DUBLIN--(BUSINESS WIRE)--The "Tractor Implements Market by Phase (Tillage, Irrigation and Crop Protection, Sowing and Planting, Harvesting and Threshing), Drive (2-Wheel and 4-Wheel Drive), Power (Powered and Unpowered), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The tractor implements market is projected to reach USD 76.1 billion by 2023, from USD 57.3 billion in 2018, at a CAGR of 5.84%
The tractor implements market is driven by various factors such as limited farm labor, government subsidies for usage of farm equipment, and increasing trend of mechanization in agriculture. However, the high cost of tractor implements may hinder the growth of the market in developing countries with less farm income.
In terms of drive, the 4-wheel drive segment is projected to witness the fastest growth from 2018 to 2023.
Growing awareness about the advantages of 4-wheel-drive tractor implements has encouraged adoption across the countries. With advancement in technology of tractors, farmers mainly prefer using 4-wheel-drive tractors equipped with multiple attachment points and high power to gain operational efficiency. These factors drive the tractor implements market for 4-wheel-drive tractors compared to the implements that are used to attach to 2-wheel-drive tractors.
In terms of phase, the tillage segment is estimated to have the largest market share during the forecast period.
The tillage segment is projected to dominate the market share of tractor implements market through 2023. Tillage and other equipment are used in the land development phase of cultivation, which is considered as the longest and the most crucial phase of cultivation. Thus, the demand for tillage and other equipment such as cultivators and harrows continues to remain highly preferred among farmers.
Market Dynamics
Drivers
- Effective Way to Reduce Post-Harvest On-Field Losses
- High Labor Cost Due to Urbanization
- High Requirement of Implements During the Land Development Phase
Restraints
- High Equipment Cost Due to Technology Integration
- Growth in the Market for Used Equipment
Opportunities
- Increase in the Trend of Hiring Machineries
- Integration of Technology and Smart Farming
- Government Subsidiaries for Implements
Challenges
- Small and Fragmented Fields in Developing Regions
Companies Mentioned
- Actuant
- Agco Corporation
- Alamo Group
- Claas KGaA Mbh
- CNH Industrial N V
- Deere & Company
- J C Bamford Excavators Ltd (JCB)
- Kubota Corporation
- Kuhn Group
- Mahindra & Mahindra
- SDF Group
- Tractors and Farm Equipment Limited (TAFE)
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