According to IMARC Group’s latest report, titled “Tractor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global tractor market grew at a CAGR of around 6% during 2014-2019. Looking forward, IMARC Group expects the global market to continue its moderate growth during 2020-2025.
A tractor is machinery equipment that is used for performing a wide variety of tasks on a farm. Some of these tasks include mowing, harvesting, and plowing. Similar to cranes, ships, and bulldozers, tractors have powerful and large diesel engines. These engines help to pull heavy and oversized loads. There are two types of tractors, which include tracked tractors and four-wheeled tractors. Tracked tractors are popularly used for earthmoving and have an immense pushing power like a bulldozer. On the other hand, four-wheeled tractors can move more dynamically under different soil conditions. These machines can generate improved traction for loader applications, slashing, livestock operations, haulage, tillage and mowing.
The emerging trend of precision farming, along with widespread adoption of farm mechanization, represents one of the key factors driving the tractor market growth across the globe. Moreover, governments of several nations have been undertaking initiatives to promote the utilization of modern and smooth machines in farming activities, which has augmented the demand for advanced agricultural tractors. Other than farms, advanced technology tractors pre-installed with GPS technology are being introduced for spatial utilization in parks, schools, cemeteries, landscapers, and hobby farmers. This, in turn, is creating a positive outlook for the market. Provisions of subsidies and financial assistance to facilitate the automation of various agricultural processes and extensive investments in the improvement of agricultural infrastructure are some of the other factors driving the tractor market further.
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Tractor Market 2020-2025 Competitive Analysis and Segmentation:
The competitive landscape of the tractor market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Agco Corporation
- Argo Tractors S.p.A
- Changzhou Dongfeng Agricultural Machinery Group Co. Ltd.
- CLAAS KGaA mbH
- CNH Industrial N.V.
- Deere & Company
- Escorts Limited
- Kubota Corporation
- Mahindra & Mahindra Ltd. (Mahindra Group)
- Sonalika Group
- Tractors And Farm Equipment Limited (Amalgamations Group)
- Yanmar Co. Ltd. (Yanmar Holdings Co. Ltd.)
The report has segmented the global tractor market on the basis of power output, drive type, application and region.
Breakup by Power Output:
- Below 40 HP
- 40 HP – 100 HP
- Above 100 HP
Breakup by Drive Type:
- 2-Wheel Drive
- 4-Wheel Drive
Breakup by Application:
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Explore report description with table of contents: https://www.imarcgroup.com/tractor-market
Key highlights of the report:
- Market Performance (2014-2019)
- Market Outlook (2020- 2025)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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