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A tractor is a farm vehicle that provides the power and traction to mechanize agricultural tasks, especially tillage. However, the use of tractors has been shifted to various farm related tasks. Agricultural implements are towed behind a tractor that then provides a source of power for the mechanization of implements. Agricultural use of tractors is the largest segment in the agricultural machinery sector. Improvement in efficiency is one of the reasons why tractors are popularly employed by farmers.
Market Analysis and Insights: Global Agricultural Tractor Machinery Market
Due to the COVID-19 pandemic, the global Agricultural Tractor Machinery market size is estimated to be worth US$ 51520 million in 2022 and is forecast to a readjusted size of US$ 62600 million by 2028 with a CAGR of 3.3% during the forecast period 2022-2028. Fully considering the economic change by this health crisis, Wheel Tractor accounting for % of the Agricultural Tractor Machinery global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR from 2022 to 2028. While Farm segment is altered to an % CAGR throughout this forecast period.
Driven by growing global population, rising demand for food and the need for better yield and productivity, future of tractor machinery market is seen to be positive. Opportunities lie in higher market penetration in the developing regions of Asia and South America. Technological innovation in order to shorten the replacement cycle will further boost the market growth for tractors. Low purchasing power of farmers and the high cost of products are some of the major constraints for market growth, specifically in cost-sensitive regions.
Global Agricultural Tractor Machinery Market: Drivers and Restrains
The research report has incorporated the analysis of different factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. This section also provides an analysis of the volume of production about the global market and about each type from 2017 to 2028. This section mentions the volume of production by region from 2017 to 2028. Pricing analysis is included in the report according to each type from the year 2017 to 2028, manufacturer from 2017 to 2022, region from 2017 to 2022, and global price from 2017 to 2028.
A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning. Factors that overshadow the market growth are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into market expert’s opinions have been taken to understand the market better.
Global Agricultural Tractor Machinery Market: Segment Analysis
The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Each type provides information about the production during the forecast period of 2017 to 2028. by Application segment also provides consumption during the forecast period of 2017 to 2028. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Segment by Type
Wheel Tractor
Crawler Tractor
Segment by Application
Farm
Landscape Garden
Sports Fields and Grounds
Other
By Company
John Deere
Caterpillar
AGCO
CNH Industrial
Belarus Tractor
Mahindra Tractors
CLAAS
Kubota
Deutz-Fahr
Kioti
Valtra
LOVOL
YTO Group
Zoomlion
Dongfeng Farm
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Latin America
Mexico
Brazil
Argentina
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