Agricultural Tractors are power-driven vehicles. The tractive power is determined by engineering functions. It is designed for a variety of agricultural chores, including plowing, tilling, disking, harrowing, planting, and spraying/pesticide treatments, as well as hauling or pushing agricultural gear or trailers. As a result, tractors are now referred to as farm vehicles as they provide the necessary power and traction to automate agricultural operations. The agricultural tractors market is driving by Government support for mechanization in agriculture, as farming technologies have advanced dramatically as a result of shifting industry trends that have led to the creation of more sophisticated agricultural machinery.
For instance, AGCO built a new plant in Mexico in May 2018 to extend its activities in the country. The first phase of the development of this new plant in Mexico invested USD 10 million. Sales of agricultural tractor machinery are being driven by increased farm consolidation, a big production base, and increased government support through subsidies. Furthermore, the shortage of skilled labor and increasing labor cost drive the market further. For instance, According to the World Bank database, the agriculture industry employed 1.5 percent of the total workforce in the United States in 2019, up from 1.4 percent in 2016. Furthermore, between 2014 and 2019, the average hourly real wage for non-supervisory employed farmworkers increased by 17.4 percent, from USD 12.07 to USD 14.17, increasing demand for agricultural tractors. However, Taxes and tariffs on the import of agricultural machinery may impede market growth over the forecast period of 2021-2027.
Global Agricultural Tractors Market has valued approximately USD 60.3 Million in 2020 and is anticipated to grow with a healthy growth rate of more than 6% over the forecast period 2021-2027 and is estimated to reach USD 87.4 Million by 2027.
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Geographically, APAC is dominating the Agricultural Tractor market and is also expected to develop at the highest pace during the forecast period. this is attributed to the increasing demand for tractors in countries, such as China and India. In India, tractors play an important role in increasing the country’s agricultural output. China has started focusing on the deployment of driverless tractors using automated farm technology. Due to the deployment of its first autonomous tractor in 2017, YTO Group Corporation plans mass manufacture on a demand basis.
Major market players included in this report are Deere & Company, Tractors and Farm Equipment Limited, AGCO Corporation, CLAAS KGaA mbH, CNH Industrial N.V., International Tractors Limited, Mahindra & Mahindra Ltd., YANMAR CO., LTD., KUBOTA Corporation, and Escorts Limited
The detailed segments and sub-segment of the market are explained below:
By Engine Power: Less than 40 Hp, 41 to 100 Hp, More than 100 Hp
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