The adoption of the vehicle-to-vehicle control system in mature regions will trasform the global low HP tractor market.
Arizton’s recent market research report on the global low HP tractor market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by horsepower type (below 40 HP and 40-100 HP), by geography (North America, Europe, APAC, Latin America, and MEA), and offers detailed competitive analysis.
The global low HP tractor market is estimated to reach volumes of more than 2550 thousand units by 2023, growing at a CAGR of approximately 5% during 2018-2023.
The integration of innovative technologies such as data analytics, telematics, remote sensing, GPS, and mobile technology will revolutionize the global low HP tractor market. Manufacturers are adding features that aid in mapping fields, auto steering, and calibrating tractor movement with precision to minimize fuel, fertilizers, and seed wastage to gain larger market share.
The top 3 drivers and trends promoting the growth of the global low HP tractor market are discussed below:
Farmers Adopting Mechanization in Farms to Increase Yield
The incorporation of farm mechanization across various geographic regions is augmenting the development of the global low HP tractor market. The increasing use of advanced equipment in agriculture activities across North America and Europe is resulting in better yield and productivity in the global market. Various emerging countries such as India, China, and Indonesia are some of the fastest adopters of farm mechanization in the market. The farmers are using agri-equipment to carry out the several aspects of agriculture, from plowing to harvesting thereby, boosting the demand for advanced machinery in the global low HP tractor market. The increasing investments in new machinery, land, buildings, and training will create new opportunities for leading vendors in the global market. The adoption of the vehicle-to-vehicle control system in mature regions has increased as it provides fuel efficiency and enhances productivity resulting in the transformation of the market. The rapid advances in agricultural technologies will boost revenues and sales in the global low HP tractor market during the forecast period.
High Prevalence of Small-sized Farms and Small-scale Farmers Globally
The rising number of small-sized farms, small-scale farmers, and hobby farmers is propelling the demand in the global low HP tractor market. Family or individually owned farms account for up to 75% of the global farmland and more than 80% of the global food production, in terms of the net value of global food production. According to the research analysts in Arizton, 72% of the farms in the global market have an area of less than one hectare, but they only account for an estimated of eight percent of the total agriculture land of the world. India and China are top of major markets for below 40 HP tractors in the world. With the advancements in farming technologies, increased financial assistance to farmers, and rising levels of mechanization in the farms, the farmers and farm manager will buy new low hp machines for their fields, thus driving the global low HP tractor market over the next few years. The government initiatives to promote sustainable farming practices and easy availability of loans and subsidies will augment the growth of the global low HP tractor market across various emerging regions.
Increasing adoption of Precision Farming
The increasing adoption of precision agriculture methods and smart tractors will result in the evolution of the global low HP tractor market. The implementation of smart devices has the capability to operate the innovative machines and collaborate with latest agriculture application systems and equipment in the market. The use of innovative methods will help improve the yield per hectare and boost revenues in the global low HP tractor market. Precision farming systems and services offer features such as farm labor management, irrigation management, yield monitoring, field mapping, crop scouting, inventory management, fiscal management, and weather forecasting. These systems are designed to collect data and information humidity and moisture levels, wind directions, and anticipation of rainfall time and levels which will help in the development of the market and produce higher yields in the global market. These solutions will help effectively mitigate the challenges against food production in the global low HP tractor market.
The leading vendors in the global low HP tractor market are Mahindra & Mahindra, Deere & Company, TAFE, CNH Industrial, AGCO, and Kubota.
The complete overview of the latest market research report on global low HP tractor market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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