.3 Above 100 HP
5.2 By type of reader
5.2.1 Two-wheel drive
5.2.2 Four-wheel drive / four-wheel drive
5.3.1 North America
6 COMPETITIVE LANDSCAPE
6.1 Supplier market share
6.2 Company profiles *
6.2.1 Deere and company
6.2.2 CNH Global NV (including New Holland and Case IH)
6.2.3 AGCO Corporation (including Massey Ferguson, Valtra, Fendt and Challenger)
6.2.4 CLAAS KGaA mbH
6.2.5 Mahindra and Mahindra Corporation
6.2.6 Kubota Corp.
6.2.7 Limited Escorts
6.2.8 Tractors and Limited Farm Equipment (TAFE)
6.2.9 Kuhn Group (subsidiary of Bucher Industries)
6.2.10 Yanmar Company Limited
For more information on this report, visit https://www.researchandmarkets.com/r/821kjz
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211201006026/en/
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