Bharat Book Bureau Provides the Trending Market Research Report on “Tractors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026) “under Automotive category. The Tractors Market is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.
The Tractors Market is segmented by Horsepower (below 40 HP, 40 HP - 100 HP, and above 100 HP), by Drive Type (Two-wheel Drive and Four-wheel Drive/All-wheel Drive), and by Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The report offers market size and forecasts in value (USD Billion) for all the above segments.
Market Overview
The global tractor market was valued at USD 66.56 billion in 2020, and it is expected to reach USD 93.53 billion by 2020, registering a CAGR of about 5.80% during the forecast period (2021 – 2026).
The tractor market has been impacted negatively, with the outbreak of COVID-19, as the forced lockdowns in different parts of the world disrupted the supply chain during the second quarter of 2020. However as the economies are slowly recovering in the post-pandemic period, the market is poised to grow at a positive rate.
The key factors contributing to the increase of worldwide tractors sales are increasing farm mechanization rates, especially in developing nations, rising farm labor costs, along with seasonal labor shortages and shorter tractor replacement cycles, etc. However, the market is projected to be restrained due to fragmentation of land ownership and a high reliance on commodities prices.
Emerging economies are encouraging farmers in their countries by offering subsidized farm equipment and low credit rates, hence farm equipment and tractor demand is predicted to increase at a healthy rate.
Scope of the Report
The tractor market is segmented by Horsepower, Drive Type, and Geography.
By Horsepower type, the market is segmented into below 40HP, 40HP-100HP, and above 100HP.
Based on Drive Type, the market is segmented into Two-wheel drive and Four-wheel drive/ all-wheel drive.
and By Geography, the market is segmented as North America, Europe, Asia-Pacific, and the Rest of the World.
By Horsepower
Below 40 HP
40 HP - 100 HP
Above 100 HP
By Drive Type
Two-wheel Drive
Four-wheel Drive/All-wheel Drive
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
Key Market Trends
40HP-100HP Tractors Dominate the Market.
The industry trend toward bigger horsepower tractors continues to grow worldwide, owing to greater performance in difficult terrain and versatility in farm and non-farm applications. Major tractor markets such as India and China have shown positive growth in the 40-100HP sector in recent years.
In India, for example, between April and October FY21, the market share of 41HP-100HP tractors in overall domestic volumes increased to roughly 50.8 percent, up from 49.3 percent in the same time in FY19. For the same time period, the total units were 3,54,849 units. Farmers believe this 41HP-50HP range is ideal for doing various mechanization tasks because it allows them to use up to 70% of farm tools in this category with equipment, such as rakes, scrapes, seed drillings, and spreaders, and because it is ideal for use in mid-size farmland, ranging from two hectares to less than 10 hectares.
OEMs are attempting to add various utilities in the tractors of this band, which is projected to fuel growth in the coming years, because of the flexibility between segments compared to other power bands.Manufacturers are working on introducing more four-wheel-drive versions of tractors in this power bracket. The 40-100HP segment is likely to increase steadily during the projection period as OEMs continue to introduce new and sophisticated features.
Asia-Pacific Dominates the Global Market
The tractors market was dominated by Asia-Pacific, and the region is predicted to develop at the highest rate over the forecast period.
China and India have led the way in terms of the number of tractors sold with around 1.3 million tractors sold in China and over 600,000 tractors sold in India each year. Farm mechanization is becoming more popular in China, owing to increased agricultural investment and the government's drive for farm mechanization. Furthermore, the expansion in the number of large agricultural producers and new rural groups engaged in farming has contributed to this tendency. The introduction of large-scale bespoke hiring service enterprises in agricultural machinery in India has fueled the rise in farm mechanization.
India has the world's second-largest agricultural land. Government programs for rural development and agricultural mechanization increased tractor sales, and a variety of other reasons, such as higher rural salaries and a scarcity of farmworkers, are all expected to boost tractor volume over the forecast period.
