Agriculture Tractor Market: Introduction
The agricultural tractor is a power-driven vehicle specially produced for several agricultural tasks such as pulling or pushing agricultural machinery or trailers for plowing, tilling, disking, harrowing, planting, and spraying pesticide. Currently, tractors are also known as farm vehicles, as they provide the power and traction to mechanize agricultural tasks.
Key Drivers of Agriculture Tractor Market
- Government initiatives for funding and assisting farmers with lower interest rates are also boosting the global agriculture tractor market. Increasing farm cash receipt, i.e. profit and revenue generated from farming, boosts the affordability of tractors, which is estimated to fuel the demand for agriculture tractors. For instance, the Government of India as well as state governments have initiate several schemes that assist to diminish the plight of farmers.
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Challenges in Agriculture Tractor Market
- The COVID-19 pandemic has affected local as well as global automotive supply chains, manufacturing and R&D operations, thus hampering the automotive industry. Post first wave of COVID-19, global economies have started opening automotive manufacturing and supply chain operations, thus the COVID-19 impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has forced governments to impose a second round of lockdown restrictions. Consequently, the uncertainty in the automotive industry continues. However, easing of lockdown restrictions and stagnant demand during the times of lockdown have resulted in the recovery of automotive and ancillary sales in the last few months.
- Calamities such as drought and flood are likely to affect the harvest and lower the purchasing power of farmers, thus hampering the agriculture tractor market
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Opportunities in Agriculture Tractor Market
- The agriculture industry is under constant pressure to produce agricultural products to cater to the growing population, which has compelled farmers to focus on efficiency and productivity to drive business. Precision farming is gaining popularity among farmers who want to produce more with limited resources. Therefore, the demand for precision agriculture provides an opportunity for the agriculture tractor market, as it offers enhanced productivity to farmers.
Asia Pacific Dominates Global Agriculture Tractor Market
- Based on geography, the global agriculture tractor market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific has emerged as a significant tractor market since 2012, with notable sales of tractors in India and China. Agriculture is an important economic sector in China, as it employs around 40% of the total labor force. Therefore, the development of the agricultural sector is one of the goals of the government. The gradual shift to an industrial society has reduced the availability of agricultural labor and promoted mechanization of agricultural. In India, tractors play an important role in increasing the country’s agricultural output. The average annual sale of agricultural tractors in the country ranges from 600 thousand units to over 700 thousand units.
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Key Players Operating in Agriculture Tractor Market
The global agriculture tractor market is moderately consolidated. A few of the key players operating in the global agriculture tractor market are:
- Deere & Company
- Mahindra Group
- Kutoba Corporation
- Yanmar
- Massey Ferguson
- Farmtac
- Dongfeng
- Kioti Tractor
- New Holland
- SDF Group
- Valtra Tractor
- Argo Tractors S.p.A.,
- CNH Industrial N.V.
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