Global Agriculture Tractor Market 2021-2026: Growing Access to Subsidies and Credits for Farm Machinery in Asia - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Agriculture Tractor Market- Size, Trends, Competitive Analysis and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.

The adoption of precision farming and the promotion of farm mechanization in Asia-Pacific and South America has triggered the growth in the agriculture tractor market. The agricultural tractors market is forecasted to grow at a CAGR of 4.0% during 2021-2026.

Utility tractors account for a major market share. Row crop tractors are forecasted to be the fastest-growing segment to grow at a CAGR of 4.2% from 2021 to 2026. Driverless tractors are the opportunity segment in the market, with the product being currently in the pipeline of many key players. Tractors meant for hill agriculture are another opportunity segment in the market.

The Asia-Pacific region dominates the global agricultural tractors market, with India and China accounting for more than 40% revenue share in 2020. The push from the Chinese Government for Farm mechanization and promotion of agricultural machinery to achieve higher crop yields, and the creation of larger-scale, more efficient farms has created a demand for tractors, farm tools, and equipment. The availability of farm subsidies has boosted the sales of tractors in China. Indian agriculture has long faced problems of reducing farm laborers, rising labor charges, changing monsoon pattern, unpredictable weather, and reducing farmlands. To revamp the agriculture sector, the Government has allotted subsidies to the agriculture sector, framed policies to push mechanization, and introduced training programs to ensure implementation of mechanization. All these factors are boosting the usage of tractors in agriculture. The Indian tractor market is expected to maintain a steady momentum over the forecast period

The North American region is the hub of technological and product innovations in the market. The U.S and Canada are the major markets in the region, but tractor sales are forecasted to be fastest in Mexico. The rising cost and dwindling numbers of agriculture laborers have forced farmers in Europe to adopt mechanization and automation, boosting the sales of tractors. The adoption of precision farming practices has led to increased farm output. The profitability of precision farming and farm mechanization is leading to increased farmers' expenditure on farm equipment. U.K., Spain, Germany, and Russia are the major markets for tractor sales in Europe

Key Report Deliverables

• Market trends since 2017 and five-year forecasts of market growth
• Detailed analysis of the micro and macro elements influencing demand trends
• Identifying opportunity spaces across segments and countries
• Supply & demand side trend and analysis
• Price trend analysis, investment prospects, and competition pattern
• Insights on the growth potential of the market in key countries
• Detailed analysis of major producers covering financial investments & strategies adopted
• Competitive landscape of the industry

   

Industry Dynamics

Drivers

• Growing access to subsidies and credits for Farm Machinery in Asia
• Push for agriculture mechanization from policy makers
• Focus to increase cropping intensity
• Dwindling agriculture laborers due to Urbanization

Restraints

• Diminishing area under agriculture
• Increased number of fragmented landholding in Asia
• Consolidating farmland under contract farming & co-operatives

Opportunities

• Growing emphasis on Precision farming
• Hill Agriculture
• Gender friendly tools and Equipment

   

Company Profiles

• AGCO Corp.
• Claas KGaA mbH
• CNH Industrial N.V
• Deere and Company
• Same Deutz-Fahr
• Escorts Limited
• Kubota Corporation
• Mahindra & Mahindra Ltd.
• Tractors and Farm Equipment Ltd.
• Yanmar Company Limited

   

For more information about this report visit https://www.researchandmarkets.com/r/8zimlg

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.