The agricultural tractors market size has the potential to grow by 481.84 thousand units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period, according to this Technavio report
Market Competitive Analysis
The agricultural tractors market is concentrated. Market vendors are increasingly focusing on M&A activities to increase their share in the agricultural tractors market. J.C. Bamford Excavators Ltd., Kubota Corp., Mahindra & Mahindra Ltd., Tractors and Farm Equipment Ltd., and Yanmar Co. Ltd. are some of the major market participants. Although the introduction of driverless agricultural tractors will offer immense growth opportunities, the cyclical pattern of the agricultural industry will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this agricultural tractors market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this agricultural tractors market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- AGCO Corp.
- Alamo Group Inc.
- CLAAS KGaA mbH
- CNH Industrial NV
- Deere & Co.
- J.C. Bamford Excavators Ltd.
- Kubota Corp.
- Mahindra & Mahindra Ltd.
- Tractors and Farm Equipment Ltd.
- Yanmar Co. Ltd.
Agricultural Tractor Market: Segmentation by Region
APAC was the largest agricultural tractors market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The high focus on increasing farm yields and productivity and the availability of technologically advanced agricultural tractors will significantly influence agricultural tractors market growth in this region.
Almost 72% of the market’s growth will originate from APAC during the forecast period. India, China, and Japan are the key markets for agricultural tractors in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Agricultural Tractors Market: Segmentation by Engine Capacity
The high fuel efficiency offered by low power agricultural tractors has boosted its popularity among small and mid-sized farmers. The demand for low-powered agricultural tractors is especially high in regions with fragmented pieces of agricultural land.
Market growth in this segment will be faster than the growth of the market in the mid-power and high power segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the agricultural tractors market size.
Agricultural Tractors Market: Key Drivers and Trends
The introduction of driverless agricultural tractors will be a significant factor driving the growth of the agricultural tractors market. The increasing focus on technological innovations has helped several leading companies to develop various versions of driverless agricultural tractors. For instance, robotic tractors developed by Yanmar, in collaboration with Hokkaido University, have in-built sensors that identify obstacles and prevent collisions. The speed of the tractor is optimized by an engine control unit (ECU) based on the operating conditions. Similarly, Autonomous Concept Vehicle developed by CASE IH includes technologies such as GPS trackers, radars, and cameras and can be operated and programmed using a table interface. The rising popularity of driverless tractors has also driven several startups, such as AutoNxt Automation Pvt Ltd, to invest in such ventures.
- Leading vendors are increasingly focusing on R&D and the development of new product designs to gain a competitive edge over their rivals.
- 9RX Series Tractor offered by Deere & Company has improved features such as parallel plane four-bar-linkage cab suspension that allows a smooth ride and eliminates unwanted bumps and vibrations.
- Semi-autonomous Novo 65 HP & 75 HP tractors developed by Mahindra & Mahindra are integrated with new technology and ergonomics.
- MAJOR HS80, offered by ZETOR, has innovative features such as enhanced operator’s view from the cabin and new locations of the lights illuminating a larger working area.
- The increasing availability of agricultural tractors with improved features, which is one of the critical agricultural market trends, will help in addressing various problems of farmers and increasing productivity with minimum inputs and cost-efficiency.
- During 2020-2024, the agricultural tractors market will grow at a CAGR of almost 4%.