LONDON--(BUSINESS WIRE)--The global all-wheel drive (AWD) tractor market is projected to reach 315.78 thousand units by 2021, growing at a CAGR of nearly 4% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global AWD tractor market for 2017-2021. Based on the engine power, the market is divided into the low-powered engine and high-powered engine segments.
|The rapid growth of the agricultural sector is a significant factor that spurs the prospect for the growth of the global AWD tractor market. Growth in the participation of private players, government initiatives in the agricultural sector, and rise in the willingness to increase farm output have led to the growth of the sales of AWD tractors.|
Technavio’s research study segments the global AWD tractor market into the following regions:
AWD tractor market in Europe
“Europe dominates the global market, currently occupying over 62% of the overall shares. The region is expected to continue its dominance, driven by an increase in agricultural farm output,” says Praveen Kumar, a lead analyst at Technavio for automotive manufacturing research.
The average land size belonging to each farmer is approximately 37 acres. Also, the slowly recovering economy will have a positive impact on sales of tractors in the coming years in countries such as Spain, Iceland, and Greece. France and Germany are the key revenue contributors to the market.
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AWD tractor market in APAC
In APAC, the agricultural sector is a key contributing factor to the GDP of the region. In India, approximately 10.54% of the total GDP was contributed by the agricultural sector in 2016. Manufacturers in the region are quickly expanding their AWD tractor manufacturing lines and including more models of tractors to expand their product portfolio to meet the increasing demand from farmers. Manufacturers are also focused on equipping AWD technology in high engine capacity tractors to make them more efficient and productive.
AWD tractor market in the Americas
“The Americas is expected to be the fastest-growing regional segment, showcasing a CAGR of over 10% through the forecast period, driven by the varied needs of the huge farms spread across the region,” says Praveen.
The purchase of a tractor is a substantial investment, with the procurement of properly sized tractors with optimal engine capacity resulting in a major cut in operating expense of farmers. Approximately 9% of the total agricultural farms in the region are of sizes greater than 1,000 acres of land, which creates a high demand for AWD tractors.
The top vendors in the global AWD tractor market highlighted in the report are:
- John Deere
- Massey Ferguson
- Mahindra Tractors
- Escorts Group
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