Latin America Tractor Market Report 2023: Featuring John Deere, CNH Industrial, AGCO and Kubota Among Others - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Latin America Tractor Market - Industry Analysis & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The Latin America tractor market is expected to grow at a CAGR of 4.31% from 2022-2028.

Key Highlights

• The Latin America tractor market is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the industry.
• Latin America has over 655 million food consumers. The region witnessed a massive increase in farm mechanization in terms of agricultural and industrial productivity.
• The Latin America tractor industry increased by 3.5% in 2022 from 2021. The increase in crop production and tractor sales was due to favorable climate conditions and government support to farmers.
• Latin American government plans schemes and initiatives to facilitate credit and improve agriculture-related operations, which will contribute to the growth of the overall value chain of the market.

Market Trends and Opportunities

Growing Prospects of Precision Farming

Manufacturers of agriculture equipment and machinery are increasingly entering the precision agriculture vertical. The demand for precision equipment can be generated among farmers in Latin America due to unfavorable rainfall. Precision agriculture equipment can intelligently calculate the farm size and crop population to use the correct amounts of water for irrigation and plantation segments.

Agriculture equipment and machinery manufacturers are also increasingly entering the precision agriculture vertical. John Deere, one of the leading vendors in the Latin America tractor market, acquired Blue River. Blue River is a leading vendor of machine learning-based agriculture equipment. It manufactures intelligent spray systems that distinguish between crop plants and unwanted weeds and enable farmers and farm managers to reduce herbicide expenses and grow healthier crops.

Technological Advance in Tractor Technology

A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart agricultural future. Tractor manufacturers are competitive, and companies constantly strive to innovate and ensure product differentiation at affordable prices. State-of-the-art technology-based tractors are currently available in the market. GPS and remote sensing make farming more accurate and productive.

Key Questions Answered:

• What are the expected units sold in the Latin America tractor market by 2028?
• What is the growth rate of the Latin America tractor market?
• How big is the Latin America tractor market?
• Which region holds the largest Latin America tractor market share?
• Who are the key companies in the Latin America tractor industry?

Key Attributes:

Report Attribute	Details
No. of Pages	164
Forecast Period	2022 - 2028
Estimated Market Value in 2022	75128 Units
Forecasted Market Value by 2028	96793 Units
Compound Annual Growth Rate	4.3%
Regions Covered	Latin America

Market Segmentation

by Horsepower

• Less Than 50 HP
• HP-100 HP
• Above 100 HP

by Geography

• Brazil
• Mexico
• Argentina
• Colombia
• Peru
• Others

Key Company Profiles

• John Deere
• CNH Industrial
• AGCO
• Kubota

Other Prominent Vendors

• Claas
• Deutz-Fahr
• Mahindra
• KIOTI
• Yanmar

For more information about this report visit https://www.researchandmarkets.com/r/les4j3

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.