July 24, 2024

Tractor Market Set to Register Striking Growth by , Size, Share, Growth Opportunities, Recent Trends, Revenue Statistics and Global Challenges

The global tractors market is witnessing a considerable rise in its size. The market growth attributes to the improving automotive and agricultural infrastructure in developed and developing regions. Besides, the increasing production and sales of off-road vehicles globally drive the growth of the market. Moreover, the introduction of mechanical power and advanced technologies into the agricultural production system further escalates the market growth.

Additionally, the increasing implementation of data analytics, GPS, and remote sensing in tractors push the growth of the market. The emergence of electric and hybrid power tractors propels the growth of the market. Advances in technology and features such as the unique ‘Protect-U’ cab/engine, radical ‘neo-retro’ design, and max power of plus-20hp from engine power management (EPM) are expected to storm the market.

Besides, developments like ‘built from the ground up’ with connectivity and smart farming technologies, and connect telemetry allows owners to manage their fleets using cloud-based solutions. Conversely, the lack of skilled workers and prohibitive prices of agricultural tractors are the significant factors projected to impede the market growth. Also, changing weather conditions pose challenges to the growth of the market, lowering the purchasing power of farmers.

Industry/ Innovation/ Related News

January 31, 2020 —– Kubota Corporation (Japan), an agricultural machinery manufacturer, launched an autonomous electric concept tractor with artificial intelligence & electrification technology. The new tractor is a fully electric driverless tractor is equipped with artificial intelligence & electrification technology. The new autonomous tractor represents the future of farming. 

Major Players: 

Players leading the global Tractors Market include Deere & Company (USA), CNH Industrial America LLC. (USA), Deutz AG (Germany), Mahindra & Mahindra Limited (India), Hattat Traktör (Turkey), Massey Ferguson Limited (US), CLAAS KGaA mbH (Germany), New Holland Agriculture (US), Escorts Limited (India), and KUBOTA Corporation (Japan), among others. 

Tractors Market   – Regional Analysis

Asia Pacific dominates the global Tractors Market. The market growth attributes to the massive increase in the production and sales of tractors in the region. Besides, growing automotive infrastructure and increasing government efforts and incentives for farm mechanization across the region drive the regional market growth. Moreover, private and public organizations’ growing investments and the rise in demand foster the growth of the regional market.

Europe too, holds a considerable share in the global Tractors Market. The market is driven by regulatory laws such as the European Union (EU) implemented to minimize vehicle emissions. Besides, and timelines for creating zero-emission zones in countries like the UK and France increase the demand for electric vehicles to foster the growth of the regional market. Furthermore, favorable incentives policies to buy electric tractors propel the growth of the market in the region.

Tractors Market   – Competitive Analysis  

Highly competitive, the agricultural tractors market appears fragmented due to the presence of several well-established players. These players incorporate strategies like mergers & acquisition, collaboration, technology/product launch, and expansion, to gain a larger competitive share. With the industry, technologies, and agricultural tractors changing faster than ever before, research projects to optimize the performance of components and simulation toolkits have become crucial. 

Many researches to integrate ultra-high-speed motor solutions have opened up substantial investment opportunities for the market players. Industry players are investing substantially to develop innovative technologies that can ease the challenges of next-generation mobility solutions. 

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