Farm Tractor Market Growth Prospects by 2027

Farm tractor is the term utilized for the most part for the vehicle which can do various works in the homestead. A tractor is utilized for various kinds of works for example agribusiness use, development use, transportation use and so on. Tractor covers an enormous market in India. On 24th April 1959 first amassed tractor comes in Quite a while from that point onward, from 1965 to 1974 first completely fabricated tractor imagined and with the progression of time tractors are getting well known in India. Coincidentally, a tractor is usually utilized for cultivating exercises. The ranch tractor is a specialist of planting, frightening, furrowing, disking, working and so forth and furthermore utilized for pulling and pushing farming executes. Since the inception, the global farm tractor market has grown slowly but gradually, becoming one of the most trusted farm vehicles across the globe.

What is the nature of Global Farm Tractor Market?

  • The global farm tractor market is highly competitive and is moderately fragmented, sates the report. As per the experts, the global farm tractor market is massively dominated by mid-sized players. However, prominent players have significant dominance over the dynamics of global farm tractor market. Looking at degree of competition, the new players are unable enter the global farm tractor market.
  • To overcome the above mentioned challenges, the new players are indulging into mergers and collaboration. Additionally, to have a sustainable future in the global farm tractor market, few new players are partnering with some of the giants of market. These strategies are aimed to help the new players to accommodate resources that can help achieve sustainability in the global farm tractor market.

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  • The established players of global farm tractor market are acquiring new businesses to expand their production capacity and distribution network. These strategies are helping the established players of global farm tractor market to gain a competitive edge over the rivals.

A farm/agriculture tractor is an engineered vehicle with large rear tyres designed to run efficiently in farm soil. Typically, farm tractors are gasoline or diesel-powered and are available in different horsepower ratings ranging as low as 15 HP and going up to 850 HP. Growing population and subsequently growing demand for food has put pressure on the farmers to equip themselves with the latest and advanced mechanized farming. This has resulted in the growing demand for farm tractors in the North America and Europe region. However, declining commodity prices and farm income in 2017 and 2018 have apparently influenced the farm tractor market growth in the region

In 2018, Farm tractor market in North America was pegged at 249.59 (‘000 Units). Major tractors manufacturers in the region are finding it challenging to maintain their market position and as a result high fluctuations are observed in the prices across all the horse power segments. In addition, Canada farm tractor market witnessed sharp decline during 2016 and 2017 primarily due to rising farm tractor prices in the region afflicted by weaker Canadian dollar. Significant rise in sales of low power (<45 HP) tractors in the U.S. farm tractor market has resulted in recognizable year-on-year volume growth of the overall farm tractor market in the country. In 2018, the U.S. observed 4.2% increase in the unit sales of farm tractors as compared to the previous year.

Year 2018 witnessed a significant decline in the Europe farm tractor market as well, with France as the poorest performer. Farm tractor sales in France witnessed a steep decline of close to 20% from the previous year 2017. However, the market is anticipated to return to a positive outlook from 2017 onwards. Similar trends were observed in the other European countries including the U.K and Germany. The overall farm tractor market in Europe is anticipated to witness positive trends in the coming years showing gradual recovery from the dip over the last 2-3 years. However, owing to the cyclic nature and dependence on weather and other environmental factors, the farm tractor industry is anticipated to witness intermittent dips in demand over the forecast period 2019 – 2027.

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Farm tractors are equipped with engines having different horsepower. Based on the engine power the horsepower segment is classified into various ranges, such as less than 40 HP (<40 HP), 40 HP – 80 HP, 80 HP – 120 HP, 120 HP – 180 HP, 180 HP – 250 HP, and more than 250 HP (>240 HP). Of these, less than 40 HP- 80 HP segment is the most popular occupying a major chunk of the U.S.  and Germany  farm tractor market, followed by 80 HP – 120 HP segment. Both the segments are expected to collectively account for more than 60% of market volume share respectively in 2018 of the North America and Europe farm tractor market. Banking on the positive demand for the low horsepower segment, the segment saw increased focus by tractor manufacturers to capitalize on the revenues from this segment so as to maintain their market position.