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Global Agricultural Tractors Market to reach USD 87.4 million by 2027.

Global Agricultural Tractors Market, by Engine Power (Less than 40 Hp, 41 To 100 Hp, More Than 100 Hp), Regional Forecasts 2021-2027

Product Code: OIRAAL_81910490
Publish Date: 13-02-2021
Page: 200

Global Agricultural Tractors Market is valued approximately at USD 60.3 million in 2020 and is anticipated to grow with a healthy growth rate of more than 6% over the forecast period 2021-2027. 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.

Major market player included in this report are:

Deere & Company
Tractors and Farm Equipment Limited
AGCO Corporation
CNH Industrial N.V.
International Tractors Limited
Mahindra & Mahindra Ltd.
KUBOTA Corporation
Escorts Limited

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

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.

Target Audience of the Global Agricultural Tractors Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Agricultural Tractor Market , by Region, 2019-2027 (USD Billion)
1.2.2. Agricultural Tractor Market, by Engine Power, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Agricultural Tractor Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Agricultural Tractor Market Dynamics
3.1. Agricultural Tractor Market Impact Analysis (2019-2027)
3.1.1. Market Drivers Government support for mechanisation in agriculture Shortage of skilled labour and increasing labour cost
3.1.2. Market Restraint Unaffordability for small and marginal farmers Taxes and tariffs on import of agricultural machinery
3.1.3. Market Opportunities Technological advancement
Chapter 4. Global Agricultural Tractor Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Agricultural Tractor Market , by Engine Power
5.1. Market Snapshot
5.2. Global Agricultural Tractor Market by Engine Power, Performance – Potential Analysis
5.3. Global Agricultural Tractor Market Estimates & Forecasts by Engine Power 2018-2027 (USD Billion)
5.4. Agricultural Tractor Market , Sub Segment Analysis
5.4.1. Less than 40 Hp
5.4.2. 41 to 100 Hp
5.4.3. More than 100 Hp
Chapter 6. Global Agricultural Tractor Market , Regional Analysis
6.1. Agricultural Tractor Market , Regional Market Snapshot
6.2. North America Agricultural Tractor Market
6.2.1. U.S. Agricultural Tractor Market Engine Power breakdown estimates & forecasts, 2018-2027
6.2.2. Canada Agricultural Tractor Market
6.3. Europe Agricultural Tractor Market Snapshot
6.3.1. U.K. Agricultural Tractor Market
6.3.2. Germany Agricultural Tractor Market
6.3.3. France Agricultural Tractor Market
6.3.4. Spain Agricultural Tractor Market
6.3.5. Italy Agricultural Tractor Market
6.3.6. Rest of Europe Agricultural Tractor Market
6.4. Asia-Pacific Agricultural Tractor Market Snapshot
6.4.1. China Agricultural Tractor Market
6.4.2. India Agricultural Tractor Market
6.4.3. Japan Agricultural Tractor Market
6.4.4. Australia Agricultural Tractor Market
6.4.5. South Korea Agricultural Tractor Market
6.4.6. Rest of Asia Pacific Agricultural Tractor Market
6.5. Latin America Agricultural Tractor Market Snapshot
6.5.1. Brazil Agricultural Tractor Market
6.5.2. Mexico Agricultural Tractor Market
6.6. Rest of The World Agricultural Tractor Market
Chapter 7. Competitive Intelligence
7.1. Top Market Strategies
7.2. Company Profiles
7.2.1. Deere & Company Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
7.2.2. Tractors and Farm Equipment Limited
7.2.3. AGCO Corporation
7.2.4. CLAAS KGaA mbH
7.2.5. CNH Industrial N.V.
7.2.6. International Tractors Limited
7.2.7. Mahindra & Mahindra Ltd.
7.2.8. YANMAR CO., LTD.
7.2.9. KUBOTA Corporation
7.2.10. Escorts Limited
Chapter 8. Research Process
8.1. Research Process
8.1.1. Data Mining
8.1.2. Analysis
8.1.3. Market Estimation
8.1.4. Validation
8.1.5. Publishing
8.2. Research Attributes
8.3. Research Assumption

The study of the market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geographies to provide a better regional outlook. In the report, country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. Our analysts contact company executives, managers, key opinion leaders, and industry experts. This enables our analyst to derive the closest possible figures without any major deviations in the actual number.

Primary Research Sources:

  • Interview conducted with raw material suppliers & manufacturers.
  • Interview conducted with manufacturers, suppliers & distributors, researchers, & representatives of regulatory bodies.
  • Interview conducted with market players, industry experts, & independent consultants.
  • Secondary Research Sources:
  • Purchased Database: D&B Hoovers, Bloomberg, Inc., Business Information Industry Association, NAICS Association.
  • Internal Database: White papers, Certified Publications, Articles by Recognized Authors and Regulatory Bodies.
  • Government Databases: Food and Agriculture Organization (FAO), European Industrial Hemp Association (EIHA), World Health Organization (WHO), Food and Drug Administration (FDA), International Telecommunication Union (ITU), United States Department of Agriculture (USDA), International organization of Motor Vehicle Manufacturers (OICA).

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