China Agriculture Tractors Market Expected to Grow at a CAGR of 6.8% During the Forecast Period, 2019-2024 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "China Agriculture Tractors Market-Size, Trends, Competitive Analysis and Forecasts (2019-2024)" report has been added to ResearchAndMarkets.com's offering.

The agriculture tractor market is forecasted to grow at a CAGR of 6.8% during 2019-2024.

Agriculture is an important economic sector in China as it employs around 40% of the total labor force. Therefore the development of the agricultural sector is one of the goals of the Government. The gradual shift to an industrial society has reduced the availability of agricultural labor and promoted mechanization of agricultural. The agricultural mechanization which started with the steam-powered reapers and traction engine has advanced to mobile hydraulics and electronic control systems. To increase crop yields and reduce crop damage the farmers are opting for further automation such as application of various sensor systems, including GPS. The emphasis on farm mechanization and pull from the farmers for the same has created a very strong platform for the agriculture tractor market.

Demand Driving Factors

The rising temperature and changing climatic conditions such as decreasing rainfall and consequent severe droughts have changed the cropping pattern in the country. The frequent incidences of the reduction of crop growing period, decreasing yield and the change of crop production belt have created a need for agriculture mechanization. The growing population and economic growth have generated the demand for more agriculture produce. Dwindling agriculture land and labor to industrialization has created pressure on existing traditional agriculture practices. The goal to improve production conditions and effective use of land is also promoting agriculture mechanization and thus use of tractors.

The rising cost of agricultural inputs has increased the cost of agricultural production. This, in turn, has further intensified the push for agricultural mechanization. The focus of the Government to establish an export-driven agriculture industry is another driving factor for agriculture mechanization. Thus the push for farm mechanization along with Government subsidies contribute to the rapid growth of agricultural tractors market in China.

Utility tractors are a general-purpose machine designed for plowing and driving other equipment. Utility tractors account for major market share. Garden tractors are forecasted to be the fastest growing segment to grow at a CAGR of 6.9% from 2019 to 2024. Driverless tractors are the opportunity segment in the market, with the product being currently in pipeline of many key players. Tractors meant for hill agriculture is another opportunity segment in the market.

Factors affecting sales of Agriculture Tractors

The majority of agricultural machinery produced in China is small-sized with medium or low levels of technological inputs. Many large equipments and technology-intensive machinery are imported. The tractor industry in China is fragmented with small-sized companies with low production capacity. The tractor industry in China calls for reforms such as enhanced capacity of R&D, technology innovation, comprehensive product mix, and the production of quality, energy-efficient and environmentally friendly tractors to develop the agriculture sector in the country.

Competitive landscape

The major players in the market are focused on R&D and have established technology centers, research departments mainly focused on innovating product designs. The R&D systems incorporate enterprises, research institutes, and universities. In universities, there are research institutes specialized in technology research, agricultural machinery design and training. Strengthening of distribution channel is another major strategy adopted by the major players. The sales and service systems have been put in place through the sales network of enterprises, agricultural machinery companies and major markets of agricultural machinery.

Key Deliverables

• Market trends since 2015 and five-year forecasts of market growth
• Detailed analysis of the micro and macro elements influencing demand trends
• Identifying opportunity spaces across segments
• Supply & demand side trend and analysis
• Price trend analysis, investment prospects and competition pattern
• Insights on the growth potential of the market
• Detailed analysis of major producers covering financial investments & strategies adopted
• Competitive landscape of the industry

Key Topics Covered:

1. Introduction

1.1 Research Methodology

1.2 Scope of the Study

1.3 Assumptions

2. Summary

3. Industry Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Porter's Five Forces Analysis

3.5 Future Trends in the Industry

3.6 Value Chain Analysis

3.7 Industry Policies & Regulations

3.8 Market Innovations

4. Market Size and Forecast

4.1 Market Share, By Types

4.1.1 Utility Tractors

4.1.2 Row crop tractors

4.1.3 Garden Tractor

4.1.4 Orchard Tractor

4.1.4 Rotary Tillers

4.1.5 Others

4.2 Market Share, By Horse Power

4.2.1 Below 40 HP

4.2.2 40 HP-100 HP

4.2.3 Above 100 HP

4.3 Market Share, By Wheel Type

4.3.1 Two Wheel

4.3.2 Four Wheel

5. Competitive Analysis

5.1 Market Share Analysis

5.2 Growth Strategies of leading players

5.3 Investment and Development Prospects

5.3.1 Investment in past five years

5.3.2 Investment Opportunities

5.4 Competition Pattern

5.4.1 Concentration Ratio

5.4.2 Industry Competition

5.5 Price Trend Analysis

5.5.1 Product Classifications and Their Prices

5.5.2 Factors Influencing Prices

6. Company Profiles

6.1 AGCO Corp.

6.2 Claas KGaA mbH

6.3 CNH Industrial N.V

6.4 Deere and Company

6.5 Deutz-Fahr

6.6 Escorts Limited

6.7 Kubota Corporation

6.8 Kuhn Group

6.9 Mahindra & Mahindra Ltd.

6.10 Tractors and Farm Equipment Ltd.

6.11 Yanmar Company Limited

For more information about this report visit https://www.researchandmarkets.com/r/lr4hd1