Farm Tractor Market is expected to foresee significant growth. Asia-Pacific leads the Market!
- Himanshu Patni
- December 18, 2021
- AUTOMOTIVE, NEWS
- Farm Tractor Market, Farm Tractor Market growth, Farm Tractor Market share, Farm Tractor Market size
- 0 Comments
Farm Tractor Market is expected to grow at a CAGR of around 4.5% over the forecast period (2021-2027). The farm tractor is a power-driven vehicle designed for pulling or pushing agricultural machinery or trailers for ploughing, tilling, disking, harrowing, planting, and pesticide spraying, among other chores. Tractors are now referred to as farm vehicles since they provide the power and traction needed to automate agricultural operations. The farm tractor is a power-driven vehicle designed for pulling or pushing agricultural machinery or trailers for ploughing, tilling, disking, harrowing, planting, and pesticide spraying, among other chores. Tractors are now referred to as farm vehicles since they provide the power and traction needed to automate agricultural operations.
Due to rising food demand, population expansion, water scarcity, insufficient arable land, and soil fertility deterioration, the global agricultural business is experiencing production-specific issues. According to a new United Nations report, the present global population of 7.6 billion people will grow to 8.6 billion in 2030, 9.8 billion in 2050, and 11.2 billion in 2100. The growing trend in population size is likely to continue, with around 83 million people adding to the world’s population per year. This growing demand of food is expected to boost the market growth of Farm Tractors over the forecast period.
For a detailed analysis of the market drivers browse through – https://univdatos.com/report/farm-tractor-market/
The COVID-19 pandemic has hampered the automobile sector by affecting local and global supply networks, production, and R&D operations. Following the first wave of COVID-19, global economies have begun to open automotive manufacturing and supply chain operations, indicating that the impact of COVID-19 on the industry has returned to normal; however, a resurgence of COVID-19 cases in countries across Europe has prompted governments to impose a second round of lockdown restrictions. However, in recent months, relaxing of lockdown restrictions and stagnating demand during lockdown periods have resulted in a resurgence of automobile and related sales. However, in the 2nd half of the fiscal year can be picked up, tractor sales volume is expected to grow in low-mid single digits of 3-6% in 2021-22, mainly on a higher base following the 27% growth witnessed in FY21 in India.
By Power Output, Farm Tractor Market is classified into the Farm Tractor market is segmented into segmented into ≤ 40 HP, 41 HP-100 HP, >100 HP. Based on type, the Farm Tractor market is segmented into the Farm Tractor market is segmented into ICE, and Electric. The ICE segment contributed the maximum market to the Farm Tractor market. Based on Operation, the Farm Tractor market is segmented into Manual and Autonomous. Amongst Drive Type, the Farm Tractor Market is segmented into 2 Wheel Drive and 4 Wheel Drive. 2 Wheel Drive holds the highest share in the Farm Tractor market.
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For a better understanding of the market adoption of Farm Tractor, the market is analyzed for the countries such as North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia- Pacific), & Rest of World. Asia-Pacific dominated the market in 2020.
Some of the major players operating in the market include Deere & Company, Mahindra Group, Massey Ferguson, New Holland, Kutoba Corporation, Yanmar, Argo Tractors S.p.A., Farmtac, Valtra Tractor, Kioti Tractor, etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions
Farm Tractor Market Segmentation
Market Insight, by Power Output
- ≤ 40 HP
- 41 HP-100 HP
- >100 HP
Market Insight, by Type
Market Insight, by Operation
Market Insight, by Drive Type
- 2 Wheel Drive
- 4 Wheel Drive
Market Insight, by Region
- North America Farm Tractor Market
- United States
- Rest of North America
- Europe Farm Tractor Market
- United Kingdom
- Rest of Europe
- Asia Pacific Farm Tractor Market
- Rest of Asia-Pacific
- Rest of World Farm Tractor Market
- Deere & Company
- Mahindra Group
- Massey Ferguson
- New Holland
- Kutoba Corporation
- Argo Tractors S.p.A.
- Valtra Tractor
- Kioti Tractor