Tractor Market Analysis, Industry Shares, Top Companies, Sales Statistics- Forecast to 2022
Tractors Market is projected to reach size of $65.57 Billion by 2022, at a CAGR of 5.24% & Agricultural Equipment Market is projected to grow at a CAGR of 5.31%, to reach a market size of $139.41 billion from 2017-2022.
Pune, India – June 16, 2017 /MarketersMedia/ —
Tractor Market is projected to reach a market size of USD 65.57 Billion by 2022, at a CAGR of 5.24% during the forecast period & Agricultural Equipment Market is projected to grow at a CAGR of 5.31% during the forecast period, to reach a market size of USD 139.41 Billion by 2022. Although the agriculture industry plays a vital role in a country’s economy, a significant downturn has been noticed at a global level. According to World Bank data, the contribution of agriculture industry in global GDP declined from 4.36% to 3.91% between 2005 and 2015.
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This decline is also reflected in the agricultural equipment market, especially in North America and Europe. According to the Association of Equipment Manufacturers (AEM), the U.S. and Canada farm tractors market witnessed a decline of 0.72% and 12.47%, respectively in 2015, as compared to 2014. Further, the VDMA report mentioned that tractor sales in Europe declined to approximately 6.91% in 2014 from the previous year due to economic slowdown.
However, the tractor sales of countries such as Argentina, Mexico, and Turkey had grown to 31.1%, 3.3%, and 4.1%, respectively in 2016. Hence, owing to the growth of farm tractors market in these countries and other factors such as rising mechanization and increasing productivity and efficiency requirements, the global agricultural equipment market is expected to witness a positive growth in the coming years.
The 31–100 hp segments is estimated to have the largest share in the farm tractors market, owing to the decrease in hectare land per farmer worldwide.
According to World Bank Statistics, hectares farming land per farmer had declined from 0.218 to 0.196 during 2004 to 2014 globally. Also, 31–100 hp farm tractors are priced lower than high power farm tractors, and hence, are preferred in countries such as China, India, and Japan where the farming lands per farmer are smaller. A similar trend is projected to continue in the near future that further drives the 31–100 hp farm tractors market.
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The combines market for wheat crop is estimated to hold the largest market share during the forecast period. The need to reduce crop production cost, eliminate crop losses, lower harvesting time, and increase productivity is some of the key factors that drive the growth of the combines market.
Along with the rise in global demand for food, the farmers are shifting toward higher mechanization through agricultural equipment. The established players are offering connected and precision farming methods such as tracking, monitoring, work scheduling, and navigation.
Companies such as AGCO Corporation (U.S.), CNH Industrial N.V. (U.K.), and Deere and Company (U.S.) would shortly come up with autonomous tractors. The autonomous tractors use several technologies including GPS, LiDAR, and radar sensors to remotely handle equipment operation. In August 2016, Case IH (CNH Industrial N.V.) introduced its concept autonomous tractor in Farm Progress Show, Iowa (U.S.) to showcase its product capability. Currently, this concept is in the initial stage, and is likely to have a positive impact on the market in the coming years.
Asia-Oceania is estimated to be the largest and fastest growing market for agricultural equipment from 2017 to 2022. China and India hold a dominant position in this market owing to rising population, small arable land per farmer, and falling crop prices. Despite the slowdown in the global farm tractors market, India experienced a positive growth of 20.5% in 2016 as compared to 2015. Also, even though the tractor sales in China declined in recent years, it still holds the top positon in the global market as per the Agrievolution Tractors Market report (2015).
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Farmers are also using modern agricultural practices that are supported by government initiatives. In India, National Agricultural Development Program (NADP) provides subsidies ranging from 30%–50% on the purchase of agricultural equipment such as farm tractors, harvesters, sprayers, paddy transplanters, threshers, and tillers. Also, the Australian Government raised around USD 190.5 million for next eight years to 2021–22 to support R&D activities in the agriculture sector. All these factors have resulted in the growth of agricultural equipment market in this region.
The key factors restraining the growth of the agricultural equipment market are high agricultural machinery cost and increasing presence of unorganized players. Additionally, the growing market of used equipment would also have a negative impact on this market.
Some of key players in the agricultural equipment market include Deere & Company (U.S.), CNH Industrial N.V. (U.K.), Kubota Corporation (Japan), AGCO Corporation (U.S.), and Claas KGaA mbH (Germany). Deere & Company adopted the strategies of new product development and joint ventures to retain its market position. CNH Industrial followed policies of acquisition, expansion, and new product development to remain a prominent player in the market.
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