The Indian government provided a 50% subsidy on purchasing tractors under the PM Kisan Tractor Scheme in October 2021. If a farmer purchases a tractor through the scheme, he will be eligible for the scheme's advantages and will be required to pay half of the purchase price. Tractor sales in India reached 8,99,429 units in 2021 (April 20-March 21), up from 7,09,002 units the previous year. The aggregate yearly tractor sales increased by 26.86 percent.
The consistent growth of the agricultural sector is driving the agricultural machinery market in the country. Government initiatives, such as Kisan Credit Card, and National Mission on Agricultural Mechanization, have been continuously contributing to the growth of the agricultural machinery market in the country.
Competitive Landscape
Some of the major players in the market studied include Deere & Company, Kubota Corp., CNH Industrial, AGCO Corporation, Mahindra and Mahindra and others. Major players have been following certain strategies, like acquisition, partnerships, joint ventures, new product launches, and expansion into new markets to sustain in this competitive market.
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https://www.bharatbook.com/report/1051982/tractors-market-growth-trends-covid-impact-and-forecasts
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The global Construction Tractors Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the construction tractors market include Caterpillar, Deere, Hitachi Construction Machinery, Komatsu, Volvo Construction, BEML, Case Construction, Doosan Infracore, Hyundai Heavy Industries, JCB, Kawasaki Construction Machinery, Liebherr.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Construction Tractors Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/construction-tractors-market/download-sampleMarket DynamicsGrowing economies, coupled with increased government spending on infrastructure, is driving the growth of the market.
China players have invested heavily in factory capacity in recent years.
There are signs that some companies are offering discounts on individual machines, leading to some exciting changes in market structure but is doing little to stimulate overall demand.
The latest trending report Global Tractors Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025 offered by DecisionDatabases.com is an informative study covering the market with detailed analysis.
The report will assist reader with better understanding and decision making.The global Tractors market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 5.2% in the forecast period of 2020 to 2025 and will expected to reach USD 140330 million by 2025, from USD 114550 million in 2019.The Tractors market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.Browse the complete report and table of contents @ https://www.decisiondatabases.com/ip/46499-tractors-industry-analysis-reportThe major players covered in Tractors are: Caterpillar Claas Kubota John Deere Bobcat Tractors and Farm Equipment Mahindra & Mahindra McCormick Tractor AGCO New Holland KIOTI Tractor Yanmar America JCBBy Type, Tractors market has been segmented into Electric Hydraulic HybridBy Application, Tractors has been segmented into: Agriculture Construction Mining Consumer CommercialThe report offers in-depth assessment of the growth and other aspects of the Tractors market in important countries (regions), including: North America (United States, Canada and Mexico) Europe (Germany, France, UK, Russia and Italy) Asia-Pacific (China, Japan, Korea, India and Southeast Asia) South America (Brazil, Argentina, etc.
) Middle East & Africa (Saudi Arabia, Egypt, Nigeria and South Africa)Download Free Sample Report of Global Tractors Market @ https://www.decisiondatabases.com/contact/download-sample-46499The content of the study subjects, includes a total of 15 chapters:Chapter 1, to describe Tractors product scope, market overview, market opportunities, market driving force and market risks.Chapter 2, to profile the top manufacturers of Tractors, with price, sales, revenue and global market share of Tractors in 2018 and 2019.Chapter 3, the Tractors competitive situation, sales, revenue and global market share of top manufacturers are analyzed emphatically by landscape contrast.Chapter 4, the Tractors breakdown data are shown at the regional level, to show the sales, revenue and growth by regions, from 2015 to 2020.Chapter 5, 6, 7, 8 and 9, to break the sales data at the country level, with sales, revenue and market share for key countries in the world, from 2015 to 2020.Chapter 10 and 11, to segment the sales by type and application, with sales market share and growth rate by type, application, from 2015 to 2020.Chapter 12, Tractors market forecast, by regions, type and application, with sales and revenue, from 2020 to 2025.Chapter 13, 14 and 15, to describe Tractors sales channel, distributors, customers, research findings and conclusion, appendix and data source.Purchase the complete Global Tractors Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-46499Other Reports by DecisionDatabases.com:Global Bulldozer Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023Global Farm Tractors Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024Global Gearless Tractors Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
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