Market Study Report adds new research on Agricultural Tractors market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, Agricultural Tractors market also includes an in-depth study of the industrys competitive scenario.
Global Agricultural Tractors Market to reach USD billion by 2027. Global Agricultural Tractors Market is valued approximately at USD billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6% over the forecast period 2021-2027.
Major market player included in this report are:
- Deere & Company
- Tractors and Farm Equipment Limited
- AGCO Corporation
- CLAAS KGaA mbH
- CNH Industrial N.V.
- International Tractors Limited
- Mahindra & Mahindra Ltd.
- YANMAR CO., LTD.
- KUBOTA Corporation
- Escorts Limited
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The agricultural tractor is a power-driven vehicle its tractive power is determined by engineering functions. It is designed for a variety of agricultural chores, including ploughing, tilling, disking, harrowing, planting, and spraying/pesticide treatments, as well as hauling or pushing agricultural gear or trailers.
As a result, tractors are now referred to as farm vehicles as they provide the necessary power and traction to automate agricultural operations. The agricultural tractors market is driving by Government support for mechanization in agriculture, as farming technologies have advanced dramatically as a result of shifting industrial trends that have led to the creation of more sophisticated agricultural machinery.
For instance, AGCO built a new plant in Mexico in May 2018 to extend its activities in the country. The first phase of the development of this new plant in Mexico invested USD 10 million. Sales of agricultural tractor machinery are being driven by increased farm consolidation, a big production base, and increased government support through subsidies. Furthermore, shortage of skilled labour and increasing labour cost drive the market further.
For instance, According to the World Bank database, the agriculture industry employed 1.5 percent of the total workforce in the United States in 2019, up from 1.4 percent in 2016. Furthermore, between 2014 and 2019, the average hourly real wage for non-supervisory employed farmworkers increased by 17.4 percent, from USD 12.07 to USD 14.17, increasing demand for agricultural tractors. However, Taxes and tariffs on import of agricultural machinery, may impede market growth over the forecast period of 2021-2027.
Geographically, APAC is dominating the Agricultural Tractor market and also expected to develop at the highest pace during the forecast period. this is attributed to increasing demand for tractors in countries, such as China and India. In India, tractors play an important role in increasing the country’s agricultural output. China has started focusing on the deployment of driverless tractors using automated farm technology. Due to the deployment of its first autonomous tractor in 2017, YTO Group Corporation plans mass manufacture on a demand basis.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Engine Power:
Less than 40 Hp
41 to 100 Hp
More than 100 Hp
Full Report Summary At: https://www.marketstudyreport.com/reports/global-agricultural-tractors-market-by-engine-power-less-than-40-hp-41-to-100-hp-more-than-100-hp-regional-forecasts-2021-2027?utm_source=marketwatch.com&utm_medium=AG
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