According to Goldstein Research, “Weak global economic conditions are adversely affecting the agricultural industry as a result agricultural tractors market is facing decline sales across the globe". The poor performance of the general economy around the world has adversely affected the agricultural equipments market. Rising farm input costs, lower commodity prices and changes in the availability of credit among retail customers adversely affect the growth of agricultural tractors market.
The global agricultural tractors market is segmented based on power output and by drive type. Power output is further bifurcated into power output range of tractors such as <30 hp, 31–100 hp, 101–200 hp and >200 hp. Global agricultural tractors market is mostly driven by the sales of smaller under 40 hp tractors, which remain area of growth compared to negative numbers of global sales. However, 31-100 hp agricultural tractors continued their stable trend in global market.
Global agricultural tractors market accounted for more than USD 60 Billion in 2016 and expected to expand at a CAGR of 1.8% over the forecast period. The market is witnessing decline in sales from three consecutive years, but the sales are expected to slightly recover in nearby future owing to rising population and subsequently rising demand for food.
Geographically, Asia-Pacific region dominates the global agricultural tractors market with China and India sharing more than 70% revenue share in the APAC region. Meanwhile, Asia and Africa regions are anticipated to drive the market with the rise in commercial farming in these regions. North America sales showcased growth of 3% as compared to sales in 2015. Asia-Pacific region is closely followed by the North America.
Government policies and initiatives estimated to improve agriculture industry in coming years
Government initiatives to improve the agriculture industry are expected to improve the agricultural equipments market. Regional government is providing monetary and non-monetary initiatives to improve the structure of agriculture industry. Moreover, many private players are also entering the agriculture industry and spending huge amounts for the initiative programs to aid farmers. Governments are expending huge amounts on agriculture for development programs as agriculture can be source of growth for the national economy, provides investment opportunity and the prime driver for the agriculture related industries.
“Global agricultural tractors Market Outlook 2024” contains detailed overview of the global agricultural tractors market in terms of market segmentation by power output type and by drive types.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Sacle) analysis, Porter’s five force model and SWOT analysis.
Global Agricultural Tractors Market Report also includes competitive outlook of some of the major players which includes profiling of companies such as AGCO Corp., Deere and Company, CNH Industrial, Daedong Industrial, Escorts Group, Kubota, Mahindra & Mahindra, McCormick International, SAME DEUTZ-FAHR Group etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global agricultural tractors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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