Global Low HP Tractor Market to 2023: Major Players are Mahindra & Mahindra, Deere & Company, TAFE, CNH Industrial, AGCO & Kubota
DUBLIN, Aug. 13, 2018 /PRNewswire/ --
The "Low HP Tractor Market - Global Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The global low HP tractor market is anticipated to produce volumes of over 2550 thousand units by 2023, growing at a CAGR of approximately 5% during 2017-2023.
The economic prosperity of developed countries the US, the UK, and Japan are contributed by the exponential growth of the agricultural industry resulting in increased demand in the global low HP tractor market. The contribution of the secondary and tertiary sector across emerging countries in India, China, and the Sub-Saharan African region will boost the GDP of economies and sales in the global market. Climatic shifts due to rapid urbanization and deforestation are impacting the agricultural yield and promoting the development of innovative agriculture equipment in the global market.
The introduction of smart tech solutions will aid to mitigate the negative effects of agriculture and meet the rising demand for food in the market. The farmers are leveraging advanced technology such as GPS and telematics in their tractors to enhance the agricultural productivity in the global market. The implementation of advanced technology in agriculture machines will help increase the productivity and efficiency resulting in a higher yield in the market.
Furthermore, the increasing the incidences of droughts, flash floods, unpredictable rainfall, and temperature fluctuations will contribute to the adoption of these machines in the global market. Government initiatives to promote farm mechanization will propel the development of the global low HP tractor market over the next few years.
The integration of precision farming that manages the plantation of crops takes place as per soil specification will help in the evolution of the market. The increasing penetration of low HP machines in countries such as Thailand, Indonesia, Bangladesh, and Africa will contribute to the revenues in the global market.
The growing emergence of custom hiring center model is boosting the adoption of new machines in the global low HP tractor market. The custom hiring of farm machinery refers to renting out of farm machinery such as tractors for a defined period. It is a pay as per use model that enables small-scale farmers to use innovative machines at affordable rates in the global market. The establishment of custom hiring centers augments the increase farm mechanization across the world market. These centers are helping in the adoption of climate-resilient practices and technologies across farms and are offering cost saving on cultivation by providing employment to skill labors in the global market.
Moreover, the subsidies and funding initiatives established by government agencies will result in the evolution of the global low HP tractor market. For instance, in India, custom hiring centers for farm implements were established in 100 National Innovations on Climate Resilient Agriculture villages that will successfully empower small farmers to improve agriculture operations.
Major Vendors in the Global Low HP Tractor Market
- Mahindra & Mahindra
- Business Overview
- Mahindra in the Global Low HP Tractor Market
- Major Product Offerings
- Key Strategies
- Key Strengths
- Key Opportunities
- Deere & Company
- TAFE
- CNH Industrial
- AGCO
- Kubota
Prominent Players in the Global Low HP Tractor Market
- SDF
- Business Overview
- CLAAS
- Argo
- Lovol Heavy Industry
- Carraro
- Tumosan
- ACE
- Changzhou Dongfeng Agricultural Machinery Group
- Daedong Industrial
- The Escorts Group
- LS Corp.
- Agrale
- Zetor
- Sonalika Group
- Agrinar
Market Segmentation by HP Type
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- 40-100 HP
Market Segmentation by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Russia
- Italy
- Belgium
- Poland
- Turkey
- The Netherlands
- Spain
- APAC
- Australia
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
For more information about this report visit https://www.researchandmarkets.com/research/llpc44/global_low_hp?w=5
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SOURCE Research and Markets
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