The rising number of manufacturers of seed drills, combine harvesters, tractors, and agricultural implements in Argentina will trasform the tractors market in Latin America
Arizton’s recent market research report on the tractors market in Latin America identifies Deere & Company, CNH Industrial, AGCO, and Kubota as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by horsepower type (
The tractors market in Latin America is estimated to generate volumes of around 87 thousand units by 2023, growing at a CAGR of over 4% during 2018-2023.
The tractors market in Latin America is divided into three major segments that consist of horsepower type, wheel drive, and countries.
Argentina to grow at the fastest CAGR in the tractors market in Latin America during forecast period
The tractors market in Latin America by countries is segmented into Brazil, Mexico, and Argentina. Argentina dominated a considerable market share in 2017, growing at a CAGR of more than 6% during the forecast period. Argentina is one of the leading agricultural machinery manufacturers in the world market. The rising trend of precision farming and organic farming will propel the growth of the Argentinean market in Latin America. The increasing production of crops, reviving the economy, increasing government aids, and rising exports are some of the factors contributing to the growth of Argentina in the tractors market in Latin America. The government agencies are undertaking efforts to improve domestic production and competitiveness of seeders, sprayers, and tools in the Argentina market. The rising number of manufacturers of seed drills, combine harvesters, tractors, and agricultural implements will transform Argentina in the tractors market in Latin America. Combine harvesters and tractors accounts for the largest share of agricultural machinery sales in Argentina, followed by agricultural implements and seed drills, representing 20% of sales on average in Latin America.
Read our related report on - Precision Agriculture Market - Global Outlook and Forecast 2018-2023
Above 100 HP segment to grow at a considerable CAGR in the tractors market in Latin America during forecast period
Above 100 HP occupied the second largest market share in 2017, growing at a CAGR of more than 5% during the forecast period.
The increasing number of large size farms is encouraging farmers to implement latest agriculture machinery and boost the sales of 100+ HP tractors in the Latin American market. The farmers and land-owners of large farms are incorporating powerful machines that will improve the efficiency and boost the production of crops in the Latin American market. The entrance of various corporations which are using vast farm lands to produce agriculture foods and products will boost the development of the tractors market in Latin America. The farmers in the Latin American market are focusing on increasing their productivity with minimal input cost to meet the growing demand for food in the world market. The growing popularity of the outsourcing model is promoting the growth of the rental businesses and demand for high power tractors in the Latin American market. For instance, John Deere invested approximately $40 million for creating manufacturing capacity for its high HP 8R tractors in 2013.
4 WD segment to grow at a significant CAGR in the tractors market in Latin America during forecast period
The tractors market in Latin America by wheel drive is classified into 2 WD, and 4 WD.
4 WD segment dominated a considerable market share in 2017, growing at a CAGR of approximately 7% during the forecast period.
The increasing focus on faster cultivation and quicker planting times with plantation of seeds done at optimum weather conditions in the narrow planting window is driving the growth of this segment in the Latin American market. The better efficiency of these 4 WD machines in relatively lesser time is one of the major drivers of the growth of this segment. Modern 4wds on tires and tracks range from 250 HP - 500 HP and these systems will revolutionize the tractors market in Latin America. Leading vendors operating in the Latin American market that offer 4 WD machines include AGCO, Case-New Holland, and John Deere. The increasing focus on farm mechanization and technological innovations will boost sales and revenues in this segment in the Latin American market during the forecast period.
The other prominent players operating in the tractors market in Latin America are SDF, Class, Argo Tractors, LS Corporation, Mahindra & Mahindra, Agrale, Zetor, Sonalika Group, and Agrinar.
The complete overview of the latest market research report on tractors market in Latin America 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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