The global tractor market is estimated to generate volumes of 2.8 thousand units by 2023, growing at a CAGR of approximately 5% during 2018-2023.
Arizton’s recent market research report on the global tractor market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by horsepower type (
The implementation of uniform tax systems and subsidies that simplify the sales of agriculture machinery is propelling the growth of the global market. The use of advanced technologies such as GPS, telematics, and innovative navigation systems will propel demand in the global tractor market.
The top 3 drivers and trends contributing to the development of the global tractor market are discussed below:
Increased Food Consumption and Rapid Population Growth
The increase in world population and a high fertility rate in developing the world such as Africa and Asia are augmenting the growth of the global tractor market. Around 50% of the world population is contributed by countries such as India, Pakistan, Democratic Republic of Congo, Nigeria, Ethiopia, Tanzania, Indonesia, and Uganda. The constant shift in demographic profiles of the world is resulting in the sharp increase in the food demand is augmenting the demand for tractors in the global market. The increasing income levels of population in developing countries, inequitable population growth, and climatic changes affecting the agricultural output is leading to the introduction of innovative agriculture equipment in the global market. The growing population directly affects the demand for food items as the number of mouths to feed increases thereby, propelling the growth of the global tractor market. The growing popularity of fresh food materials including vegetables, fruits, grains, and animal products, resulting in a rising demand for fresh and locally produced foods will have a positive impact in the market. The use of innovative machinery that enable plowing and ready the fields, cultivating throughout the crop season, shaping beds for planting seeds, pulling agriculture equipment, spreading or spraying fertilizers, harvesting crops such as cereals, and seeding cover crops to rest the soil in off seasons will boost sales in the global tractor market.
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Increased Financial Assistance to Farmers Through Loans and Subsidies
The implementation of improved policies for agriculture in order to support development and mechanization of agriculture farms and farmers will attribute the development of global tractor market. Farm mechanization is the process of implementing agriculture machinery to increase productivity. The procurement of agriculture machinery is the costly affair, and most of the time small farmers are not able to afford high-priced agriculture machinery, resulting in low productivity. The establishment of financial programs and subsides loan schemes will augment the demand for tractors in the global market. The federal agencies are undertaking initiatives to offer ease of credit and availability of funds to farmers in the global tractor market. The government agencies are funding initiatives that will increase agricultural productivity, improve efficiency in the value chain, enhance trade prospects, mitigate climatic change on productivity, and minimize human-caused soil degradation and water pollution in the global market. The growing demand for latest tractors which are equipped with more advanced feature and are capable of carrying out a wide range of operations will transform the global tractor market.
Increasing Use of Non-conventional Fuel in Tractors
The growing focus on procuring sustainable alternative fuel sources will transform the global tractor market during the forecast period. The top vendors are investing in the advancements in machine technologies and engines making it highly efficient and the ability to complete the tasks using less pure power in the global market. The focus on the development of alternate fuel based tractors which are designed to run on liquefied natural gas (LNG), compressed natural gas (CNG), propane, diesel, and kerosene will revolutionize the global tractor market. The rising awareness about environmental pollution is fueling the demand for biodiesel machines in the global market. The growing investments in the R&D to manufacturing machines that run on alternative fuels will augment the evolution of the global tractor market.
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The leading vendors operating in the global tractor market are Deere & Company, CNH Industrial, AGCO, Kubota, and TAFE.
The complete overview of the latest market research report on global 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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