DUBLIN, June 23, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Farm Tractor Market by (Power Output (30, 31-100, 101-200, >200hp), Drive Type (2WD, 4WD, & Autonomous Tractor), Combines Market (Corn, Rice, Wheat, Soybean), Implements Market (Harvest, Hay, Plant & Fertilize, Plow & Cultivate) - Forecast to 2022" report to their offering.
The Farm Tractors 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. 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 segment 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.
- Agco Corporation
- Alamo Group Inc.
- Bucher Industries
- Claas Kgaa Mbh
- CNH Industrial N.V.
- Deere & Company
- Escorts Ltd.
- Iseki & Co. Ltd.
- J C Bamford Excavators Ltd.
- Kubota Corporation
- Mahindra & Mahindra Ltd.
- Same Deutz-Fahr Italia S.P.A.
- Tractors And Farm Equipment Limited
- Yanmar Co. Ltd.
- Zetor Tractors A.S.
Key Topics Covered:
2 Research Methodology
4 Premium Insights
5 Market Overview
6 Combines Market, By Application
7 Implements Market, By Function
8 Tractors Market, By Drive Type
9 Autonomous Tractors Market, Future Trends, & Scenario (2020-2027)
10 Tractors Market, By Power Output & Region
11 Competitive Landscape
12 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/42lwbv/farm_tractor
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets