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| A11511 | Pages: NA | Aug 2021 | 201 Views | | |
| Author(s) : Sonia Mutreja | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Agricultural Tractors Market
Request Now !Tractors are vehicles designed to move at low speeds while providing high torque. This high torque in tractors allows hefty agricultural implements to be towed behind them. They are also known to deliver power such as that of a semi-truck. Tractors are generally two-wheel drive. A classic farm tractor is a simple open vehicle, usually with two very large wheels on one axle. The word tractor is a Latin term and it means “to pull.” Agricultural tractor is specially manufactured for a variety of agricultural tasks, such as towing or pushing agricultural machinery or trailers, for plowing, tilling, panning, harrowing, planting and spraying insecticide. The agricultural tractors market is driven by factors such as rise in need for productivity and growth in adoption of smart farming.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2020–2028 |
Base year considered | 2020 |
Forecast period | 2021–2028 |
Forecast units | Value (USD) |
Segments covered | Engine Power, Type, Drive Type, and Region |
Regions covered | North America (U.S., Canada and Mexico), Europe (Germany, U.K, France, Russia and rest of Europe), Asia-Pacific (China, Japan, India, South Korea and rest of Asia-Pacific), LAMEA (Latin America, Middle East and Africa) |
Companies covered | Deere & Company, Mahindra Group, Kutoba Corporation, Yanmar, Massey Ferguson, Farmtac, Dongfeng, Kioti Tractor, New Holland, and SDF Group |
COVID-19 Impact analysis
Tractor business has witnessed a sharp decline in the pandemic and the most affected business is of the dealership network, owing to the disturbances in the supply chain. The agricultural tractors market is an evolving industry, which has been currently hampered due to unavailability of workforce, owing to the spread of the coronavirus. This has disrupted production and installation of agriculture tractors across affected countries. Disruption owing to the COVID-19 outbreak is observed in the agricultural tractors market, which has caused an uncertainty toward demand and supply network for tractor manufacturers.
The automotive agricultural tractor market trends are as follows:
Globally, governments of various countries have promoted adoption of machinery for agricultural activities. This has resulted in change from traditional agriculture practices to more mechanized processes.
Although India has a lower level of mechanization compared with other developing countries such as China and Brazil, it is definitely in its growth stage. For instance, to rise mechanization level, the government of india is encouraging ‘Balanced Farm Mechanization,’ by providing subsidies on agricultural tractors, which is expected to strengthen the tractors market. Goal of the government is to promote growth of the agricultural sector through its Rashtriya Krishi Vikasa Yojana (RKVY). The scheme is being implemented throughout India with 100% central assistance for increasing level of farm mechanization in India’s agriculture sector. Similarly, the government of Canada has implemented the “Canadian Agricultural Loans Act” (CALA) program that provides farmers with a loan up to $ 500 thousand for purchasing land or tractors. Thus, such government initiatives are expected to drive growth of the agriculture tractors market.
The market is attaining momentum due innovations and expansions in agriculture tractors that are transforming farming and agricultural processes. For instance, implementation of agricultural tractors with self-driving abilities are expected to increase productivity, effectiveness, and efficiency in agriculture. For instance, in October 2019, Deere and Company announced launch of its autonomous concept tractor that produces zero emissions and has a power output of 500 kW. Furthermore, in Feb 2021, TAFE manufacturers of Massey Ferguson tractors launched its new DYNATRACK Series, which is an advanced range of tractors that offer dynamic performance, sophisticated technology, unmatched utility, and versatility, all engineered into a single powerful tractor. Need for replacement of existing machinery with advanced machines is expected to fuel the market growth.
Key segments covered:
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Key benefits of the report:
Questions answered in the agricultural tractor market research report:
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