Tractors Market Overview:
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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