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New Study from StrategyR Highlights a $85.6 Billion Global Market for Farm Tractors by 2026
[April 18, 2022]

New Study from StrategyR Highlights a $85.6 Billion Global Market for Farm Tractors by 2026


SAN FRANCISCO , April 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Farm Tractors - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
What's New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to our digital archives and MarketGlass Research Platform
  • Complimentary updates for one year

Edition: 17; Released: February 2022
Executive Pool: 6294
Companies: 83 - Players covered include AGCO Corporation; Argo Tractors S.p.A.; CLAAS KGaA mbH; CNH Industrial N.V.; CNH Industrial Österreich GmbH (Steyr Traktoren); Deere & Company; Escorts Limited; Kubota Corporation; Mahindra and Mahindra Ltd.; SDF S.p.A.; Tractors and Farm Equipment Ltd. (TAFE) and Others.
Coverage: All major geographies and key segments
Segments: Power Output (Upto 30HP, 31HP to 100HP, 101HP to 200HP, and Above 200 HP); Drive Type (Two Wheel Drive (2WD), and Four Wheel Drive (4WD))
Geographies: World; USA; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russian Federation; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; UAE; and Rest of Middle East); and Africa.

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

ABSTRACT-

Global Farm Tractors Market to Reach $85.6 Billion by 2026
Tractors hold a pivotal role in farm mechanization and allow farmers to boost productivity and overall yields. Farm tractors pull implements through the field for various arming operations including tilling, planting, and harvesting crops. Tractors are also used for preparation of soil and are the most utilitarian of all farm machinery. Important features of tractor include power and accessories that can be attached to it. The most common attachments include front end loaders, tillers, plows, spreaders, trailers, and box blades. The continuously growing demand for quality and safe food products is creating a pressing need for adoption of advanced agriculture machinery, including tractors. The farm tractors market is also gaining from favorable credit facilities for farmers, allowing them to invest in high-end agricultural machinery to push up farm production. Another factor that is bolstering the market growth is shorter tractor replacement cycle, which has dropped from nearly 12 years to 8 years in the recent years, creating high demand for farm tractors. A prominent trend in the farm tractors market is increasing focus on technological innovation such as electric and autonomous tractors that have resulted in eco-friendly and more efficient versions of farm tractors. The introduction of alternative fuel tractors represents a noteworthy trend that is likely to augment the market growth in the coming years. Continuing evolution of tractors and fuel technologies has enabled tractors to use liquefied natural gas, compressed natural gas, vegetable oil, kerosene, propane and diesel as fuel sources.



Amid the COVID-19 crisis, the global market for Farm Tractors estimated at US$71.2 Billion in the year 2022, is projected to reach a revised size of US$85.6 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. Tractors Upto 30 HP, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$62 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in Tractors in the 31 HP to 100 HP segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 16.8% share of the global Farm Tractors market.

The U.S. Market is Estimated at $19.1 Billion in 2022, While China is Forecast to Reach $17.3 Billion in 2026
The Farm Tractors market in the U.S. is estimated at US$19.1 Billion in the year 2022. The country currently accounts for a 27.09% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$17.3 Billion in the year 2026 trailing a CAGR of 7.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR. In the present scenario, India offers the best growth opportunities for manufacturers as good monsoons and crops, as well as government push towards increased mechanization through subsidies expected to result positive results in terms of both volumes and value. In addition, the trend towards higher powered tractors also increases average realizations per equipment, driving topline as well as the bottom-line. Similarly, China is witnessing a growing market for larger tractors and declining sales of small tractors, resulting in better average prices. In developed markets, the trend towards autonomous/driverless tractors, as well as the pent up replacement cycle after long years of stagnation is expected to drive the market. More


MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android

About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.


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